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Strategy Grows Bitcoin Holdings: Can Its Treasury Scale Drive More Value?

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Key Takeaways

  • Strategy's Bitcoin holdings rose 26% to 848,000 BTC through Oct. 4, expanding its treasury scale.
  • Funding remains key, with $17.06B raised through ATM programs and $7.53B via STRC issuances.
  • Strategy reported negative BTC Yield and a $2.10B BTC dollar Gain, underscoring dilution risks.

Strategy Inc.’s (MSTR - Free Report) Bitcoin treasury has continued to expand in 2026. As of Oct. 4, the company held 848,000 BTC, acquired for an aggregate of $63.97 billion at an average purchase price of $75,440.70 per coin. The latest purchase, disclosed Oct. 5, added 334 BTC for $28.7 million at an average price of $85,838.80 per Bitcoin.

The scale of the treasury has expanded considerably this year. Strategy ended 2025 with 672,500 BTC, meaning its holdings have increased more than 175,000 BTC, or about 26%, through Oct. 4. Earlier, the company reported that its Bitcoin holdings had grown 25% year to date by July 26.

Funding remains central to the model. By July 26, Strategy had raised $17.06 billion through at-the-market programs in 2026, while STRC issuances had raised $7.53 billion. Liquidity has also been built to meet financing obligations. As of Oct. 4, Strategy’s USD Reserve stood at $4.88 billion, down from $5.02 billion on Sept. 27 after the company used reserve funds for preferred-stock dividends and interest payments.

The larger treasury has not guaranteed gains on a per-share basis. As of Oct. 4, Strategy reported a year-to-date BTC Yield of negative 3.7%, a BTC Gain of negative 24,963 and BTC dollar Gain of approximately negative $2.10 billion. These metrics indicate that Bitcoin per assumed share has declined, highlighting the importance of dilution and financing costs in Strategy’s treasury model.

Bitcoin prices also have a major effect on reported earnings. In the second quarter, Strategy recorded an $8.32 billion unrealized loss on digital assets and an $8.22 billion net loss, even as revenues rose 6.9% year over year to $122.4 million. That mix keeps the company closely tied to Bitcoin’s market value.

How Are MARA Holdings and Strive Competing?

MARA Holdings (MARA - Free Report) competes with Strategy through a differentiated Bitcoin model that combines mining, treasury accumulation and active asset management, giving it internally generated Bitcoin alongside capital-market flexibility. Unlike Strategy’s acquisition-led approach, MARA can monetize or deploy holdings to support operations, liquidity and investments. MARA held 35,577 Bitcoin as of June 30, 2026.

Strive (ASST - Free Report) competes with Strategy through an aggressive Bitcoin-treasury model centered on capital raising, acquisitions and increasing Bitcoin per share. Its acquisition of Semler Scientific significantly expanded its treasury scale, strengthening its position among listed Bitcoin holders and creating another equity-based alternative for cryptocurrency exposure. Strive held 19,864 Bitcoin as of June 30, 2026.

MSTR’s Price Performance, Valuation and Estimates

Shares of MSTR have increased 61.2% over the past three months against the industry’s fall of 6.1%.

 

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From a valuation standpoint, Strategy remains highly expensive, trading at a forward 12-month price-to-sales ratio of 120.54, which is far above the sector's average. Its Value Score of F reinforces concerns that the stock is significantly overvalued.

 

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Image Source: Zacks Investment Research

 

Over the past 30 days, earnings estimates for 2026 have been revised 2 cents upward to negative $23.74 per share.

 

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Image Source: Zacks Investment Research

 

At present, MSTR carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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