MicroStrategy (NASDAQ: MSTR) converted to a Bitcoin-treasury model and rebranded in Feb 2025. It holds 671,268 BTC (~$59 billion as of Dec 25) — the largest public-company stash. Treasury firms often use debt (secured bonds, convertible bonds, equity sales) to buy BTC, which boosted MicroStrategy’s returns (~+876% over 3 years vs Bitcoin ~+420%) but magnified losses recently (MSTR down ~59% vs Bitcoin down ~17% over the past 6 months). The author recommends holding Bitcoin directly rather than leveraged treasury stocks.

Facts: MicroStrategy holds 671,268 BTC worth $59B; many Bitcoin-treasury firms use debt to buy BTC; leverage produced ~876% gain for MicroStrategy over 3 years vs Bitcoin ~420%, but in the past 6 months Bitcoin fell ~17% while MicroStrategy plunged ~59%. These facts show leverage increases both upside and downside risk.