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Strategy Hits Record $128.5B Market Cap as Bitcoin Buying Prompts Equity Sales
The company has tripled the number of shares outstanding since 2020 through major ATM offerings as investors reward its bitcoin-focused transformation.
Jul 17, 2025, 9:23 a.m.
What to know:
- Strategy’s market cap surged to $128.5 billion, placing it among the top 100 U.S. public companies by valuation.
- This increase from a sub-$2 billion market cap five years ago underscores how the company has redefined itself as the most prominent corporate holder of bitcoin.
- The company’s stock price closed at $455.90, about 15% below its all-time high.
Disclaimer: The analyst who wrote this article owns shares in Strategy.
Strategy (MSTR), the bitcoin -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.
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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.
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