MicroStrategy's $63 Billion Bet on Bitcoin Yields 1,089% Return

MicroStrategy's massive Bitcoin treasury is a complex beast, but at its core is a simple strategy to grow the value of each share. The company has spent $63.7 billion acquiring nearly 845,050 BTC and uses an at-the-market program to sell common stock and buy more Bitcoin.

This approach aims to increase the amount of Bitcoin backing each share, which MicroStrategy calls 'BTC Yield'. In 2025, Strategy posted a BTC Yield of 22.8%, meaning the value of Bitcoin per share grew by nearly 23% even after issuing billions in new shares.

The company uses financial products like convertible bonds and preferred stocks to amplify its exposure to Bitcoin. One such instrument is STRC, which provides a variable dividend rate around 11.5% to fund additional purchases.