Strategy Bitcoin Hoard Surpasses Major Banks and Nations

The achievement sheds some light on Strategy’s dominance, as almost half of all corporate-owned Bitcoin is under its control. At the same time, Bitcoin regained momentum above $120,000, sparking predictions of even more gains. Capriole Investments founder Charles Edwards expects a rapid breakout to $150,000, while Bitwise analysts argue that new US retirement fund allocations could drive the price beyond $200,000.

Strategy Bitcoin Stash Hits $77 Billion

Michael Saylor’s digital asset treasury firm, Strategy, reached a huge milestone. Its Bitcoin holdings hit an all-time high valuation of $77.4 billion. This figure not only surpasses the market cap of several major global banks but also rivals the annual economic output of entire nations. 

The firm’s rise is thanks to its aggressive accumulation strategy and the broader resurgence of Bitcoin, which recently returned to the $120,000 mark after briefly peaking in mid-August.

Saylor pointed out the firm’s humble beginnings, and recalled how Strategy’s journey into Bitcoin started with just $250 million — and even included an immediate $40 million unrealized loss. Fast forward to today, and the company’s holdings of 640,031 BTC represent about 3.2% of the total circulating supply. 

To put its scale into perspective, its closest corporate competitor, MARA Holdings, holds only 52,477 BTC, which is valued at about $6.3 billion. Strategy alone now accounts for almost half of all Bitcoin held by public and private companies combined.

Top public Bitcoin treasury companies (Source: BitcoinTreasuries.NET)

Over the past seven weeks, Strategy’s treasury grew even further with the addition of 11,085 BTC, including a relatively modest 196 BTC purchase earlier this week. These strategic acquisitions, coupled with Bitcoin’s rebound, pushed the firm’s total valuation close to double what it was in 2024. At its current worth, Strategy’s Bitcoin stash could theoretically purchase 2.57 million cars at $30,000 each or nearly 385,000 homes valued at $200,000 apiece.

The sheer scale of Strategy’s holdings prove just how concentrated Bitcoin treasuries have become. Public and private companies collectively hold 1.32 million BTC, which is equal to 6.6% of the total supply, valued around $159 billion. Strategy’s 48% share makes it the dominant force in the sector by a wide margin.

Nation-states, by comparison, still lag far behind. El Salvador is one of the most well known governments to embrace Bitcoin, and currently holds 6,338 BTC valued at roughly $762.5 million. While impressive for a small nation, the total barely scratches the surface compared to Strategy’s war chest. 

On the other hand, the Central American country’s strategy of buying one BTC per day fueled debate over its pace of accumulation, especially as its holdings hover just below their own all-time high.

Bitcoin Poised for Quick Breakout?

Bitcoin may be on the verge of setting a new all-time high, and some analysts project a surge to $150,000 before the end of 2025 as investor demand for safe-haven assets intensifies. 

Capriole Investments founder Charles Edwards believes the recent recovery above the $120,000 level could trigger a rapid breakout, which could push the cryptocurrency toward the milestone in a short span of time. At Token2049 in Singapore, Edwards explained that Bitcoin regained strong momentum after climbing more than 6% in the past week, with its latest move above $118,500 being its highest level since mid-August.

BTC price action over the past week (Source: CoinMarketCap)

While Edwards’ target of $150,000 is bullish, it is still more cautious compared to some other market forecasts. Analysts at Bitwise Asset Management, for example, see the possibility of Bitcoin climbing above $200,000 in the current cycle, fueled by structural changes in the investment landscape. 

André Dragosch, Bitwise’s head of European research, pointed out that the inclusion of crypto in US 401(k) retirement plans could be transformative. Even a 1% allocation from retirement managers would represent $122 billion in new capital, which could potentially lift Bitcoin well past the $200,000 mark.

Edwards also placed emphasis on the influence of Bitcoin’s four-year cycle, which historically aligned with major price surges. He assigned just over a 50% chance that the final three months of 2025 will deliver positive gains, in part due to cyclical market behavior and seasonal investor sentiment. 

Bitcoin monthly return history (Source: CoinGlass)

Historically, Bitcoin averaged 20% returns in October, 46% in November and modest but positive gains of around 4% in December. Edwards did mention, however, that institutional demand is still the most important driver of the market’s trajectory. This means that a downturn in buying activity could completely shift the outlook.

Other analysts are also pointing out certain technical factors that support the bullish case, like an emerging golden cross pattern, often seen as a strong signal for upward momentum. With both institutional flows and chart structures aligning, expectations are building for Bitcoin to potentially reach $150,000 by year-end.