As Michael Saylor showed in a recent post, Strategy (formerly MicroStrategy) continues to double down on its Bitcoin-first model - and the latest numbers give a clear picture of how the approach is playing out behind the scenes.
According to the update, the company’s Bitcoin (BTC) yield for the year so far stands at 15.5%, which adds up to a $7.2 billion dollar gain from its BTC holdings alone.
Strategy currently holds 568,840 BTC, with the total value of that position reaching about $58.9 billion. The company bought that Bitcoin at an average price of $69,287, while the current market price is now up to $103,476, putting them nearly 50% in profit.
Bitcoin now represents more than half of the company’s $110.7 billion market cap, and with a NAV multiple of 1.874, investors are clearly valuing more than just the coins themselves.
Saylor’s post also highlights how 2024 as a whole looked from a performance perspective. Strategy saw a full-year BTC yield of 74.3%, gaining 140,538 BTC across the year, worth $13.1 billion in dollar terms. Quarter-to-date, the company added another 21,530 BTC, or $2.2 billion - showing that the momentum has not slowed.
But the real insight is in how the company is using its Bitcoin. This is not just a passive bet on price. Strategy is deploying its holdings to generate returns, using lending, structured strategies and other financial tools to turn Bitcoin into a productive asset.
It is a model that goes beyond simply holding coins and waiting - it is about making Bitcoin work as part of a broader return-generating engine.
Vladislav Sopov
Dan Burgin