Strategy's bitcoin reserves have climbed to 846,842 BTC, the company disclosed this week, after raising more than $60 billion and adding 716,000 bitcoin to its balance sheet. The hoard now exceeds the firm's total debt by roughly $48 billion — a dramatic turnaround from 2022, when a crypto market crash put both its books and its stock under serious pressure.
How they got here
Strategy has been on a buying spree for years, funding purchases through convertible notes, stock sales, and other capital raises. The $60-plus billion raised allowed it to snap up 716,000 BTC, bringing the total to nearly 847,000 coins. That's roughly 4% of all bitcoin that will ever exist. The company doesn't sell — it only buys and holds, a strategy that paid off as prices recovered from the 2022 lows.
The 2022 scare
That year wasn't pretty. Bitcoin cratered, and Strategy's debt-heavy approach looked risky. The stock dropped hard. But the company didn't buckle. It held onto its coins, kept servicing its debt, and emerged intact. Today, with bitcoin well above those lows, the bet looks prescient. The $48 billion gap between bitcoin value and debt gives it plenty of breathing room.
What the cushion means
That equity buffer matters. It means Strategy can weather another downturn without facing a margin call or forced liquidation. It also gives the company room to raise more capital if it wants — though at these levels, it might not need to. The firm hasn't signaled any change in its playbook. Expect the accumulation to continue as long as the math works.
Strategy now holds more bitcoin than any other public company. Whether that title holds depends on how long it keeps buying — and how long the bull market lasts.
