Value Of Strategy’s Bitcoin Exceeds Global Banks And GDP Of Some Nations As BTC Tops $120K

The value of Strategy’s Bitcoin holdings has exceeded the market caps of multiple major global banks as well as the gross domestic product (GDP) of some nations after BTC returned to above $120K.

Bitcoin’s price rose over 1% in the past 24 hours to trade at $120,050.92 as of 2:27 a.m. EST, data from CoinMarketCap shows. The leading crypto was able to soar to a 24-hour high of $121,086.41, but has since retraced to trade at its current level.

Despite the recent pullback, BTC is now up more than 9% over the past week.

Value Of Strategy’s Bitcoin Holdings Hits New Record

Strategy, led by Bitcoin maxi Michael Saylor, is the largest corporate holder of BTC globally. The firm started its accumulation of the largest crypto by market cap back in August of 2020, and has since continued to add to its reserves.

Data from Bitcoin Treasuries shows that the firm holds 640,031 BTC on its balance sheet. 

Top ten largest corporate BTC holders (Source: Bitcoin Treasuries)

That is more than 10X the holdings of the second-largest corporate holder MARA Holdings with its reserves of 52,477 BTC. 

Strategy’s most recent Bitcoin purchase was at the start of this week. With this acquisition, the company bought 196 BTC for around $22.1 million at an average purchase price of approximately $113,048 per Bitcoin. 

The combination of the continued purchases and Bitcoin’s recovery to back above $120K saw the value of Strategy’s BTC holdings reach $77.4 billion, according to Saylor.

That places the value of the company’s holdings above the market caps of multiple major global banks including BNY Mellon, US Bancorp, Sberbank, CIBC, ING, Barclays, Deutsche Bank, ANZ Bank and Lloyds.

Strategy’s holdings are now also valued at more than the GDPs of nations such as Uruguay, Sri Lanka and Slovenia.

Strategy Share Price Pumps 4% While Q3 Profits Put It On S&P 500 Radar

Strategy’s Bitcoin holdings soaring to a new record high was accompanied by the firm’s share price rising over 4% in the past 24 hours. This has added to the stock’s gains in the past week and month. As a result, Strategy shares (MSTR) are up more than 16% in the past week and over 6% on the monthly time frame, data from Google Finance shows.

 

Strategy share price (Source: Google Finance)

The gain by the Bitcoin price also puts Strategy on track to post profits for a second quarter in a row, according to Strive Chief Risk Officer Jeff Walton. This would again qualify Strategy for inclusion in the coveted S&P 500 index. 

According to Walton, Strategy would have earned about $2.9 billion, which equates to $10 per share due to Bitcoin’s move from $107K to $114K towards the end of the quarter. This means that MSTR will have earned approximately $22.80 per share over the past four quarters. 

Walton’s analysis factors in an estimated deferred tax liability of $970 million, which leaves the company with a net estimate of $2.9 billion. 

The analysis also concludes an estimated trailing twelve-month earnings per share (EPS) of $22.8. This reflects a positive EPS for the second quarter of this year as well as an estimated EPS in Q3, which offset the negative results the company posted in Q4 2024 and Q1 2025.

One of the requirements for the S&P 500 inclusion is a positive trailing twelve-month EPS. Other criteria include a positive latest quarter, over 50% public float, and average daily trading volume above 250,000 shares. MSTR meets all of these requirements. 

However, the S&P 500 committee still has the final say whether a company is included in the index. The fourth quarter 2025 S&P 500 rebalancing is scheduled to take effect after the market closes on Dec. 19.

Strategy had met the requirements for S&P 500 inclusion in the previous rebalancing, but the committee ultimately decided to exclude the firm. 

Despite the exclusion, the company is still listed on the Nasdaq.

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