Strategy ranks fifth among US corporate treasuries

Strategy Inc. is now ranked fifth among U.S. corporations with the largest Bitcoin holdings, with holdings of approximately $80 billion.

The firm released a chart showing how its Bitcoin reserves compare to the cash holdings of major players, including Berkshire Hathaway, Amazon, Google, and Microsoft. Its $80 billion Bitcoin trove puts it just behind these top four corporations by total treasury size and ahead of firms such as NVIDIA, Apple, Meta, and Tesla in cash and short-term holdings.

Strategy’s crypto holdings were valued at $73.21 billion in Q3

According to Strategy’s latest SEC filing, its Bitcoin holdings totalled 640,031 tokens, worth $47.35 billion, as of October 5. The company refrained from buying more Bitcoin between September 29 and October 5, keeping the average cost basis at $73,983 per BTC.

The firm’s digital asset holdings were valued at $73.21 billion as of September 30, with a third-quarter fair value gain of $3.9 billion — one of the largest unrealised gains in its history. Ideally, Bitcoin’s strong performance in Q3 2025 fueled the appreciation. Strategy also recorded a $1.12 billion deferred tax expense tied to the accounting impact of its large exposure to Bitcoin.

However, during the week ended September 22-28, 2025, Strategy sold 101,713 Series A Preferred STRF for net proceeds of $11.3 million, representing a notional holding worth $10.2 million. About $1.72 billion of STRF shares went unsold on the last day of July. For the same period, the company also sold 5,000 STRD shares for a total net gain of $0.4 million on proceeds of $0.5 million. The firm had an additional $4.15 billion worth of STRD stock remaining for sale.

Strategy raised the annual cap of its security program to $2 million.

Strategy’s board voted to boost Michael J. Saylor’s annual security spending limit to $2 million from $1.4 million, effective Oct. 1, 2025. However, the company remains heavily leveraged, with a significant risk of debt that may impact its ability to raise new capital and execute its Bitcoin strategy.

Its significant debt load (including several convertible notes) may leave it fiscally challenged and vulnerable should the markets cool down.

Meanwhile, Bitcoin itself has recently surpassed another all-time high at $126K, and its market cap is over $2.47 trillion. Even as Wall Street debates whether it is a risk-on or risk-off asset, BlackRock has proposed that it may be something else entirely.

The leading cryptocurrency was largely steady on Tuesday after hitting record highs, driven by strong inflows into U.S. spot exchange-traded funds, as well as “debasement” trades.

A few months ago, Microsoft pushed back on the National Centre for Public Policy Research (NCPPR’s) Bitcoin proposal when Bitcoin was trading at $97,170, and Meta rejected the same pitch when Bitcoin was at $104,800, meaning both missed out on double-digit gains. At the same time, the value of their cash positions continued to erode.

The volatile state of digital assets was a major concern that influenced Microsoft shareholders to vote against the proposal.  Ethan Peck, Deputy Director of the NCPPR and Bitcoin Director at crypto-friendly wealth management firm Strive, recommended that Microsoft allocate 1% to 5% of its cash position to Bitcoin.

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