MicroStrategy (MSTR)

Funds & ETFs

Strategy (formerly MicroStrategy, NASDAQ: MSTR) is a business intelligence software company that transformed into the world's largest corporate Bitcoin holder under CEO Michael Saylor. Beginning in August 2020, Strategy began converting its treasury reserves to Bitcoin and has continued relentless accumulation, funding purchases through equity and convertible debt offerings. As of early 2026, Strategy holds over 500,000 BTC, making it by far the single largest non-government Bitcoin holder. MSTR stock trades at a significant premium to its Bitcoin NAV.

Details

Aum: ~$50B market cap
Note: Listed as fund due to ETF-like use case by investors
Type: Bitcoin proxy stock
Issuer: N/A (company stock)
Ticker: MSTR
Manager: MicroStrategy
Exchange: NASDAQ
Leverage: ~1.5x implied BTC exposure via equity premium
Strategy: Aggressive accumulation via debt and equity
Custodian: Self-custody; Bitcoin held directly on company balance sheet
Fund Type: company_stock
Structure: Bitcoin treasury company / leveraged BTC proxy
Btc Holdings: 500,000+ BTC
Expense Ratio: N/A (Operating Company)
Bitcoin Direct: Yes
Exchange Listed: NASDAQ
Description Note: MicroStrategy (MSTR) is not an ETF but a publicly traded company that holds Bitcoin as its primary treasury asset. The MSTR stock effectively functions as a leveraged Bitcoin proxy.
Physically Backed: No

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