Strategy’s market cap overtakes First Abu Dhabi Bank as Bitcoin bet pays off

Five years ago, Strategy Inc. was a mid-tier software company with a market cap under $2 billion. Today, it is worth more than First Abu Dhabi Bank, one of the largest financial institutions in the Middle East. As of September 25, 2026, Strategy’s market capitalization reached $60.94 billion, edging past First Abu Dhabi Bank’s $60.10 billion. The company, which trades on Nasdaq under the ticker MSTR and was formerly known as MicroStrategy, has effectively reinvented itself as a publicly listed Bitcoin treasury vehicle. The numbers behind the milestone Strategy holds over 840,000 Bitcoin as of mid-to-late 2026, a position built almost entirely through aggressive capital markets activity: equity issuances, convertible notes, and preferred stock offerings that have tripled the company’s shares outstanding since 2020. MSTR’s market cap peaked near $128 billion in 2025 before pulling back to current levels. First Abu Dhabi Bank holds AED 1.4 trillion (roughly $382 billion) in total assets and reported a net profit of AED 10.7 billion in the first half of 2026 alone. Yet in the stock market’s assessment of future value, a Bitcoin treasury company now sits higher on the leaderboard. How S...