Strategy Inc’s headquarters in Virginia, the base of its corporate Bitcoin operations.
Introduction: What is Strategy Inc Bitcoin?
Strategy Inc. is an American public company, formerly known as MicroStrategy Incorporated. Founded in 1989, it originally focused on business intelligence, data analytics, and software development. However, after 2020, its entire business model shifted, and it became a Bitcoin buy-and-hold company. In February 2025, its name was officially changed to Strategy Inc. The company is headquartered in Virginia, USA, and trades on the Nasdaq market under the ticker symbol “MSTR”. Strategy now holds Bitcoin as its primary asset (a significant balance sheet asset), and is considered a leading example of a corporate Bitcoin treasury strategy.
Strategy’s Business Model: The Bitcoin Holding Strategy
Strategy’s core business is no longer software; instead, it focuses on Bitcoin investment and holding. Its objective is to hold Bitcoin as a primary asset and profit from its appreciation. In this strategy, the company: buys Bitcoin (to the tune of several billion dollars worth of BTC), holds it for the long term, issues various financial instruments to raise capital for this purpose, and presents Bitcoin as a major asset on its balance sheet. This strategy is very different from that of a traditional software firm; in essence, it behaves more like a treasury investment fund or a digital asset holding enterprise. Therefore, according to some analysts, its definition as a “tech company” is less accurate than defining it as a “crypto-holding fund.”
Expansion of Bitcoin Holdings
Strategy’s Bitcoin holdings are substantial. The company has consistently purchased large amounts of BTC, making it one of the world’s largest corporate Bitcoin holders. The number of Bitcoins held by Strategy changes periodically, but by 2025, Strategy held millions of BTC (Bitcoin), with a total value reaching hundreds of billions of dollars, representing over 3% of all existing BTC. This strategy has repeatedly attracted the attention of the media and market analysts. In December 2025, Strategy purchased approximately 10,624 BTC ≈ ~$962.7 million, further increasing its total holdings. It had made several large BTC purchases before this as well. The company relentlessly continues this strategy, even amidst significant fluctuations in Bitcoin’s price.
Remaining in the Nasdaq 100: Why is it important?
The Nasdaq 100 index is a major stock index that includes the 100 largest non-financial companies listed on the Nasdaq. It includes major tech names like Apple and Microsoft. Remaining in it is a significant achievement—it demonstrates that Strategy’s market capitalization is large enough to compete with these industry giants. During the November-December 2025 update, Strategy reaffirmed its place in the Nasdaq 100—meaning the company remained in the index despite daily fluctuations. This is its first sustained inclusion since 2024 and is considered a significant achievement. Benefits of remaining in the Nasdaq 100 include continuous inclusion in ETFs: Many broad exchange-traded funds (such as Invesco QQQ) track the Nasdaq 100. This means many investors automatically receive Strategy shares. Signal for institutional investment: Large investors and pension funds, etc., have greater confidence in Nasdaq 100 listed companies.
Has the company’s core business changed?
Strategy’s core software business has now shrunk, and the company is increasingly perceived as a Bitcoin-focused treasury company. A major argument among analysts is that Strategy now behaves more like an investment/holding company than a tech company, as most of its assets are held in Bitcoin. Due to such large holdings, its share price fluctuates rapidly according to the mood of Bitcoin. It is also said that its business nature is now different from a traditional technology company—raising the question of whether its model, which resembles a crypto-based fund, is acceptable or whether it should establish a new index standard.
MSCI Review and Potential Threats
Despite its inclusion in the Nasdaq 100, there is another major index provider—MSCI—which compiles several major indices globally. MSCI is considering whether to remove companies whose assets consist of more than 50% digital assets (such as Bitcoin). If MSCI implements such sector rules, companies like Strategy could be excluded from some of its indices. This could force passive index funds to sell Strategy shares, resulting in a multi-billion dollar sell-off and a decline in stock trading volume. Strategy has also expressed its views against this in an open letter, stating that its business method is “not passive Bitcoin holding, but a growth-oriented strategy through financial instruments.” A final decision on this matter is expected by January-February 2026.
Risks and Criticisms and Strategy Inc Bitcoin
There are several risks associated with a Bitcoin-based strategy: Bitcoin’s extreme volatility: Since most of the company’s value is in BTC, the company’s value also falls when the price of Bitcoin drops. Nasdaq 100 inclusion rules: If there is a change in the company’s activity or value If there are no other major sources besides MicroStrategy, the index review could face difficulties. MSCI’s potential exclusion risk: If MSCI changes its rules, many passive investors may have to sell their MicroStrategy shares. High risk for general investors: BTC-linked shares are not more resilient than broader market fluctuations.
Investor Perspective on Strategy Inc Bitcoin
From an investor’s perspective, MicroStrategy’s position is unique. The long-term bullish outlook on Bitcoin attracts investors. Risk-tolerant traders are drawn to its volatile shares. Institutional investors gain confidence from its Nasdaq 100 listing. Low-risk investors are hesitant about the BTC-focused model. Experts suggest that it’s not sufficient to view MicroStrategy solely in relation to the price of BTC; it’s also crucial to understand its financial instruments and corporate strategy.
Summary:- MicroStrategy Inc. is an American company that has shifted from its software business to a Bitcoin-holding-centric strategy. It has successfully maintained its position in the Nasdaq 100. Due to its strategy, the price of its shares is primarily influenced by the direction of the Bitcoin price. Changes in rules by other index providers like MSCI could pose a risk.
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