Strategy (formerly MicroStrategy), a U.S.-listed company known for its business intelligence and mobile software offerings, has maintained a disciplined, Bitcoin-focused treasury approach that has consistently delivered measurable Bitcoin yield since 2020.
In a post shared on X, the company disclosed that it has achieved steady BTC yield growth over multiple market cycles. The post, which was accompanied by a chart illustrates the increase in Bitcoin per share, rising from 56,598 in 2020 to 195,689 by January 2026. This progression highlights consistent accumulation despite significant price volatility across the broader crypto market.
The phrase accompanying the chart, “Stay humble and stack sats,” captures the ethos behind Strategy’s treasury philosophy: disciplined, long-term Bitcoin accumulation. As of late 2025, the company held over 250,000 BTC, underscoring its commitment to this approach.
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From Software Firm to Bitcoin Treasury Powerhouse
Strategy’s transformation began in August 2020, when it made its first Bitcoin purchase, a move that surprised Wall Street at the time. What followed was a sustained, multi-year strategy of raising capital through equity issuances and convertible debt, with the proceeds systematically converted into Bitcoin.
Despite periods of intense market volatility and widespread skepticism, Michael Saylor’s Bitcoin strategy has remained consistent. This unwavering approach has positioned Strategy as the largest corporate holder of Bitcoin and has reshaped how institutions perceive and engage with digital assets.
Key Milestones in BTC Yield Growth
The chart highlights several notable phases in Strategy’s Bitcoin yield journey:
•2021: A +47.3% BTC yield, driven by aggressive accumulation during the Bitcoin bull market.
•2022–2023: More moderate but still positive yields throughout the prolonged crypto winter.
•2025: A strong +22.8% yield in a year marked by renewed Bitcoin volatility.
•2026 YTD (as of late January): Continued positive contribution to the long-term growth curve.
By January 26, 2026, Strategy reportedly held 712,647 BTC, acquired at an average price of approximately $76,037 per coin, for a total cost basis of about $54.2 billion. Its most recent purchase that month, 2,932 BTC for roughly $264 million at an average price of $90,061 per Bitcoin further increased overall holdings and boosted per-share Bitcoin exposure.
Notably, Strategy popularized the concept of BTC Yield to describe the percentage growth in Bitcoin held per diluted share over time. Unlike traditional financial metrics such as earnings yield or dividends, BTC yield focuses solely on the increase in Bitcoin ownership per share.
The company’s leadership argues that Bitcoin per share is the most critical long-term value metric for shareholders. Their thesis rests on three core beliefs:
•Bitcoin represents a superior store of value in the digital era.
•Increasing Bitcoin ownership per share creates compounding value, even if Bitcoin’s price growth is modest.
•Traditional GAAP earnings are secondary for a company intentionally structured as a Bitcoin accumulation vehicle first and a software business second.
Looking Ahead
As of January 29, 2026, Strategy’s stock traded at approximately 0.92–0.94× its Bitcoin-linked net asset value (NAV). This pricing implies that the market assigns little or even negative value to the company’s legacy software business and its future capital-raising potential.
Opinions remain divided. Some analysts view the valuation gap as an opportunity, while others caution that structural limits could emerge if dilution eventually outpaces achievable Bitcoin accumulation. Regardless of differing perspectives, Strategy’s 2020–2026 BTC yield curve stands as one of the clearest examples of how a public company can reinvent itself as a leveraged Bitcoin proxy and deliver substantial per-share Bitcoin growth in the process.