Strategy, the company formerly known as MicroStrategy, is doubling down on Bitcoin . Executive chairman Michael Saylor went on CNBC’s “Squawk Box” Friday to explain why the company isn’t just holding the cryptocurrency—it’s building its business around it. Saylor called Bitcoin “digital capital” and revealed that Strategy has now bought over 628,000 BTC, which is worth around $72 billion. That makes up nearly 3% of all the Bitcoin that will ever exist. The company recently raised $2.5 billion through an IPO of Series A Perpetual Preferred Stock, selling 28 million shares at $90 each. Those funds were used to buy 21,021 BTC on July 29. Bitcoin-Funded IPOs Now A Key Strategy According to Saylor, Strategy has done four fundraising rounds this year. Two of them pulled in $500 million each, and another brought in $1 billion. The fourth and latest offering, which raised $2.5 billion, was reportedly the biggest IPO of 2025 so far based on gross proceeds. This business model—raising capital and using it to buy Bitcoin—isn’t just about holding crypto. Saylor believes it turns volatile digital assets into refined securities that can appeal to professional investors. He called the new offering, branded as “Stretch” (STRC) , the company’s most exciting product yet. Public Firms Holding Bitcoin Are Increasing Fast Saylor also spoke about how other companies are joining the Bitcoin movement . He said that more than 160 public companies now hold Bitcoin in their reserves, compared to around 60 a year ago. Public companies in total own about 955,048 BTC, which is 4.55% of the total supply. He added that Bitcoin is starting to replace traditional assets like gold, real estate, and even equity as a store of value. Saylor argued that Bitcoin is “demonetizing” these older asset classes. For companies looking to increase value for shareholders, he suggested that putting money into Bitcoin makes more sense than holding onto cash or buying things like private equity. Strategy Says It Doesn’t Want To Own All Bitcoin Saylor made it clear that his company isn’t trying to hoard the whole supply of Bitcoin. While he thinks owning 3% to 7% of it isn’t “too much,” he stressed that Strategy wants others to have a share too. He pointed out that BlackRock, through its iShares Bitcoin Trust (IBIT), actually holds more BTC—around 740,896 at the moment. He also mentioned why big tech firms like Apple and Microsoft don’t buy each other’s stocks or S&P 500 companies. According to him, SEC rules stop them from doing that, so they’re limited to buying back their own shares. Saylor believes that if these rules didn’t exist, many of the large tech companies would likely invest in each other—and maybe even Bitcoin. Featured image from Joe Raedle/Getty Images; Skye Gould/Insider, chart from TradingView
