Strategy holds live Q&A on its $53B bitcoin treasury with no questions off limits

Strategy Inc., the company formerly known as MicroStrategy, hosted a live investor Q&A on August 17 where executives promised nothing was off the table. Founder and Executive Chairman Michael Saylor and CEO Phong Le took center stage for the session, which covered the firm’s bitcoin treasury approach, its capital markets activity, and its ongoing strategy of accumulating more BTC.

The world’s largest corporate bitcoin stash

Strategy holds approximately 840,447 BTC as of August 9, 2026. To put that in perspective, that’s roughly 4% of all Bitcoin that will ever exist.

The firm funds its bitcoin acquisitions through a mix of operational cash flow and capital market instruments. Strategy issues various securities designed to give investors economic exposure to Bitcoin, ranging from equity to debt products. Recent activity has included both share and debt repurchases alongside continued BTC accumulation.

From MicroStrategy to Strategy: a rebrand with purpose

The company completed its rebrand from MicroStrategy to Strategy in February 2025. The name change came with a Bitcoin-themed logo.

MicroStrategy was originally an enterprise analytics and business intelligence software firm. That legacy business still exists and still generates revenue.

Saylor has been the gravitational center of this transformation since the company first bought Bitcoin in August 2020. What started as a treasury diversification play has morphed into the most aggressive corporate Bitcoin accumulation strategy in history. Over six years, the position has grown from a few hundred million dollars to north of $53 billion.

Why investors care about a Q&A session

Strategy’s stock often trades at either a premium or a discount to its net asset value based on Bitcoin’s price. This creates a dynamic where shareholders aren’t just betting on Bitcoin itself. They’re betting on the market’s perception of how Strategy manages its Bitcoin, how it structures its financing, and whether the premium or discount to NAV will move in their favor.

What to watch going forward

Recent share and debt repurchases suggest management feels comfortable with its current leverage ratios and liquidity position. The ongoing accumulation of BTC also matters. Strategy continues to add to its position, funded by operations and new issuances.

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