Strategy has simply marked 5 years since its first ever Bitcoin buy, a beginning transfer that’s helped its share worth surge practically 2,600% since 2020 and revive it from a 20-year lull.
MicroStrategy Inc., which now does enterprise as Strategy, purchased its first batch of Bitcoin (BTC) on Aug. 11, 2020, spending $250 million to scoop up 21,454 BTC in what founder Michael Saylor known as its “new capital allocation technique.”
The firm has since spent a complete of $46 billion shopping for 628,791 BTC, the most important Bitcoin holdings amongst any public or non-public firm, and has impressed numerous corporations to repeat its Bitcoin buys.
Those buys have propelled MicroStrategy, Inc. (MSTR) shares to realize over 2,595% during the last 5 years, having closed buying and selling on Friday at over $395 in comparison with beneath $15 it was buying and selling at half a decade in the past.
Today marks 5 years since we adopted a $BTC technique. pic.twitter.com/wZa1NJGeS1
— Strategy (@Strategy) August 10, 2025
Strategy suffered an accounting scandal
Saylor based Strategy in 1989 and the corporate — nonetheless to at the present time — sells enterprise analytics software program and consulting providers.
The agency was a darling of the mid-Nineties dot-com bubble, the place companies associated to the then-new and extensively adopted World Wide Web exploded in worth, and it debuted on the Nasdaq in mid-1998.
Strategy’s inventory climbed over the following few years and shot to a closing excessive of $313 in early March 2000, which might stay its peak worth for twenty-four years as later that month, Strategy admitted {that a} evaluation of its accounting practices discovered it had overstated its revenues for 1998 and 1999.
Its share worth fell by over 60% in a day with the announcement and led to a slew of lawsuits, which many contemplate a pivotal occasion in bursting the dot-com bubble.
The Securities and Exchange Commission charged Strategy, Saylor and different executives with fraud they usually later settled with out admitting wrongdoing and paid thousands and thousands in fines.
Bitcoin revived Strategy shares from 20 12 months flatline
Strategy’s share worth didn’t get well after the accounting saga, and briefly went as little as beneath 50 cents, however primarily floated round $10 and $20 for the following twenty years.
That was till it began shopping for Bitcoin — which helped its share worth greater than quadruple within the 12 months after its first buy to over $70 for the primary time in 20 years, because the cryptocurrency went from round $11,500 to $50,000 in the identical interval.
Strategy’s huge Bitcoin holdings imply its share worth largely follows the ups and downs of the cryptocurrency, and it took 24 years for the corporate’s inventory to beat its March 2000 peak, after MSTR closed buying and selling on Nov. 11, 2024, at $340 — the identical day Bitcoin crossed $80,000 for the primary time.
What’s subsequent for Strategy and Bitcoin?
Saylor mentioned in May that Strategy will look to elevate $84 billion over the following two years, principally to proceed shopping for Bitcoin, which doubled a beforehand introduced plan to lift $21 billion.
The firm makes use of a number of methods to lift capital, similar to convertible debt notes and share gross sales, to gas its Bitcoin buys.
Related: Michael Saylor shouldn’t be sweating the rise of Ethereum treasury firms
It’s at present sitting on an unrealized revenue of round $28.8 billion on its Bitcoin investments, in keeping with information from StrategyTracker. Strategy has mentioned in regulatory disclosures that it may promote its holdings to repay billions of {dollars} of debt.
On Sunday, Saylor posted to X a chart displaying Strategy’s previous Bitcoin buys, including, “If you don’t cease shopping for Bitcoin, you gained’t cease making Money.”
Similar posts have preceded Strategy saying additional Bitcoin purchases. The firm final purchased Bitcoin on July 29, scooping up 21,021 BTC.
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