Strategy Hits Record $128.5B Market Cap as Bitcoin Buys Drive Equity Surge

The Bitcoin (BTC) focused software firm led by Michael Saylor, Strategy, has reached a record-breaking $128.5 billion market capitalization. The company is now the 84^th largest publicly traded company in the United States. This monumental growth is part of the company’s strategy. Strategy changed its business strategy from a software firm to a Bitcoin-centric corporate strategy that has amazed the investors and market alike.

Strategy Reaches Record-Breaking Market Capitalization

Just five years ago, Strategy was valued at under $2 billion. Today, its identity is closely intertwined with its Bitcoin holdings, transforming the company into what many now view as a publicly-traded Bitcoin company with corporate governance and liquidity. This dramatic rise has been driven in large part by its unprecedented capital-raising efforts and bold cryptocurrency acquisitions.

Strategy has almost tripled the amount of outstanding shares it has since it started buying Bitcoins in 2020. It currently has 281.9 million shares. This comprises Class A and Class B shares, stock sold through at-the-market (ATM) offers, exercised options, vested restricted stock units (RSUs), and notes that have been changed. The increased number of shares was also due to a 10-for-1 stock split in August 2024.

In October 2024, the corporation announced a huge $42 billion plan to raise money over three years using both debt and equity instruments. This came after a $21 billion rise that took place in the last quarter. The majority of the money generated has gone straight to buying Bitcoin. Strategy now owns 601,550 BTC, which is worth more than $70 billion at the current price.

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Strategy’s approach has essentially turned the company into a leveraged Bitcoin investment vehicle, appealing to investors seeking equity-based exposure to the leading cryptocurrency. Its common stock currently trades at $455.90, about 15% below its all-time high reached in November 2024, but still significantly higher than where it stood pre-crypto transformation.

Investors appear unfazed by the dilution risks. The company’s Assumed Diluted Shares Outstanding, including all possible conversions from convertible debt, stock options, and performance incentives, stands at $315.1 million. Yet market enthusiasm remains strong, driven by the company’s ability to act as a high-beta proxy for Bitcoin’s price movements.

With its aggressive capital strategy and unparalleled Bitcoin holdings, Strategy has redefined what a tech company can become in the crypto age. Michael Saylor’s bold bet on digital assets continues to reshape financial narratives, placing Strategy squarely at the intersection of Wall Street and the blockchain frontier.