Strategy’s holdings hit $70B+ as bitcoin breaches $118K

Strategy, the Tysons tech company formerly known as MicroStrategy, is once again benefiting from its marriage to bitcoin as the cryptocurrency set another price record.

Bitcoin breached $118,000 in the early hours of Friday morning and briefly traded above $118,800. At 4:55 p.m., bitcoins were trading for $117,737.63, according to Coinbase, the nation’s largest cryptocurrency exchange.

As of July 7, Strategy, which rebranded from MicroStrategy in February, held 597,325 bitcoin, which were worth about $70.3 billion as of 4:55 p.m. on Friday. The company’s bitcoins were purchased for approximately $42.4 billion and at an average purchase price of $70,982 per bitcoin, including fees and expenses.

At market close Friday, Strategy shares were trading for $434.58, up from $421.74 at close Thursday.

The world’s largest corporate holder of the cryptocurrency, Strategy — led by bitcoin whale Michael Saylor — said its vows to bitcoin in August 2020, when it announced its first bitcoin purchase and became one of the first public companies to convert its cash treasury reserves into cryptocurrency as a store of value.

It’s been a rocky relationship, although Saylor, now Strategy’s chairman, has remained loyal to the cryptocurrency “for richer for poorer.” He’s told CNBC and Fox Business he thinks it could rise as high as $13 million per bitcoin by 2045.

After bitcoin set a record in December 2024, surpassing the $100,000 threshold after President Donald Trump’s election victory, its value fell amid worldwide stock volatility after Trump announced sweeping new tariffs on April 2.

In the first quarter, Strategy said it had a quarterly per-share loss of $16.49. The company posted first quarter revenue of $111.1 million, a 3.6% decrease from the first quarter of 2024.

In the second quarter, Strategy reported $111.4 million in revenue, a 7.4% decrease compared with the second quarter of 2023.

The most recent bitcoin rally started Wednesday, when the cryptocurrency briefly rose above $112,000, before spiking Friday. The Federal Reserve meeting minutes from its June 17-18 meeting were released Wednesday and showed a divide over the rate of potential interest rate cuts.

Beginning Monday, the House of Representatives will debate several crypto-related bills, including one that would establish a regulatory framework for the industry. The House is expected to pass the bill, which has not been through the Senate, next week.

Although Saylor seems committed to bitcoin in sickness and in health, Strategy hasn’t always felt the same. Saylor stepped down as CEO after Strategy’s August 2022 earnings report, when the company disclosed that it had paid a total of $3.977 billion for its bitcoin, which at that time had fallen to a market value of about $2.451 billion. At that point, Strategy also had taken on about $2.4 billion in loans and debt to acquire bitcoin. At points in 2022, the currency fell below $20,000 to prices it had not seen since 2020. On Friday, Strategy’s relationship to bitcoin seemed to list into “for better” territory.