For sure, MSTR is not "soley holding" bitcoin, since it is aggressively accumulating bitcoin by using other people's money and promoting itself as a place in which others can give them money and they will buy bitcoin with that money and they will buy bitcoin in an aggressive way, using all means available to accumulate bitcoin.

Their message has evolved since their offered products have gotten more sophisticated and they set themself up as a magnate to attract capital and to put it to work through the creation and maintenance of  "interesting" financial instruments that were designed to be enticing, mutually beneficial and innovative.

I agree with you that it is interesting that MSTR's treasury has grown to such stature in just over 5 years, since I believe that in mid-to-late 2020, MSTR started out with less than $1 billion in value (perhaps in the neighborhood of around $500 million).  I think that maybe MSTR's treasury and even any assets that they owned, added up to less than $500 million when the started to buy bitcoin with something like 75% of the cash that they then had on-hand.


Berkshire looks like the ONLY real contender in terms of MSTR being able to pass them fairly easily.. that part is quite amazing for MSTR to move up so quickly.

BILLIONAIRE MICHAEL SAYLOR SAYS HE'S PURSUING CREDIT RATINGS FOR STRATEGY'S #BITCOIN PREFERRED EQUITIES

$300 TRILLION MARKET. COMING ONLINE 🔥

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Michael Saylor is working on a new financial strategy. He is trying to get a credit rating for his company "BITCOIN PREFERRED EQUITIES". This is going to be an institutional investment. If Saylor's strategy is successful, various large institutions will start investing in Bitcoin at the same time. As a result, the demand for Bitcoin will increase further. This is very likely to increase the price in the market. Also, new investors will gain more confidence. We can see a big increase in the price.


x.com

Another purchase of MicroStrategy. Maybe tomorrow we will see Michael Saylor add some more Bitcoin to Strategy. It could be the biggest in a few weeks. So far they are holding 638 985 Bitcoin. Which is the highest among private companies. Let's see how many Bitcoins Michael Saylor adds to Strategy in the next purchase.
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Source:   Michael Saylor

Today, the MSTR company, led by Michael Saylor, has purchased 850 Bitcoins. And the 850 Bitcoins have been added to their original holdings, bringing their total holdings to 639,835 Bitcoins. Their regular Bitcoin purchases have attracted more treasury companies to buy Bitcoin, making MSTR the only company and individual that sees the power of savings.

Microstrategy

I think Metaplanet's Bitcoin purchase this week was 5,419BTC which we saw in their purchase announcement and Micro Strategy bought 850 Bitcoin coins. Yes indeed Micro Strategy is currently focusing on small Bitcoin purchases. The last time we saw a big one was on July 29th when they added 21,211 Bitcoins to the strategy and since then we haven't seen a Bitcoin purchase above 4,000 at a time. The reason for such a large purchase of Bitcoin in July was that at that time the share price of Micro Strategy's STRK was the highest throughout the month, due to which they were able to make more profits and use that money to buy Bitcoin, but since then the amount of Bitcoin purchased has also decreased due to the decrease in the share price of STRK. They may not want to buy Bitcoin on credit because the interest rate will increase as the number of days increases. And to pay that interest, Micro Strategy will have to spend more money later, which may reduce the strategy's Bitcoin purchasing power in the future. Perhaps this is why Michael Saylor has focused on buying less Bitcoin, considering all these factors.

Strategy has generated over $13.1 billion BTC $ Gain in YTD 2025, already surpassing the full year 2024. Yesterday, Michael Saylor bought 850 new Bitcoins, and since that purchase, the Bitcoin market has undergone a slight correction. However, Michael Saylor invested more Bitcoin in 2025 than in 2024. So the YTD of Bitcoin in 2025 will definitely be higher than in 2024.
Strategy

Nothing happens or sometimes even a fall occurs because people are used to his purchases
And already expecting it.
Now if they choose to sell, That says alot not only would it affect the price
It proves that Strategy business vision has failed.
If they sell, a fall occurs and market absorbs the new supply in circulation
At least it's better than paper Bitcoin or a firm owning so much that the government look like nothing.

The important figure to me is the Bitcoin Yield Percentage.

This is the true differential between a Digital Asset Treasury (each share carries a positivie Bitcoin Yield) and an ETF (each share carries a zero, or actually slightly negative, Bitcoin yield).

There is a huge diffrences in those treasuries: the ones of Google and Microsoft are short term treasuries, used to make the industrial business of the companies work (this might different for Berkshire Hathaway).
Strategy treasury is a long term one, and this threasury IS the business of Strategy.