- Michael Saylor described Strategy (formerly MicroStrategy) as a “digital asset treasury.”
- The company holds Bitcoin but makes clear shareholders do not own the bitcoin it holds.
- Strategy emphasizes in [SEC filings](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001050446/000119312525262568/mstr-20250930.htm) that owning its stock does not grant ownership of the bitcoin.
- Strategy‘s market value has not consistently outperformed bitcoin; holders have lost money versus bitcoin since February 2024.
- The claim that Strategy acts as a “digital treasury” is misleading, as it does not fit the standard definition of a treasury.
Michael Saylor, founder of Strategy (formerly MicroStrategy), recently referred to his company as a “digital asset treasury” (DAT) in an online presentation. This statement has generated discussion due to its implications about the company’s role and assets. The presentation was shared via Saylor’s tweet earlier this week.
Strategy holds bitcoin (BTC) as part of its corporate assets. However, multiple company documents, including the latest quarterly report filed with the Securities and Exchange Commission (SEC), clearly state that owning Strategy stock does not equate to ownership of its bitcoin holdings. The company specifies, “Ownership of our securities, including our class A common stock and preferred stock, does not represent an ownership interest in, or a redemption right with respect to, the bitcoin we hold.”
The traditional meaning of a treasury is an entity that stores wealth for savers or investors. In contrast, Strategy keeps bitcoin on its own balance sheet, and shareholders do not have claims over these digital assets. Despite the use of the term “digital treasury” by Saylor, the company is not a treasury in the conventional financial sense.
Additionally, Saylor described Strategy as “amplified BTC,” implying the company provides leveraged exposure to bitcoin. While Strategy’s enterprise value exceeds its bitcoin holdings by roughly 21%, its market-to-Net Asset Value (mNAV) ratio has declined for over a year. As a result, since February 2024, holders of Strategy stock have experienced losses relative to simply holding bitcoin directly.
This divergence challenges claims that investing in Strategy amplifies bitcoin’s returns. Historically, over longer timeframes, Strategy has outperformed bitcoin, but recent trends show underperformance. Further details are available in this analysis: How Jim Chanos outplayed Michael Saylor: short MSTR, long BTC.
In sum, Strategy retains bitcoin assets on its books but keeps ownership separate from shareholders. The company’s characterization as a “digital asset treasury” does not align with standard definitions of treasuries in finance. Likewise, the notion that Strategy amplifies bitcoin returns has not held in recent months.
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