What Does MicroStrategy Do? The Biggest Bitcoin Treasury Company Explained

Curious why every crypto watcher seems obsessed with MicroStrategy? 

The answer is simple. This isn’t your typical software company, it’s now the largest corporate Bitcoin holder on the planet. 

Ask anyone “what does MicroStrategy Incorporated do,” and sure, you’ll hear about its business intelligence software. But these days, MicroStrategy grabs headlines for putting billions into Bitcoin and making big bets on digital assets. 

Here’s why it matters. MicroStrategy’s moves affect market sentiment, spark debate, and influence how other businesses approach Bitcoin. 

Let’s dig a little deeper.

MicroStrategy’s core business: Beyond Bitcoin

MicroStrategy recently changed their name to Strategy, but it doesn’t change how people see them, or the fact that everyone still knows them as MicroStrategy

Before MicroStrategy became synonymous with Bitcoin, it built its reputation on business intelligence: the less glamorous, but highly profitable world of enterprise software. 

So, what does MicroStrategy do at its core? It delivers products, solutions, and services to help the world’s biggest companies understand and use their data. Let’s break down what that means for software, revenue, and real-world investing.

Business intelligence software and services

MicroStrategy’s roots run deep in the business intelligence (BI) software space. The company’s flagship platform helps organizations turn giant piles of raw data into insights that drive real decisions. 

Think custom dashboards, smart reporting tools, and data that whispers “here’s what really matters” to executives across the globe.

Their core offerings include:

• Business Intelligence Platform: A powerful set of analytics tools that combine data from multiple sources (your CRM, ERP, and more) into one easy-to-use platform.
• HyperIntelligence: An “overlay” solution that makes relevant data pop up directly inside everyday business apps like email, calendars, or browsers.
• Cloud Analytics: Cloud-native options deliver flexibility for teams that want fast, secure, and scalable BI without managing local hardware.

These solutions matter to big players. MicroStrategy’s clients include massive banks, retailers, manufacturers, and tech firms (think Fortune 100 and beyond). 

In fact, industry recognition in the Gartner Magic Quadrant proves just how serious their software pedigree is. 

Revenue streams and financial overview

Let’s talk numbers. Before the Bitcoin buying spree, most of MicroStrategy’s money came from three places:

1. Product Licenses: Enterprise customers paid to install and run its software, on their terms, with robust customization.
2. Subscription Services: With the shift to the cloud, this recurring revenue stream grew in importance. Monthly and annual contracts provided predictability.
3. Consulting and Support: From setup to optimization, MicroStrategy’s in-house experts helped businesses squeeze maximum value from every feature.

The company has long operated in a competitive field. They’ve faced off with giants like Microsoft, SAP, and Oracle, and yet stayed profitable for over two decades. 

Before crypto became the story, MicroStrategy’s core business focused on BI software and scalable analytics, quietly generating steady cash flow.

Investing in MicroStrategy: Stock overview

MicroStrategy (NASDAQ: MSTR) is a premium tech stock. When you invest in MSTR, you’re betting on two things:

1. Its software business
2. Its Bitcoin treasury

The stock trades daily, and its price swings reflect both software earnings and the rollercoaster world of Bitcoin.

Here’s what to know:

• Ticker: MSTR (listed since 1998)
• Volatility: Price movements can be sharp. Bitcoin exposure is a key ingredient.
• Access: Anyone with a brokerage account can buy shares. Both retail and institutional investors actively trade the stock.

MicroStrategy’s Bitcoin strategy: How it became the biggest Bitcoin treasury company

The story gets a lot more interesting after 2020. The company’s reputation as a software provider took a sharp turn once it started stacking Bitcoin faster than any other public company in history. 

Here, I’ll break down how MicroStrategy shifted, why it made these bold moves, and what’s happened since.

Genesis of MicroStrategy’s Bitcoin accumulation

The decision to load up on Bitcoin didn’t just happen overnight. In the summer of 2020, CEO Michael Saylor delivered a simple and powerful thesis: cash would slowly lose value due to inflation and low yields. For a company sitting on large cash reserves, this looked risky.

Saylor’s play? Use Bitcoin, not dollars, as a corporate treasury reserve. He saw Bitcoin as digital gold: scarce, decentralized, and resistant to devaluation. The announcement was huge in both Wall Street and the crypto world.

The leadership team put their money where their mouth was. In August 2020, MicroStrategy purchased $250 million worth of Bitcoin. Saylor described it as a rational bet for long-term value. He openly declared that Bitcoin was “the world’s most dependable store of value right now.”

The company explained its logic in detail, convincing investors they were not gambling. They were making a strategic shift based on market risks many companies ignored. 

This bold approach has inspired other corporate interest in holding digital assets.

Corporate Bitcoin treasury management model

If you want to understand what MicroStrategy does on the finance side, think of it as writing the new playbook for corporate treasury management. Instead of passively holding cash, MicroStrategy has built a system to actively acquire and hold Bitcoin, using both its earnings and borrowed money.

Here’s their strategy:

• Funding the Buys: MicroStrategy issues convertible notes (debt that can turn into stock) or equity when it sees an opportunity to buy more Bitcoin. In plain English, it’s raising money by selling bonds or stock, then putting those funds into Bitcoin.
• Buying in Size: The purchases aren’t small. MicroStrategy regularly buys hundreds or thousands of Bitcoin at a time.
• Holding with Conviction: Unlike short-term traders, MicroStrategy intends to hold for years, not trade for quick profits.

Experts point out a key takeaway: corporate Bitcoin holdings aren’t a trade. They’re about protecting value over the long haul. 

Companies that follow MicroStrategy’s moves are treating Bitcoin like a new kind of corporate safe haven.

MicroStrategy’s bold treasury playbook has influenced other public companies. Tesla and Square also put Bitcoin on their balance sheets, though at a smaller scale. The move has given rise to debates about whether more companies should follow, and how much risk is too much.

Recent milestones: Record-breaking Bitcoin acquisitions

MicroStrategy hasn’t slowed down. Instead, it keeps buying more Bitcoin, making it the heavyweight in the public markets. Each large purchase sends a signal, both to investors and competitors. Its total Bitcoin holdings now make it the poster child for corporate Bitcoin adoption.

Let’s talk recent milestones:

• The company now holds over 600,000 BTC as of July 2025, making it the single largest corporate Bitcoin treasury in the world.
• In early 2024, MicroStrategy raised hundreds of millions through stock and debt sales with one plan: to buy even more Bitcoin.
• Bitcoin recently reached a new all-time-high, just under $120,000 per Bitcoin.
• Just a few months ago, MicroStrategy raised over half a billion dollars to buy more Bitcoin.

These moves set new benchmarks for the entire sector. They’re also watched closely by both crypto enthusiasts and Wall Street analysts.

Impact, risks, and future outlook for MicroStrategy

Since rolling billions into Bitcoin, the company straddles two worlds: business intelligence and digital assets. 

This identity shift has supercharged its market presence, multiplied its risk profile, and made everyone wonder: is MicroStrategy building a new business model for the digital age, or risking it all on a volatile asset class?

Market perception and influence in crypto & business

MicroStrategy’s playbook has rewritten what people expect from public companies. Traditional investors used to see what MicroStrategy does in simple terms: BI software, steady contracts, and data dashboards for blue-chip clients. 

But now, MicroStrategy is practically shorthand for corporate Bitcoin strategy.

How has this shift played out?

• Stock Becomes a Bitcoin Proxy: For many, owning MSTR stock is a backdoor way to gain Bitcoin exposure, just without buying BTC itself. The stock’s chart often mirrors Bitcoin’s ups and downs.
• Setting the Bar: Companies watched MicroStrategy’s “all in” buy as a test case. When Michael Saylor showed conviction, others (like Tesla and Block) dipped their toes into corporate crypto reserves.
• Reputation on Steroids: In the financial press, MicroStrategy’s move grabbed as much attention as its products. Ballsy? Yes. But when you stack $10 billion in Bitcoin, Wall Street pays attention.
• Influence Beyond Tech: Saylor turned boardroom talk into front-page news. He’s become a staple among the top influential figures in crypto, and in true Elon Musk-esque fashion, he inspires debates and headlines with every tweet.

Some see the company as a pioneer. Others call it reckless. But nobody can ignore how owning Bitcoin has, at times, been more profitable than its entire operating business. 

Key risks: Volatility, regulation, and corporate governance

Owning Bitcoin isn’t the same as selling software licenses. With every bold move, MicroStrategy loads up on risks few tech firms ever face.

Here’s what investors are concerned about:

• Market Volatility: MicroStrategy lives and dies by the Bitcoin chart. If Bitcoin spikes, MSTR soars. If it tanks, the stock often tanks harder. There’s a reason some call it a “leveraged Bitcoin ETF with a BI side hustle.”
• Regulatory Targets: Global lawmakers are still figuring out how to manage Bitcoin. Tax laws, reporting rules, and potential crackdowns could all eat into profits or force changes in strategy.
• Debt Overhang: To fund its Bitcoin buys, MicroStrategy issues convertible debt. That means interest payments and future dilution if bonds are turned into stock.
• Corporate Governance Crunch: Not everyone loves the idea of putting so many eggs in one crypto basket. Shareholders want to know: is this a tech firm with digital assets, or just another Bitcoin ETF?

Add up the risks and you get a company in the market spotlight, sometimes for reasons that have nothing to do with its software. And that makes every quarterly report scary.

MicroStrategy’s future: Continued innovation or overexposure?

Forecasting MicroStrategy’s future means tracking its tightrope walk: can it stay innovative, or is it piling on too much Bitcoin risk?

Here’s where things stand:

• Bets on Bitcoin: As long as Michael Saylor leads, I would expect Bitcoin to stay at the heart of company strategy. He’s made it clear: Bitcoin is the main reserve asset.
• Expanding Software Footprint: Don’t tune out the core business. MicroStrategy still sells BI solutions to Fortune 500 firms. But for now, these revenues are overshadowed by its Bitcoin headlines.
• Innovation vs. Overexposure: Is the company blazing a trail or simply doubling down on one volatile asset? If Bitcoin rallies, like it recently has, it’s a story of genius timing. If not, there’s real exposure.

If you’re sizing up MSTR as an investment or trying to predict next steps, you’ll want to keep an eye on both the company’s tech growth and Bitcoin’s wild swings. 

In the end, what does MicroStrategy do isn’t just about software anymore, and it hasn’t been for a long time. It’s a corporate experiment in high-stakes crypto adoption.

The bottom line

MicroStrategy started as a business intelligence leader, building tools that help the world’s largest companies make sense of their data. This foundation hasn’t disappeared. What changed is the company’s bold move into Bitcoin as a central piece of its identity.

Today, when someone asks what does MicroStrategy do, the truthful answer is both: it sells software and stands as the world’s top corporate Bitcoin holder. 

MicroStrategy continues adding to its Bitcoin reserve, as you can see with their continuous Bitcoin accumulation. Whether the bet pays off or crashes, the company has already changed how experts view corporate risk, strategy, and the line between tech and crypto.

Curious how other big players stack up in the battle for Bitcoin dominance? Take a look at this BTC ownership comparison. The topic is far from settled and the game isn’t over.

FAQ

What does MicroStrategy do in simple terms?

MicroStrategy builds enterprise software that helps companies analyze and use their data effectively. But it’s also famous for becoming the largest corporate Bitcoin holder, turning it into a hybrid between a tech company and a crypto-focused treasury.

How much Bitcoin does MicroStrategy own?

As of July 2025, MicroStrategy owns over 600,000 BTC, making it the single largest public company with Bitcoin on its balance sheet. This aggressive accumulation strategy is central to its identity and investment appeal.

What are MicroStrategy’s Bitcoin holdings worth?

With Bitcoin recently reaching nearly $120,000, MicroStrategy’s Bitcoin holdings are valued at tens of billions of dollars. The exact value changes with the market but often eclipses the value of its core software business.