Strategy (Prev. MicroStrategy)
The corporate bitcoin treasury that started the trend · @MicroStrategy
Strategy (formerly MicroStrategy) turned a software company into a leveraged bitcoin holding vehicle. Every wallet here is treasury — bought with equity, converts and debt, and famously never sold.
The desk's read
The playbook Michael Saylor wrote is now copied by dozens of public companies: raise capital, buy bitcoin, report it as the primary treasury reserve asset. The size of this stack is why the whole category exists.
The on-chain attribution for this entity is itself a story — coins routed to Fidelity, Coinbase Prime and NYDIG custody as the position grew too big for one venue. That custody sprawl is what a real corporate treasury looks like.
For the desk this is a conviction gauge, not a trading signal. It moves in one direction. The interesting risk is second-order: how much of the equity market's bitcoin exposure is really this one balance sheet, levered.
What they hold
Largest token positions on-chain data maps to this entity, by USD value.
| Asset? | Chain? | Value? |
|---|---|---|
| BTC | bitcoin | $31.25B |
How to read a row → BTC · bitcoin · $31.25B: this entity's largest position is $31.25B of BTC held on bitcoin. Rows are sorted by USD value, so the top row is the biggest bet.
By chain
| Network? | Value? |
|---|---|
| bitcoin | $31.25B |
How to read a row → bitcoin · $31.25B: $31.25B of the holdings live on bitcoin. Chains are ranked by value, so the top row is where most of the money sits.
Source: aggregated on-chain entity data, cross-checked against Etherscan. Balances are USD-denominated and move with price. Updated 20 Jul 2026.
Not investment advice. Entity labels are on-chain attribution and can be imperfect; a labelled balance may mix personal, treasury and custody wallets. Large balances do not imply intent — some never move.