Phong Le: Strategy Holds the Most Bitcoin Globally
Strategy's President and CEO Phong Le stated on platform X that the company currently holds 845,050 bitcoins, accounting for 4% of the total bitcoin supply, with a holding size approximately 20 times that of the world's second-largest bitcoin treasury company.
Le indicated that the company's goal is to make bitcoin more accessible to the general public through capital markets, continuing Strategy's long-standing narrative of positioning itself as a channel for "ordinary investors to indirectly hold bitcoin exposure."
The holding of 845,050 bitcoins was previously confirmed in Strategy's recent financial disclosures (as of September 7), and Le further emphasized that this holding represents 4% of the total circulating supply of bitcoin (capped at 21 million), highlighting Strategy's significant share as a single holding entity in the total bitcoin supply.
Le specifically mentioned that the company's holdings are about "20 times that of the world's second-largest bitcoin treasury company," aiming to underscore Strategy's absolute leading position in the corporate bitcoin holding segment. Despite the emergence of several companies mimicking Strategy's model by incorporating bitcoin into their balance sheets, there remains a significant numerical gap in holding size compared to Strategy.
The phrase "making bitcoin accessible to the public through capital markets" refers to Strategy's core business model—raising funds through various public company financing tools such as common stock, convertible bonds, and preferred stock to increase bitcoin holdings, allowing traditional stock investors who cannot directly purchase or custody bitcoin to gain indirect exposure to bitcoin price fluctuations by holding MSTR stock.
From a market perspective, with a holding size of 4% of the total supply, Strategy's trading activities have a certain marginal price influence on the bitcoin spot market. The market typically views its pace of increasing or pausing purchases as one of the indicators of institutional fund movements. Additionally, such a high concentration of holdings by a single corporate entity means that the liquidity of bitcoin's spot market supply is continuously locked by a few large holders. If extreme situations arise, such as forced sell-offs, it could impact market liquidity and prices beyond normal trading scales.
Source: Public Information
ABAB AI Insight
Since the launch of the bitcoin balance sheet strategy led by Michael Saylor in August 2020, Strategy (formerly MicroStrategy) has continuously financed its bitcoin acquisitions through debt and equity instruments, expanding from tens of thousands to the current scale of 845,050 bitcoins, making it the earliest and largest publicly traded bitcoin treasury case globally. The company's stock price has maintained a high correlation with bitcoin price trends over the long term.
The core of Strategy's capital path lies in "financial engineering for hoarding coins"—using structured financing tools such as convertible bonds and perpetual preferred stocks (like STRK, STRF, etc.) to continuously raise funds from the capital market at relatively low financing costs for purchasing bitcoin. This, in turn, leverages the company's stock price to reflect bitcoin price movements, attracting more investors to buy its stock, forming a positive cycle of "issuing bonds—buying coins—stock price increase—easier financing." This model has been replicated by several subsequent followers (such as Japan's Metaplanet).
This resonates with the path taken by Standard Oil and U.S. Steel in the late 19th and early 20th centuries to achieve market pricing power through monopolizing a single resource—only this time, Strategy's monopoly is over a digital asset with a capped supply. The corporate bitcoin treasury segment has evolved from Strategy's exclusive experiment into a new asset management model that includes several followers, but Strategy still maintains an absolute leading position in terms of holding size, resulting in extremely high industry concentration.
Essentially, this represents capital concentration—due to the hard cap of 21 million bitcoins, any increase in the holding ratio of a single entity directly compresses the circulating supply available to other market participants. The core mechanism is that when a publicly traded company, leveraging the financing convenience of capital markets, continuously buys and locks this scarce asset with funds far exceeding those of ordinary investors, the actual tradable circulating volume of bitcoin becomes structurally tightened. This not only enhances the narrative value of the holder's asset scarcity but also objectively exacerbates the trend of bitcoin market supply concentrating among a very few institutional entities.
ABAB News · Law of Cognition
- Whoever can continuously finance can continuously lock in.
- The ultimate play of scarce assets is to become the largest shareholder of the scarce asset.
- Sometimes, a public company's stock price is just another mask for bitcoin.