tl;dr
Strategy Inc. has become the fifth-largest U.S. corporation in Bitcoin holdings, with $80 billion in digital assets, outpacing tech giants like NVIDIA and Apple. Its Q3 gains, strategic sales, and bold crypto bets highlight the growing influence of Bitcoin in corporate finance.
**Strategy Inc. Surpasses $80 Billion in Bitcoin Holdings, Ranks Fifth Among U.S. Corporations**
Strategy Inc. has solidified its position as the fifth-largest U.S. corporation in terms of Bitcoin holdings, with a staggering $80 billion in digital assets, according to recent disclosures. The firm’s strategic move to invest heavily in Bitcoin has positioned it ahead of tech giants like NVIDIA, Apple, Meta, and Tesla in cash and short-term holdings, while trailing only Berkshire Hathaway, Amazon, Google, and Microsoft.
### **Bitcoin Holdings and Q3 Performance**
As of September 30, 2025, Strategy Inc.’s digital asset portfolio was valued at $73.21 billion, with a third-quarter fair value gain of $3.9 billion—a significant unrealized gain driven by Bitcoin’s strong performance during the period. The company held 640,031 Bitcoin tokens, valued at $47.35 billion as of October 5, 2025. Notably, Strategy refrained from purchasing additional Bitcoin between September 29 and October 5, maintaining an average cost basis of $73,983 per BTC.
The firm also recorded a $1.12 billion deferred tax expense tied to its Bitcoin exposure, highlighting the accounting complexities of its crypto holdings. Despite this, the Q3 gains underscore Bitcoin’s role as a high-growth asset for corporations embracing digital currencies.
### **Strategic Sales and Financial Adjustments**
In early October 2025, Strategy Inc. sold 101,713 Series A Preferred STRF shares for $11.3 million, net proceeds that reflected a notional holding worth $10.2 million. Additionally, the company sold 5,000 STRD shares for a $0.4 million net gain, with $4.15 billion in STRD stock remaining for sale.
The firm also increased its annual security spending limit for CEO Michael J. Saylor to $2 million, up from $1.4 million, effective October 1, 2025. However, Strategy remains heavily leveraged, with significant debt obligations—including convertible notes—that could strain its financial flexibility if market conditions worsen.
### **Bitcoin’s Market Surge and Corporate Reactions**
Bitcoin recently surpassed a new all-time high of $126,000, pushing its market capitalization above $2.47 trillion. Despite its volatility, the asset has attracted growing institutional interest. Meanwhile, some major tech firms have hesitated to adopt Bitcoin. For instance, Microsoft and Meta rejected a proposal by the National Centre for Public Policy Research (NCPPR) to allocate 1% to 5% of their cash reserves to Bitcoin, missing out on substantial gains as the price surged.
Ethan Peck of the NCPPR and Strive Wealth Management urged Microsoft to reconsider, noting that the company’s cash holdings have eroded amid Bitcoin’s rise. The NCPPR’s proposal to Amazon in December 2024 also remains unaddressed, even as over 200 public companies now hold Bitcoin—a number that has more than doubled since 2025.
### **The Road Ahead for Strategy Inc.**
While Strategy Inc.’s Bitcoin strategy has delivered impressive returns, its financial risks remain a concern. The company’s debt load and reliance on a volatile asset class could complicate its long-term stability, particularly if Bitcoin’s price experiences a downturn. However, with Bitcoin’s market dominance and growing institutional adoption, Strategy’s bet on the cryptocurrency may yet pay off.
As the debate over Bitcoin’s role as a “risk-on” or “risk-off” asset continues, firms like Strategy Inc. are setting the pace for corporate crypto investment. With the digital asset market evolving rapidly, the next chapter for Bitcoin and its corporate backers promises to be anything but static.