Strategy Inc. remains one of the most aggressive public-market vehicles for bitcoin accumulation. As of Dec. 30, 2025, the company held approximately 672,497 BTC, worth about $59.5 billion at a bitcoin price of $88,413. With bitcoin now accounting for the overwhelming majority of its balance sheet, the company continues to sit at the center of institutional debate over how investors gain equity-market exposure to BTC.
Bitcoin Exposure Drives the Valuation Story
Strategy shares traded at $155.61, giving the company a market capitalization of roughly $48.4 billion and an enterprise value near $62.4 billion. Because close to 90% of its balance sheet is tied to bitcoin, investors increasingly treat MSTR as a leveraged, high-beta bitcoin proxy rather than a conventional operating company. Even after heavy drawdowns, the stock still traded at around 1.05x market net asset value, suggesting that the market continues to assign a premium for leverage and access to capital markets.
Volatility Stays High, but So Does Liquidity
The stock’s recent performance highlights that risk profile. Strategy fell 52% over the past three months and 49% over the past year. Implied volatility stood near 68%, while historical volatility was about 64% over 30 days and 75% over one year. At the same time, liquidity remained a major strength. Daily trading volume was close to $2.0 billion, average 30-day volume topped $3.4 billion, and options open interest reached roughly $41.4 billion, underscoring persistent institutional and derivatives activity.
Debt Structure and Index Rules Could Shape the Outlook
On the balance sheet, Strategy reported about $2.2 billion in cash against roughly $8.2 billion in debt, along with about $8.0 billion in preferred equity outstanding. Net leverage was estimated near 10%. Management has argued that its bitcoin holdings represent more than 70 years of dividend coverage in BTC terms, framing the treasury as long-duration collateral.
Looking ahead, index treatment may become one of the biggest variables. Staying in the Nasdaq 100 supports passive and derivatives-driven demand, but proposed MSCI rule changes targeting companies whose digital assets exceed 50% of total assets could create new pressure. Executive Chairman Michael Saylor continues to back ongoing bitcoin accumulation and broader digital credit issuance, betting that long-term bitcoin appreciation and continued capital-market access will outweigh dilution, volatility, and shifting index mechanics.