MSTR Overtakes FAB in Market Cap, Cementing Bitcoin Bet as Strategy Inc. Surpasses Gulf Bank
Strategy Inc., a mid-tier software company that traded on Nasdaq under the ticker MSTR, has seen its market capitalization surpass that of First Abu Dhabi Bank. As of September 25, 2026, Strategy's market cap reached $60.94 billion, edging past First Abu Dhabi Bank's $60.10 billion.
The company's transformation began five years ago when it started converting its treasury into Bitcoin. Under the leadership of executive chairman Michael Saylor, Strategy has issued multiple tranches of convertible debt and preferred stock specifically to raise capital for Bitcoin acquisition.
Saylor's strategy has been highly successful, with Strategy's market cap peaking near $128 billion in 2025 before pulling back to current levels. The company holds over 840,000 Bitcoin as of mid-to-late 2026, a position built almost entirely through aggressive capital markets activity.
The crossover between MSTR and First Abu Dhabi Bank is a concrete illustration of how capital is being reallocated toward Bitcoin-adjacent assets. Regulators in both the US and the Gulf region are watching companies like Strategy more carefully as the asset class grows.