Strategy (Bitcoin DAT)

So far in this guide, we've covered the basics: save a safety margin, pick an ETF, invest monthly, don't panic. If you want to go further, add some Bitcoin.

But there's one more step. If you believe Bitcoin will keep growing, there's a company that gives you even more upside than holding Bitcoin directly. It's called Strategy.

This is what I do. It's not what everyone should do.

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What is Strategy?

Strategy started in 1989 as a boring software company called MicroStrategy. For 30 years, nobody really cared about it.

Then in 2020, the CEO — Michael Saylor — did something bold. He took $250 million of the company's cash and bought Bitcoin with it.

And he kept going. He found ways to raise more money — selling new shares, issuing bonds — and used all of it to buy more Bitcoin.

Today, Strategy holds over 818,000 Bitcoin. That's more than 5% of all Bitcoin that will ever exist, and more than 60% of all Bitcoin held by public companies.

Companies like this are called Digital Asset Treasury Stocks, or DATs — companies that hold massive amounts of Bitcoin on their balance sheet. Strategy is by far the biggest.

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The flywheel

Here's what makes Strategy different from just buying Bitcoin yourself:

1. Strategy buys Bitcoin
2. Bitcoin goes up → Strategy's stock goes up
3. Strategy sells new shares or products at a higher price → raises more money
4. That money buys more Bitcoin → back to step 1

It's a loop that feeds itself. Each cycle, Strategy holds more Bitcoin per share. Your investment grows faster than Bitcoin itself.

This is what most people haven't figured out yet. They see a stock. What they're actually buying into is a compounding machine.

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Why it can beat Bitcoin by a lot

The stock market doesn't just value Strategy at the price of its Bitcoin. It adds a premium on top — because the market expects Strategy to keep buying more.

This premium is called the mNAV multiple. If Strategy holds $50 billion in Bitcoin but the stock market values the company at $100 billion, the mNAV is 2x.

During bull markets, this multiple can shoot up to 3x or even higher. That means the stock goes up much faster than Bitcoin itself.

During bear markets, it shrinks back toward 1x — which is why the stock can also fall harder.

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Your Bitcoin grows without buying more

Strategy tracks something called BTC Yield — how much the Bitcoin behind each share grows over time.

In 2026, that number is 9.6% so far. Meaning: if you bought one share at the start of the year, the Bitcoin backing your share has grown by 9.6% — without you spending another cent.

When you just hold Bitcoin in a wallet, it stays the same amount. With Strategy, your share of the Bitcoin keeps growing.

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Who is Michael Saylor?

Saylor is an engineer and entrepreneur who made his first fortune in software. He's been studying Bitcoin since 2020 and has become its most vocal advocate in the corporate world.

He doesn't just talk — he bets everything on it. He's staked his entire company, his reputation, and his personal wealth on the idea that Bitcoin will become the world's primary store of value.

His 21-year prediction for Bitcoin by 2045:

Even the bear case is roughly 30x from today's price. That's the level of conviction behind Strategy.

Is he right? Nobody knows. But understanding his thesis helps you understand why Strategy exists and why it keeps buying.

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Is it too good to be true?

People see a company selling massive amounts of stock and offering interest rates that seem too high to be real. So the most common criticism: "They keep selling shares — that dilutes existing investors."

It sounds logical, but it's a misunderstanding. Strategy only sells new shares when the stock trades at a premium to the Bitcoin it holds. That means every new share sold adds more Bitcoin per existing share. It's accretive, not dilutive.

Is there risk? Yes. If Bitcoin goes to zero, Strategy goes to zero. But the share selling isn't the risk — it's the engine.

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What's the catch?

The bigger moves work both ways. When Bitcoin drops 20%, Strategy might drop 30-40%. The flywheel works in reverse too.

More reward, more risk. That's the deal.

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Bonus: tax treatment and convenience

In most European countries, crypto is taxed more heavily than stocks. By holding Bitcoin through Strategy, you often pay less tax on your gains. This varies by country, but in many cases it's a real advantage.

And you buy it like any other stock. No wallet, no seed phrases, no crypto exchange.

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The numbers

Strategy publishes all these numbers live on strategy.com. You can follow the Bitcoin holdings, BTC Yield, and everything else in real time.

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Two ways to invest in Strategy

Strategy gives you two options — very different from each other:

• MSTR — the main stock. It goes up and down with Bitcoin, but amplified. This is for people who want growth and can handle big swings.
• STRC — a special stock that pays you 11.5% per year. Stays near $100. This is for people who want steady income.

Let's look at each one.