By the end of 2025, Strategy, led by Michael Saylor, remains the publicly traded company with the largest Bitcoin holdings worldwide. Its latest move was at the end of December, when it spent approximately $109 million to purchase 1,229 Bitcoins at an average price of about $8.8 million per Bitcoin, continuing to demonstrate its aggressive accumulation style.

The holding size has reached an astonishing level. Currently, the company's total holdings are about 672,000 BTC, with a total invested cost exceeding $50.4 billion, and an average holding cost of approximately $74,997. Based on current market prices, the total market value of its digital assets has approached $58.5 billion.
Its core logic has evolved into a "capital market platform." Strategy cleverly leverages the high premium of its stock price relative to Bitcoin net assets by frequently issuing shares (ATM plan) and convertible bonds to raise funds, which are then used to buy Bitcoin. Essentially, this strategy continuously inflates the "Bitcoin per share" ratio using capital market tools.
Changes in accounting standards have further fueled this approach. With the full implementation of new standards in 2025, fluctuations in Bitcoin's fair value can be directly recorded in net profit. This not only makes Strategy's financial reports extremely impressive but also paves the way for its inclusion in mainstream indices like the S&P 500 and attracts more passive funds.
This is not just an investment but a shift in financial paradigms. Saylor firmly believes that Bitcoin is "indestructible digital capital." He is attempting to build Strategy into a "digital central bank" of the Bitcoin era through high leverage and extremely low time preference. Although market concerns about its leverage risk remain, its pioneering asset-liability restructuring has become a classic in business history.
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