Main Points:
- Largest Corporate Bitcoin Treasury: Strategy (formerly MicroStrategy) holds 568,840 BTC, valued at nearly $59 billion.
- Analyst Insight: Jeff Walton predicts Strategy’s Bitcoin collateral will make it the most valuable public company.
- Aggressive Fundraising: In November 2024, Strategy raised $12 billion in 50 days to purchase more Bitcoin.
- Saylor’s Vision: Michael Saylor envisions Strategy growing from $100 billion to $10 trillion, with Bitcoin at $13 million by 2045.
- Current Valuation: As of May 14, 2025, Strategy’s market cap stands at $113.94 billion, ranking it #114 globally.
- Risk Resilience: Even if Bitcoin drops 90 percent, Strategy’s capital structure could weather multi-year lows.
- Recent Developments: Q1 2025 saw further acquisitions (13,390 BTC for $1.34 billion) and a 44 percent share-price gain year-to-date.
Background: From Analytics Leader to Bitcoin Treasury Company
Since 2020, Strategy, originally founded as MicroStrategy and renowned for its enterprise analytics software, pivoted its treasury strategy toward Bitcoin accumulation. Under the stewardship of Executive Chairman Michael Saylor, the company began funding Bitcoin purchases through a combination of equity offerings, debt issuances, and preferred stock offerings. This unconventional treasury policy transformed Strategy into the world’s first “Bitcoin treasury company,” making it the largest corporate holder of Bitcoin on the planet.
By May 12, 2025, Strategy’s total holdings reached 568,840 BTC, worth approximately $59 billion at prevailing market prices. This accumulation represents 2.7 percent of Bitcoin’s total 21 million supply, underscoring the sheer scale of Strategy’s commitment to the asset.
The Financial Times documentary “Michael Saylor’s $40 billion Bitcoin bet” highlights how this bold strategy could underpin a future valuation that eclipses even the mightiest technology giants.
Jeff Walton’s Analysis: Bitcoin as Ultimate Collateral
In the FT documentary, analyst Jeff Walton argues that Bitcoin’s decentralized scarcity and proven resistance to censorship and inflation give Strategy a financial footing unmatched by any traditional company. He states, “Strategy holds more of the most valuable asset and the soundest collateral on Earth than any other enterprise.” This collateral strength, he predicts, will propel Strategy to become “the number one public company in the market.”
Walton’s thesis rests on the idea that Bitcoin’s monetary policy—capped supply, predictable issuance schedule, and widespread adoption—creates a superior store of value compared to conventional balance-sheet assets. As corporations increasingly seek to hedge against fiat-currency devaluation, Strategy’s massive Bitcoin treasury could attract institutional investors searching for pure crypto exposure within an equity framework.
Fundraising Feat: $12 Billion in 50 Days
A key metric of Strategy’s strength is its unparalleled fundraising capability. In November 2024, the company executed 120 consecutive at-the-market equity offerings—each raising $100 million, for a cumulative $12 billion in just 50 days. Jeff Walton notes, “It’s incredibly hard to raise $100 million. Strategy did that 120 times in 50 days to buy Bitcoin. That’s extraordinary.”
This feat demonstrates not only investor confidence in Strategy’s management team but also the market’s hunger for Bitcoin-backed equity instruments. By tapping public equity markets at scale, Strategy avoided large-scale debt financing that could have imposed restrictive covenants, thereby preserving operational flexibility.
Michael Saylor’s Vision: $10 Trillion Valuation and $13 Million Bitcoin
Michael Saylor’s bullish outlook extends far beyond current figures. In his own words, “MicroStrategy is positioned to grow from a $100 billion company to a $1 trillion company, and ultimately to a $10 trillion company.” He further forecasts that Bitcoin could reach $13 million per coin by 2045, with observable signs emerging within four to eight years.
“By 2045, I see 1 BTC at $13 million. We’ll see the first milestones in four to eight years. At minimum, $1 million within ten years, and over ten million within twenty years.”
Saylor’s projections hinge on continued global monetary expansion, geopolitical tensions, and increased institutional adoption of Bitcoin as a non-sovereign monetary reserve.
Current Valuation: The Gap to Tech Giants
Despite these ambitions, Strategy’s market capitalization of $113.94 billion places it far below the world’s largest companies. As of May 14, 2025, Strategy ranks #114 by market cap, trailing Microsoft ($3.3 trillion) by a factor of nearly thirty.
In 2025 alone, Strategy’s shares have surged 44 percent, easily outpacing the S&P 500’s modest gains over the same period. This performance reflects both Bitcoin’s rally in early 2025 and strong enthusiasm for Strategy’s yield-enhanced equity model.
If Bitcoin price predictions materialize and Strategy continues adding to its treasury, the path to surpassing tech titans—though steep—remains theoretically open.
Risk Scenario: Weathering a 90 Percent Bitcoin Crash
Critics often highlight Bitcoin’s volatility as a vulnerability for Strategy. However, Saylor contends that even in a severe downturn—such as a 90 percent drop in Bitcoin price sustained for four to five years—Strategy’s capital structure would remain solvent.
He explains that although leveraged shareholders (those using margin) might incur losses, the company’s senior capital stack is protected by staggered financing tranches. In his view, non-leveraged investors and bondholders would still receive due payments, and Strategy would emerge intact once Bitcoin’s long-term bull market resumes.
Recent Developments: Continued Accumulation and Market Reactions
May 2025 Purchase: On May 12, 2025, Strategy announced the acquisition of 13,390 BTC for $1.34 billion, bringing its total holdings to 568,840 BTC.
- Average Buy Price: $66,385 per BTC, for a total cost basis of $33.14 billion.
- Yield Impact: Analysts note Strategy’s Bitcoin yield rose 15.5 percent from January 1 to May 11, 2025.
Market Cap Momentum:
- As of mid-May, Strategy’s market capitalization stood at $113.94 billion, up 424 percent over the prior year.
- Share-price outperformance has drawn retail and institutional buyers seeking inflation hedges and alpha.
Investor Sentiment:
- Despite macroeconomic uncertainties—such as potential tariff reinstatements between the U.S. and China—Strategy’s stock has held firm, underlining market confidence in Saylor’s leadership and Bitcoin’s narrative.
Practical Implications for Crypto Investors
For readers scouting new digital assets and revenue opportunities, Strategy’s model offers a hybrid vehicle: equity exposure combined with direct Bitcoin holdings. This structure may appeal to investors who:
- Prefer Regulated Markets: Equity markets provide familiar legal frameworks and custody solutions.
- Seek Compound Yields: Strategy’s Bitcoin yield, reflecting the difference between purchase price and market price, can widen over time.
- Value Leadership: Michael Saylor’s public advocacy and Walton’s analysis bolster credibility.
However, investors should consider:
- Concentration Risk: Strategy’s balance sheet is heavily skewed toward Bitcoin. Complementary assets or diversified funds may better suit risk-averse profiles.
- Regulatory Developments: Future SEC actions on cryptocurrency disclosures could affect Strategy.
- Macro Volatility: Geopolitical or monetary policy shifts can trigger abrupt Bitcoin price swings.
Conclusion
Strategy’s audacious strategy—transforming a software analytics firm into the globe’s largest corporate Bitcoin treasury—represents a pioneering experiment at the intersection of traditional finance and decentralized digital assets. With 568,840 BTC on its balance sheet and billions in fresh capital raised in mere weeks, Strategy has laid the groundwork for a potential ascent to the summit of global market capitalization.
Analyst Jeff Walton’s assertion that Strategy could become the world’s most valuable public company hinges on Bitcoin’s continued adoption as the ultimate collateral. Meanwhile, Michael Saylor’s $10 trillion vision and $13 million-per-coin prediction set an aspirational target that may reshape corporate treasury management.
Yet, this bold pathway is not without peril. Bitcoin’s notorious volatility and regulatory uncertainties pose real risks. Nonetheless, Strategy’s resilience—even under a hypothetical 90 percent Bitcoin crash—demonstrates a robust financial architecture designed to withstand market storms.
For readers seeking new crypto assets or practical blockchain applications, Strategy’s journey offers valuable lessons in risk-management, fundraising prowess, and the transformative potential of digital assets within traditional corporate frameworks. As Bitcoin’s narrative evolves, Strategy stands as both a bellwether and a blueprint for how corporations might harness cryptocurrency to redefine enterprise value.
