Two names, two dates
The company writes its brand as Strategy. Its own company page says it "rebranded from MicroStrategy to Strategy in February 2025", and the legal change came later: the annual report for the year ended 31 December 2025 states that "On August 11, 2025, we changed our name from 'MicroStrategy Incorporated' to 'Strategy Inc'". Both dates are real and they are not the same event, so the entry keeps them apart.
The underlying company is older than either. Its 1999 annual report records that Michael J. Saylor had served as chief executive "since founding MicroStrategy in November 1989". It is a Delaware corporation with offices at Tysons Corner, Virginia, commission file number 001-42509, and its class A common stock trades on Nasdaq as MSTR.
The treasury programme
The mechanism matters more than any single figure. Strategy announced its first bitcoin purchase in August 2020. In September 2020 the board adopted a Treasury Reserve Policy under which bitcoin, rather than cash, is the primary treasury reserve asset. In the first quarter of 2021 the company added a corporate strategy of acquiring and holding bitcoin with the proceeds of capital raises.
That is the whole machine: issue securities, buy bitcoin, repeat. Until 2025 the funding was mostly class A shares and convertible notes. During 2025 the company issued five classes of perpetual preferred stock, four of which are registered on Nasdaq as STRF, STRC, STRK and STRD. It groups them under the label "digital credit", and they pay dividends the company must fund in cash.
Holdings move constantly, so read them with the date attached. The 2025 annual report gives 672,500 bitcoin at 31 December 2025, against 447,470 a year earlier. The quarterly report for the period ended 30 June 2026 gives approximately 846,000 bitcoin at that date, with a carrying value of $49.67 billion, and approximately 843,775 bitcoin at 24 July 2026 after sales made to fund preferred dividends. The software business continues alongside it.