This company was established inIn 1989, the company was renowned in the industry for its business intelligence (BI) software, serving Fortune 500 companies such as Coca Cola and IBM. Over the course of more than 30 years of development, its technological accumulation has continuously deepened, gradually building a core business architecture of "AI+BI". It is worth noting that even in today's era of fully deploying encrypted assets, its traditional business still maintains strong growth - the first quarter financial report of 2025 shows that software subscription revenue accounts for 33%, providing stable cash flow support for the company.

August 2020 became a crucial turning point in the history of Strategy's development. founderMichael SaylorWith astonishing strategic courage, the company spent $250 million to purchase the first batch of 21454 bitcoins, pioneering the large-scale allocation of cryptocurrency assets by listed companies. This decision stems from its original "perfect capital" theory: Bitcoin is considered the best tool for hedging against the risk of fiat currency depreciation due to its constant total of 21 million coins and decentralized nature. As of June 2025, the book value of these early investments has reached 13.7%.

More profoundly, this strategic transformation has led to a high degree of linkage between the company's stock price and the price of Bitcoin, giving it a special position as a "Bitcoin agent" in the capital market. In February 2025, the company officially changed its name to Strategy, with the prominent letter "B" in the new logo indicating that Bitcoin and artificial intelligence have become the two pillars of its strategic map. This innovative model of "nourishing cryptocurrency investment with technological cash flow" has sparked a demonstration effect globally, attracting over 70 listed companies to emulate it.

After five years of continuous operation,Strategy has established a complete capital loop: raising funds through equity financing, increasing holdings of Bitcoin to achieve asset appreciation, and then using the appreciation assets for a new round of financing. In the first half of 2025 alone, the company has raised nearly 3 billion US dollars through three large-scale financing rounds to continuously increase its holdings of Bitcoin. This high-frequency and precise capital operation has led to a 28 fold increase in Bitcoin holdings over five years, while the average cost has remained stable within a reasonable range of $70666 per coin.

Even more remarkable is that, despite a significant drop in Bitcoin prices in the fourth quarter of 2024, the company was able to maintain financial stability with a year-on-year growth of 62% in its traditional business, despite the provision of $1.006 billion in impairment losses. As of June 2025, its Bitcoin holdings have exceeded 13 times that of the second ranked MARA Holdings, demonstrating an absolute scale advantage. This market position gives it significant price influence - in the two weeks following the November 2024 US election, its massive increase in 107000 bitcoins directly led to the exchange's stock dropping to its lowest level since 2018.

Founder of StrategyMichael Saylor

Faced with market volatility and regulatory uncertainty,Strategy is actively building a risk hedging mechanism. On the one hand, continuously upgrading the StrategyOne technology platform to expand the application depth of Bitcoin in enterprise payments, asset management, and other scenarios; On the other hand, accelerate globalization layout and focus on developing emerging markets such as China. This dual track strategy of "technology empowerment+market expansion" is expected to open up broader growth opportunities for it.

The transformation practice of Strategy provides a highly valuable reference sample for traditional enterprises: providing cash flow security through robust technology business, while enhancing capital returns through encrypted asset allocation. However, it must be recognized that the success of this model is based on multiple special factors - forward-looking judgment on technology trends, skilled capital operation ability, and management's unusual strategic determination. In the increasingly complex regulatory environment of cryptocurrency and the continuous intensification of market volatility, it remains to be observed whether this radical strategy of "holding all positions in Bitcoin" can withstand the test of time. But there is no doubt that Strategy has written a brilliant chapter in the history of global enterprise digital transformation and encrypted asset revolution as a pioneer.