Strategy Inc.’s Nasdaq-listed shares have become one of the most actively traded large U.S. equities this month, with the company’s market value moving in and out of range with Ford Motor Co.
On Thursday, BitcoinTreasuries.NET said MSTR’s daily trading volume had moved above that of Berkshire Hathaway. The comparison is notable because Berkshire remains one of the largest U.S. companies by market capitalization, while Strategy’s equity value is smaller and more sensitive to Bitcoin prices. Volume measures how many shares change hands, not whether demand will last.
Strategy’s MSTR shares closed September 16 at $126.18 after 22.13 million shares changed hands, well above the 5.25 million shares traded in Berkshire Hathaway’s more liquid Class B stock, according to Yahoo Finance. Strategy’s average daily volume of about 23.54 million shares also dwarfs Berkshire B’s 4.40 million-share average, even though Berkshire’s market cap remains above $1.1 trillion versus Strategy’s roughly $50 billion.
The gap in share turnover, not market value, is what makes the volume comparison striking: MSTR is trading far more frequently than Warren Buffett’s conglomerate despite being a fraction of its size.
Strategy, formerly MicroStrategy, describes itself as the world’s first Bitcoin treasury company. Its software business still operates, but investors mainly treat MSTR as leveraged exposure to the firm’s Bitcoin reserve. That framing has been the core of the stock’s 2026 story, from June’s capital-structure overhaul to this month’s liquidity headlines. The Crypto Times earlier covered the same shift when Strategy first authorized limited Bitcoin sales to support reserves and preferred dividends.
Trading activity outpaces traditional blue chips
High turnover has been a recurring feature of MSTR in 2026. Strategy’s metrics page recently showed multi-billion-dollar daily trading value and elevated 30-day average volume. That liquidity has at times exceeded the share turnover of much larger firms, including Berkshire’s more widely traded Class B stock.
The volume spike does not by itself change Strategy’s fundamentals. MSTR remains a high-volatility stock. Shares have traded in a wide 52-week band, with a low near $82 in late June and a rebound that took the stock as high as $144.82 on September 3. That same volatility produced another headline this week.
On September 15, BitcoinTreasuries.NET reported that Strategy had surpassed Ford in market capitalization and ranked as the 200th-largest U.S. public company. The crossover was brief. After Wednesday’s decline, Strategy’s market value slipped back below Ford’s roughly $53 billion capitalization. Rankings of this kind can reverse quickly when a stock moves several percent in a single session.
The comparison with Ford is symbolic more than operational. Ford is a century-old automaker with global vehicle sales. Strategy is a software firm that rebuilt its balance sheet around Bitcoin. The market-cap race says more about how investors now price Bitcoin exposure inside public equities than about the two companies’ businesses.
Bitcoin reserve still anchors the equity story
The trading and valuation milestones sit on top of a large, closely watched Bitcoin position. Strategy’s official Bitcoin ledger shows holdings of 845,050 BTC as of August 31, acquired at an average cost of about $75,412 per coin, or $63.73 billion in total. That position equals roughly 4% of Bitcoin’s fixed 21 million supply.
The company has not only bought Bitcoin this year. SEC filings show Strategy also sold coins under a board-authorized monetization program to fund preferred dividends and replenish a dollar reserve. A June 8-K detailed sales of 1,363 BTC and then 2,225 BTC around the end of June and early July. Later filings and Strategy’s own ledger show the firm returning to purchases, including 4,603 BTC bought in late August at an average of $80,318.
That mix of issuance, buybacks, and occasional Bitcoin sales is the new operating model. In June, Strategy raised the dividend rate on its STRC preferred stock to 12% and built a dedicated dollar reserve.
More recently, analysts covering MSTR have said 12-month price targets still depend mainly on Bitcoin’s path, net reserves after debt and preferred claims, and the cost of the capital stack.
The latest market headlines therefore sit in a narrow band: MSTR is liquid enough to trade like a much larger company, and its market cap is large enough to brush against industrial names such as Ford. Both facts can change with Bitcoin’s next move. The underlying reserve, disclosed on Strategy’s own ledger and in SEC filings, remains the figure that gives those equity comparisons their weight.
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