Strategy Inc. (Nasdaq: MSTR), the Tysons Corner, Virginia-based company formerly known as MicroStrategy, recorded a market capitalization of approximately $51.07 billion following its September 10, 2026 close at $128.56 per share.
As of the latest snapshot (12:20 PM UTC, September 11), CompaniesMarketCap shows that Strategy’s market capitalization sits at $51.07 billion, with 400.857 million Class A common shares in circulation. That figure placed it slightly ahead of Block Inc. (NYSE: XYZ) on the same date—which sits at $47.8 billion, as per data.
To note, the comparison rests solely on market capitalization, calculated as share price multiplied by shares outstanding.
MSTR shares opened September 10 at $128.44, traded as high as $131.88 and as low as $126.91, and closed down 3.12% on volume of 14.53 million shares. Pre-market trading on September 11 showed modest movement around the prior close—as per Yahoo Finance data.
The valuation shift reflects Strategy’s transformation into a Bitcoin treasury company. According to the company’s Form 8-K filings with the U.S. Securities and Exchange Commission, Strategy held 845,050 BTC as of September 7, 2026. Those coins were acquired at an aggregate purchase price of $63.73 billion, or an average of $75,412 per bitcoin including fees and expenses.
The company has described itself in SEC documents and on its website, strategy.com, as “the world’s first and largest Bitcoin Treasury Company.”
Strategy began purchasing BTC in August 2020 under a board-approved Treasury Reserve Policy that designated bitcoin as its primary treasury reserve asset, subject to working-capital needs. Subsequent capital-raising activity—at-the-market equity offerings, convertible notes, and preferred-stock issuances labeled Digital Credit securities—funded additional purchases. The company also maintains a USD Reserve intended to cover preferred dividends and interest obligations. As of early September 2026 that reserve stood at $5.1 billion alongside $1.44 billion in USD cash.
Software operations continue. For the six months ended June 30, 2026, total software-related revenue was $246.67 million, including $122.37 million in the second quarter, according to the Form 10-Q. Subscription services have grown while traditional product-license revenue has declined. The software segment remains a minority contributor relative to the size of the bitcoin holdings.
Read: Strategy (MSTR) Stock’s Price Target Debate Comes Down to Bitcoin; Analyst Sees $350
The company changed its legal name from MicroStrategy Incorporated to Strategy Inc. on August 11, 2025. It continues to operate two segments: enterprise analytics software and bitcoin treasury operations. Fair-value accounting for digital assets, adopted under ASU 2023-08, causes quarterly earnings to fluctuate with bitcoin prices.
Block Inc., by comparison, operates payment and consumer-finance platforms (Square and Cash App) with trailing twelve-month revenue near $25 billion. Its bitcoin position is far smaller. The market-cap crossing therefore compares a bitcoin-concentrated balance sheet against a payments-and-software operating company.
Strategy’s filings note that Bitcoin holdings are less liquid than cash and that the company may sell bitcoin under a board-authorized monetization program to fund the USD Reserve, preferred dividends, or securities repurchases when management judges that route more advantageous than issuing common equity. No bitcoin purchases or sales occurred between August 31 and September 7, 2026.
Also read: New Bitcoin ATH Prediction: Analyst Puts $232k Price Mark on April 2028 Halving
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