Strategy Inc, the company formerly known as MicroStrategy, has slipped out of the top 250 US companies by market capitalization. The firm’s valuation has cratered to approximately $39.92 billion, a jarring fall from grace for a company that once commanded a market cap north of $100 billion.
Strategy holds roughly 846,842 Bitcoin, making it the single largest corporate holder of the asset on the planet. And yet the market is valuing the company below the worth of its own Bitcoin stash.
The numbers tell a brutal story
At Bitcoin’s current price near $63,000, Strategy’s Bitcoin treasury is worth over $53 billion. The company’s market cap sits around $40 billion. Investors are currently pricing Strategy at a discount to the Bitcoin it actually owns.
The stock has plummeted roughly 62% from its peak in June 2025.
