Strategy surpasses Block Inc in market cap, becomes 217th largest US company

Strategy Inc., the company formerly known as MicroStrategy, has passed Block Inc. in market capitalization and now ranks as the 217th-largest public company in the United States. The Bitcoin treasury firm’s valuation sits around $49.4B to $51B, edging past Block’s approximately $47.5B to $48.1B. A tale of two Bitcoin strategies Strategy holds one of the largest corporate Bitcoin treasuries on the planet, with reported holdings in the range of 761,000 to 845,000 BTC. Block, by comparison, holds around 9,032 BTC, which represents roughly 1.5% of its enterprise value. MSTR stock traded around $128 to $129 in mid-September, and its price movements remain tightly correlated with Bitcoin’s own volatility. Block’s stock, trading under the ticker SQ, moves on more traditional fintech fundamentals: payment volume, Cash App growth, merchant services. Its Bitcoin exposure is a feature, not the entire product. How Strategy got here Under CEO Michael Saylor’s direction, MicroStrategy began aggressively purchasing Bitcoin in 2020, initially positioning the move as a treasury reserve strategy to hedge against inflation and dollar depreciation. The company kept buying, funding purchases through eq...