Who is Strategy and why does it matter?
Strategy (formerly MicroStrategy), led by Michael Saylor, became crypto’s most prominent corporate bitcoin holder starting in 2020, when it began converting its cash reserves into bitcoin as a treasury strategy. Today it holds roughly 4% of all bitcoin in circulation — by far the largest corporate position of any public company.
Saylor’s public stance for years has been that Strategy buys bitcoin and never sells. That conviction became central to the company’s identity and, by extension, to bitcoin’s narrative as an asset that large, committed holders accumulate and hold for the long term.