This FAQ provides a comprehensive overview of MicroStrategy's bitcoin holdings, including how many bitcoins the company owns, how it acquires them, why it invests in bitcoin, and the risks and benefits. It also covers key metrics like market value and cost basis, and answers common questions about the company's strategy.

How many bitcoins does MicroStrategy hold?

As of late 2025, MicroStrategy holds approximately 439,000 bitcoins, acquired at a total cost of about $27.1 billion, with an average purchase price of around $61,700 per bitcoin.

MicroStrategy has been the largest corporate holder of bitcoin, and its holdings have been accumulated through a series of purchases using cash reserves and proceeds from debt and equity offerings. The company continuously updates its bitcoin holdings in its quarterly earnings reports and on its investor relations website.

What is MicroStrategy's bitcoin acquisition strategy?

MicroStrategy's strategy is to acquire and hold bitcoin as a primary treasury reserve asset, using a combination of cash flows and capital markets transactions.

The company has used various methods to fund its bitcoin purchases, including issuing convertible notes, selling shares of its stock, and using operating cash flow. Under its '21/21 Plan,' MicroStrategy aims to raise $21 billion through equity and $21 billion through fixed-income securities to buy more bitcoin. This strategy is designed to maximize shareholder value by capitalizing on the appreciation of bitcoin.

Why does MicroStrategy invest in bitcoin?

MicroStrategy invests in bitcoin as a hedge against inflation and as a store of value, believing it is a superior asset to cash and traditional investments.

According to Executive Chairman Michael Saylor, bitcoin offers long-term capital appreciation, is less correlated with traditional assets, and provides a decentralized, secure, and scarce monetary network. The company views bitcoin as 'digital gold' and has shifted its treasury strategy to focus on this asset.

What is the market value of MicroStrategy's bitcoin holdings?

The market value of MicroStrategy's bitcoin holdings fluctuates with the price of bitcoin.

As of late 2025, with bitcoin trading around $100,000, the market value of its holdings was approximately $43.9 billion, representing an unrealized gain of about $16.8 billion. The company reports the fair value of its bitcoin assets in its financial statements, and changes in value are recognized in the income statement.

How does MicroStrategy account for its bitcoin holdings?

MicroStrategy accounts for its bitcoin holdings under the new FASB accounting standard (ASU 2023-08), which requires bitcoin to be measured at fair value, with changes recorded in net income.

Previously, the company used the intangible asset model, which only recognized impairment losses and not gains. Under the new standard, the company can reflect both gains and losses in its earnings, providing a more accurate picture of its financial position. This change was adopted in the first quarter of 2025.

What are the risks of MicroStrategy's bitcoin strategy?

The main risks include bitcoin price volatility, potential regulatory changes, and the impact on the company's stock price and financial stability.

Because MicroStrategy holds a massive amount of bitcoin, its financial performance is highly correlated with bitcoin's price. A significant drop in bitcoin's value could lead to substantial losses and affect the company's ability to meet its debt obligations. Additionally, regulatory actions against bitcoin could negatively impact the company's holdings and operations.

How does MicroStrategy's bitcoin strategy compare to other companies?

MicroStrategy is the largest corporate bitcoin holder, far ahead of other companies like Tesla and Block.

While Tesla holds about 9,720 bitcoins, MicroStrategy's holdings are more than 45 times larger. MicroStrategy's strategy is unique in that it has transformed its entire treasury into a bitcoin investment vehicle, while other companies hold bitcoin as a smaller part of their reserves. This makes MicroStrategy a pure-play bitcoin proxy for investors.

Could MicroStrategy's bitcoin holdings be sold?

MicroStrategy has not sold any bitcoin as of late 2025, and its stated intention is to hold its bitcoin indefinitely.

The company's long-term strategy is to accumulate and hold bitcoin, and it has not indicated any plans to sell. However, the company may consider selling in the future if market conditions change or if it needs to raise capital for other purposes. Any potential sale would likely be announced publicly and could have significant market implications.

Final Thoughts

MicroStrategy's bitcoin holdings represent a bold bet on the future of cryptocurrency. As the largest corporate holder, the company has become a key player in the bitcoin ecosystem, and its strategy has attracted both praise and criticism. Investors should carefully consider the risks and rewards of following MicroStrategy's example.

With the adoption of new accounting standards, MicroStrategy's financial reports now provide greater transparency into its bitcoin investments. Whether the company continues to buy more bitcoin or eventually sells, its actions will likely influence the broader market and the adoption of bitcoin as a corporate treasury asset.