Strategy’s Bitcoin approach, simplified
Here’s how Strategy really operates. People notice the headlines, but most don’t understand the machine powering it.
Strategy isn’t just buying Bitcoin. It’s running a full Bitcoin treasury model, one of the biggest on the planet.
When the company raises money through stock or debt, that cash doesn’t sit around. It goes straight into Bitcoin. Every new dollar becomes more BTC on their balance sheet.
That’s how they’ve reached roughly 650,000 BTC.
At this point, they’re functioning like a crypto reserve built inside a public company.
Two numbers drive the whole system:
• BPS (Bitcoin per Share): how much BTC backs each share
• mNAV (Market Net Asset Value): market price compared to the value of their Bitcoin
If mNAV pushes above 1.0, the stock trades “rich,” which usually creates an opening to issue more shares and buy more $BTC . If mNAV drops below 1.0, they slow things down and protect shareholders.
This is the cycle Saylor designed:
Raise capital → buy BTC → strengthen the metrics → repeat.
The bigger their stack gets, the stronger the flywheel turns.
Call it a public company, an ETF alternative, or a Bitcoin mini nation-state. Whatever label you use, the outcome is clear:
Strategy has built one of the largest Bitcoin treasuries in existence, and they’re not done yet.
