What Is Strategy (MSTR)? The Company That Bet Big on Bitcoin

Once a software firm called MicroStrategy, this company became the world's biggest corporate Bitcoin buyer — and just made a surprising move.

Imagine a software company that decided to turn most of its spare cash into Bitcoin. That's the story of Strategy — and it changed how big companies think about cryptocurrency.

From software to Bitcoin

Founded in 1989 by Michael Saylor, the company was originally called MicroStrategy. It made *business intelligence software* (computer programs that help companies study their data to make smarter decisions). It went public on the NASDAQ (a major U.S. stock exchange) in 1998 under the ticker symbol MSTR.

For about 20 years, the stock barely moved. Everything changed in 2020.

The big Bitcoin bet

In 2020, Saylor worried that the U.S. dollar was losing value due to *inflation* (when prices rise over time and money buys less). His solution? Buy Bitcoin as a *hedge* (a way to protect against losses). Key facts:

First purchase in 2020: $250 million in Bitcoin
The company called Bitcoin a "dependable store of value" with more growth potential than cash
It eventually became the largest corporate holder of Bitcoin

How they paid for it

Strategy didn't just use its own money. It raised cash by selling convertible notes — a type of short-term loan where investors can later swap the debt for company shares. It then used that borrowed money to buy even more Bitcoin. Other companies like MARA, Metaplanet, and Riot Platforms copied this approach.

The rebrand and a surprise

In February 2025, MicroStrategy dropped the "Micro" and became just Strategy
In June 2026, the company shocked markets by selling 32 BTC — breaking its long-held "never sell Bitcoin" promise

The bottom line

Strategy transformed itself from a quiet software firm into one of the most important players in crypto. Its bold Bitcoin strategy made Michael Saylor a leading voice for big businesses adopting cryptocurrency — though its recent decision to sell some Bitcoin shows the strategy may be evolving.

This is an AI-generated summary. Read the original article at: https://decrypt.co/resources/what-is-strategy-microstrategy-mstr-the-bitcoin-treasury-company