When Bitcoin breaks through its all-time high of $126,000 in 2025, the stock price of a software company also surges—Strategy Incorporated (formerly MicroStrategy, stock code MSTR) is actively redefining the boundaries of corporate asset allocation through concrete actions. Founder Michael Saylor's recent public statements have sparked market discussion: "We will continue to buy Bitcoin; every day is an entry point." This aggressive accumulation strategy has gradually transformed MSTR into the world's largest publicly listed Bitcoin holder and has become a focal point of discussion among institutional and retail investors alike.

So the question is—why is MSTR playing this game? What is the underlying logic?

**From Business Intelligence to Bitcoin**

Strategy's story began in 1989. In its early days, the company focused on business intelligence software, providing data analysis solutions to government agencies and financial institutions, gaining significant influence in the industry. The turning point came in 2020—Michael Saylor pushed the company's strategic shift, initiating large-scale Bitcoin asset allocation.

This was not just a few investments. Strategy continuously raised funds through convertible bonds, private placements, and other capital-raising methods, channeling the proceeds directly into the Bitcoin market. As Bitcoin's price rose, MSTR's market capitalization also soared, creating a self-reinforcing cycle: rising stock price → increased financing capacity → continued Bitcoin purchases → asset appreciation → increased market value.

**Data Speaks**

As of now, MSTR has become the largest Bitcoin holder among publicly listed companies worldwide. The scale of its holdings has even sparked discussions about an "enterprise-grade Bitcoin treasury." During Bitcoin's rise from a few thousand dollars to over a hundred thousand, MSTR's extreme betting strategy has yielded outsized returns for early shareholders.

**Market Insights**

The case of Strategy reflects the increasing recognition of Bitcoin assets among institutional investors. From being viewed as a "high-risk speculative asset" to now being a strategic allocation for large listed companies—Bitcoin's asset properties are undergoing a fundamental transformation. This shift not only demonstrates acknowledgment of decentralized assets but also reflects the practical need for asset diversification in a globally liquid environment.

Of course, such an extreme single-asset allocation strategy is not without risks. Nevertheless, Strategy has proven through action that in the era of digital assets, companies willing to pivot can seize new growth opportunities.