Strategy holds 848,517 Bitcoin as of October 20, 2026, a position valued at approximately $70.3 billion that stands roughly $6.3 billion above its $64.02 billion acquisition cost. The company, co-founded by Michael Saylor, has shifted from a business intelligence software provider to the largest Bitcoin treasury among publicly traded firms, currently holding about 4% of the total supply. This accumulation follows a turbulent period where Strategy moved from aggressive debt-funded buying to a formalized monetization program to manage liquidity and preferred dividends.
The company's strategy evolved significantly in 2026. After STRC preferred shares fell below their $100 par value in June, Strategy established a cash reserve and later created a second pool, USD Cash, to maintain liquidity without selling Bitcoin. In May 2026, CEO Phong Le stated the firm would consider selling Bitcoin if it improved Bitcoin-per-share metrics or helped manage debt. This led to the sale of 6,948 BTC for roughly $432.5 million by mid-August. However, as the stock price recovered, Strategy paused sales and returned to buying, acquiring 4,603 BTC for $369.7 million in late August.
The balance between buying and buying back preferred stock now drives capital allocation. As of October 2026, Strategy’s USD Reserve held $4.83 billion while USD Cash held $447.3 million. The company has increased its repurchase program cap to $3 billion, with STRC trading at $99.05 on October 20. MSTR shares traded at $144.65 on the same day, up from $91.67 in July.
A key risk to the company’s market position emerged on October 15, 2026, when MSCI finalized a rule excluding "non-operating companies" dominated by a single asset from its Global Investable Market Indexes. The rule takes effect after November 30, 2026, potentially forcing index-tracking funds to sell Strategy shares. Saylor and Le had previously urged MSCI to drop the rule, arguing it was discriminatory. Meanwhile, Strategy has proposed changing dividend accruals for its preferred shares to daily intervals to dampen volatility, a change common shareholders can vote on until October 28.