The Bitcoin (BTC) treasury model trend was ignited by Michael Saylor’s Bitcoin plan, with Strategy pioneering the use of Bitcoin as a corporate reserve asset in 2020. What began as a hedge against ...

Strategy Inc. holds around 650,000 BTC as of December 2025, over 3% of total Bitcoin supply. Bitcoin accumulation has been funded primarily through equity and high-yield perpetual preferred issuances.

Strategy CEO Phong Le says the company now has “more flexibility than ever” to continue accumulating bitcoin, citing a capital structure built on long-dated debt, opportunistic equity access, and no ...