**Strategy Holds Nearly 650,000 Bitcoins as Market Eyes Its Financial Position**

Strategy, the company with the world’s largest Bitcoin reserve, currently holds 649,870 Bitcoins—valued at over $91 billion. This massive reserve has made it a key player in the cryptocurrency world and a subject of ongoing speculation, especially when Bitcoin prices fluctuate.

### How Strategy Became a Bitcoin Giant

Back in 2020, Michael Saylor, once skeptical about Bitcoin, made a bold move by shifting his company’s focus toward accumulating the cryptocurrency. He even brought Elon Musk into the Bitcoin space shortly after. This strategy paid off quickly—Strategy’s stock soared to levels not seen since the dot-com boom.

Inspired by this success, other public companies followed suit by adding cryptocurrencies like Bitcoin and Ethereum to their balance sheets. One major example is BitMine, which now holds around 6% of the global Ethereum supply. In total, nearly 400 companies worldwide have added digital assets to their financial strategies.

### Market Volatility Brings New Challenges

Although crypto adoption has grown, price swings remain a big challenge. Some companies saw their market value drop below their crypto holdings’ worth, forcing them to sell assets to stabilize stock prices or fund buybacks. ETHZilla is one recent example of this trend.

A key metric for companies like Strategy is the Market Net Asset Value (MNAV). When MNAV drops below 1, it means the value of the company’s assets—mainly Bitcoin—is less than its stock value. This situation is similar to what happened with the GBTC trust before it converted into an ETF in 2024 and aligned its share price with actual Bitcoin value.

### Will Strategy Sell Its Bitcoin?

Right now, Strategy isn’t planning to sell any Bitcoin. CEO Phong Le said that selling would only happen as a last resort—if MNAV drops below 1 and the company can’t raise more funds. For now, the focus remains on holding Bitcoin long-term.

Investors often view Strategy stock (MSTR) as a way to gain leveraged exposure to Bitcoin, since the stock tends to outperform BTC price movements. This has allowed Strategy to borrow funds, buy more Bitcoin, and boost its stock price even further. Historically, the company has made major purchases after significant market events, including Donald Trump’s election win.

### The Road Ahead

In 2024, Strategy faces an $800 million payment obligation. The plan is to fund this through premiums earned from trading above its MNAV. As long as they can continue doing this while holding onto their Bitcoin, Strategy remains financially strong.

“The more dividends we pay regularly—even in flat markets—the more confidence investors have,” said CEO Phong Le. “That’s when prices start going up.”

Despite recent dips in share price, Strategy remains one of the most resilient companies in the crypto space thanks to its massive Bitcoin reserve and long-term strategy.

### Summary

– Strategy holds 649,870 Bitcoins, worth over $91 billion.
– The company became a top crypto holder by aggressively buying BTC since 2020.
– Market fluctuations have sparked concerns about its financial health.
– CEO says there’s no plan to sell Bitcoin unless absolutely necessary.
– Strategy aims to keep its market value above its Bitcoin holdings (MNAV > 1).
– $800 million payment due in 2024 will be covered by trading premiums.

**Keywords:** Strategy Bitcoin reserve, Michael Saylor, MSTR stock, Market Net Asset Value (MNAV), institutional crypto adoption, Bitcoin holdings, cryptocurrency strategy, crypto market volatility, digital asset reserves.