Michael Saylor’s Strategy, previously known as MicroStrategy, has now broken into the top 10 largest U.S. corporate treasuries, surpassing NVIDIA in the process. This is thanks to the recent Bitcoin rally, with the company holding BTC as its primary reserve asset.
Strategy Boasts The 9th Largest U.S. Corporate Treasury
In an X post, the company revealed that its treasury ranks 9th against S&P 500 companies, which have the largest corporate treasuries. This feat puts it above NVIDIA, which is the most valuable company in the world, with a market cap of $4.2 trillion.
Strategy boasts a $71 billion treasury reserve, only behind Berkshire Hathaway, Amazon, Google, Microsoft, Apple, Ford, Meta, and General Motors, in that order. The company holds BTC as its primary reserve asset and is notably the only one among these companies that holds anything besides cash and cash equivalents as its reserve asset.
The company has climbed to 9th place thanks to the recent Bitcoin price rally, with the flagship crypto reaching a new all-time high (ATH) of 123,000 earlier this week. Thanks to BTC’s volatility and its active Bitcoin accumulation, Saylor’s company could continue climbing the ranks, giving it an edge over those holding cash.
As Coingape reported, Strategy expanded its treasury to 601,550 BTC with a $472.5 million Bitcoin purchase last week. The company acquired these coins for $42.87 billion at an average price of $71,268 per BTC. As such, it is currently sitting at an unrealized profit of just under $30 billion.
This treasury strategy began in August 2020 when Saylor took the unconventional step of dropping cash for BTC as the company’s reserve asset. Besides the unrealized gain on the Bitcoin investment, the company’s stock, MSTR, has benefited massively from this move. The MSTR stock is the best-performing major asset since the company adopted Bitcoin.
Saylor’s First Among Other Bitcoin Treasuries
While Strategy has the 9th largest corporate treasury, it is first among other Bitcoin treasury companies and way above the others. For context, second-placed MARA Holdings holds 50,000 BTC, compared to Saylor’s company, which has 601,550 BTC.
Saylor and his company have undoubtedly set the pace, even as more Bitcoin treasury companies enter the fold. BitcoinTreasuries’ data shows that there are currently at least sixty Bitcoin treasury companies worldwide.
Besides being the public company with the largest Bitcoin holdings, Strategy is also the third-largest Bitcoin holder in the world, behind only Satoshi Nakamoto and BlackRock. The Bitcoin creator and the world’s largest asset manager hold 1.12 million and 731,527 BTC, respectively.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several niches. His speed and alacrity in covering breaking updates are second to none. He has a knack for simplifying the most technical concepts and making them easy for crypto newbies to understand.
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Source: https://coingape.com/strategy-moves-past-nvidia-into-top-10-largest-u-s-corporate-treasury/