MicroStrategy became the first publicly traded company to implement a BTC treasury strategy with its purchase of 21,454 tokens for $250M announced back in August 2020, an initial investment that has returned nearly 500% during its 4-year lifespan.

As of September 2024, MicroStrategy holds 252,220 bitcoin.

Although MicroStrategy has retained its status a BTC behemoth among direct corporate holders, the introduction of spot BTC ETFs in January 2024 reshaped the top holder landscape, supplanting MicroStrategy with BlackRock as the fourth largest entity to hold BTC behind Binance, Satoshi, and Coinbase.