MicroStrategy’s $71B treasury tops Apple, Tesla as stock slides 26%

Key takeaway: Michael Saylor’s company, formerly known as MicroStrategy, now holds more Bitcoin than the cash reserves of several of the world’s largest tech giants.

What happened

Strategy Inc disclosed in a Sept. 8 filing that its Bitcoin holdings have reached 638,460 BTC, worth about $71 billion. This puts the company fifth among the world’s largest corporate treasuries, above Nvidia ($57B), Apple ($55B), Meta ($47B) and Tesla ($37B). Only Microsoft, Google, Amazon and Berkshire Hathaway sit higher on the list.

Unlike those firms, Strategy’s treasury is made up entirely of Bitcoin, not cash or bonds.

Fresh $217M purchase

Alongside the update, Strategy said it bought 1,955 more Bitcoin for $217 million at an average price of $111,196 per coin, lifting its average cost basis to $73,880 per Bitcoin.

The news coincided with Bitcoin briefly crossing $112,200, according to Kraken price feeds, before easing back.

Why it matters

While Bitcoin has rewarded the company with 1,308% returns over three years, its stock has lagged. MSTR shares are down 26% since July, trading at $330.30. Investors have raised concerns after Strategy dropped a pledge not to issue more shares if its “mNAV” — market value versus Bitcoin holdings — slipped below 2.5x.

Strategy also missed inclusion in the S&P 500 despite meeting technical requirements, with the slot going to Robinhood instead.

FAQ

How much Bitcoin does Strategy Inc hold?
As of September 2025, the company holds 638,460 Bitcoin, worth around $71 billion.

Why did Strategy miss the S&P 500?
Despite meeting requirements, the index committee chose Robinhood instead, reflecting unease about a company with reserves entirely in Bitcoin.

What’s the risk for investors?
Stock dilution is the key concern. Strategy reversed a pledge not to issue new shares, raising fears that shareholders’ stakes could be watered down.

This story was originally reported by TheStreet on Sep 9, 2025, where it first appeared in the Investing section. Add TheStreet as a Preferred Source by clicking here.

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