Strategy Hits Record $128.5B Market Cap as Bitcoin Buying Prompts Equity Sales

Disclaimer: The analyst who wrote this article owns shares in Strategy.

Strategy (MSTR), the bitcoin BTC$69,844.09-buying software company led by Michael Saylor, posted a record market capitalization as it engages in a multiyear transformation funded largely through aggressive equity issuance.

The $128.5 billion market cap makes the Tysons Corner, Virginia-based company the 84th largest publicly traded company in the U.S. This rise from a sub-$2 billion market cap in five years underscores how the firm has redefined itself as the most prominent corporate bitcoin holder in public markets.

Since 2020, the number of shares outstanding has almost tripled to 281.9 million, reflecting not only organic growth, but also a 10-for-1 stock split in August 2024 and the extensive use of at-the-market (ATM) equity programs. The count includes all Class A and Class B common shares, as well as stock sold via ATM offerings and those pending issuance from exercised options, vested restricted stock units (RSUs) and convertible note conversions.

In October, Strategy announced a three-year $42 billion capital-raising plan comprising both equity and fixed-income instruments. That followed a $21 billion fundraise in the third quarter.

The capital raised was primarily used to purchase bitcoin, enabling the company to build a treasury of 601,550 BTC, currently worth over $70 billion. The strategy has turned MSTR, in effect, into a leveraged, corporate bitcoin vehicle with equity-like features.

The common stock trades at $455.90, some 15% below its November 2024 high. Investors continue to support the company’s strategic vision, drawn by its role as a liquid, high-beta proxy for bitcoin exposure.

The company’s Assumed Diluted Shares Outstanding stands at 315.1 million, incorporating all possible conversions from convertible debt, preferred stock, options, and performance awards.