Michael Saylor's Strategy (formerly MicroStrategy) is by far the largest holder of Bitcoin

This article explores how Michael Saylor's strategy of accumulating Bitcoin has influenced the market.

Publicly traded company Strategy (formerly MicroStrategy) is by far the largest holder of Bitcoin among publicly traded companies globally.

According to latest reports, Strategy holds 506,137 BTC as of late March. The company accumulated this stash primarily through debt offerings and equity sales starting back in 2020.

This early Bitcoin accumulation by Strategy brought with it an influx of other corporate entities into the crypto ecosystem. Among them are Bitcoin miners, with Marathon Digital Holdings being a key example.

Marathon’s Bitcoin holdings of approximately 26,842 BTC, accumulated largely through its mining operations, make it the second-largest known public company holder of Bitcoin currently.

Galaxy Digital ranks third among public companies, holding 15,449 BTC as part of its broader, diversified crypto investment strategy. Tesla, Coinbase Global, Hut 8 Mining, Riot Platforms, Block Inc, CleanSpark, and newcomer MetaPlanet comprise most of the other currently identified top 10 public company Bitcoin holders.

See More: Strategy (Formerly MicroStrategy) Launches $2.1 Billion Share Sale to Fund Further Bitcoin Acquisitions

Most of these firms first ventured into Bitcoin investment following the significant 2021 bull run. Their buying activity at the time contributed to the market surge that pushed Bitcoin’s price above $69,000, marking a new all-time high then.

How Does History Contextualize Current Holdings?

Bitcoin’s price crashed significantly during the 2022 bear market. This followed the collapse of several major crypto industry firms like Voyager, Celsius, and FTX. BTC tumbled over 77% from its 2021 peak, falling below the $16,000 level during that period.

However, a more recent resurgence, triggered partly by growing institutional involvement (such as the US spot Bitcoin ETF launches), saw Bitcoin’s price climb above $109,000 in January 2025. It has since pulled back from that peak to trade near $84,623 at the time of writing.

How Has Institutional Interest Changed Bitcoin Analysis?

Considering Bitcoin’s price behavior over the last four years, and with a slew of new macroeconomic and socio-political issues impacting the market, the role of institutional involvement now appears to be a key factor in influencing market cycles and price development.

For instance, notable large purchases by Strategy and other institutional-focused firms helped fuel the 2021 bull run. More recently, the US spot Bitcoin ETF launch in early 2024 and ongoing discussions about a potential US government Bitcoin stockpile formed part of the positive backdrop behind the latest price surge toward new all-time highs.

These institutional and policy-related developments now heavily influence how many analysts approach the Bitcoin market. Despite the continued significance of technical chart analysis, many traders also now focus intensely on macroeconomic events and institutional buying or selling activities when forming market predictions and price forecasts.

This emphasis has somewhat redefined common crypto market trading philosophies compared to previous cycles.