Strategy’s market cap surpasses Take-Two Interactive’s amid Bitcoin surge

A company that used to sell business intelligence software now has a larger market cap than one of gaming’s biggest publishers. Strategy, formerly known as MicroStrategy, crossed above Take-Two Interactive in total market value, reaching approximately $49.7B as of September 1, 2026, while Take-Two’s valuation sat somewhere between $40.7B and $43.5B. The gap is striking given what each company actually does. Take-Two publishes franchises like Grand Theft Auto and NBA 2K. Strategy’s main product, at this point, is Bitcoin. A treasury company that outgrew its old identity Strategy’s pivot from software vendor to Bitcoin holding company was not accidental. Under Michael Saylor, the firm systematically accumulated Bitcoin until that position became the defining characteristic of the business, far outweighing its enterprise software operations in terms of what moves the stock. Strategy now holds approximately 845,050 BTC, which represents roughly 4% of Bitcoin’s total supply ever. The company’s market-to-net-asset-value ratio, or mNAV, has recently fluctuated between 1.0 and 1.07. That means the market is pricing Strategy’s stock at roughly what its Bitcoin holdings are worth, give or ta...