Strategy Inc's market capitalization reached $60.94 billion on September 25, 2026, edging past First Abu Dhabi Bank's $60.10 billion. The Nasdaq-listed company, formerly MicroStrategy, built the milestone almost entirely on its Bitcoin treasury strategy under executive chairman Michael Saylor.
Strategy Inc's $60.94 billion valuation now tops First Abu Dhabi Bank's $60.10 billion, one of the largest financial institutions in the Middle East. The Nasdaq-listed company, trading under the ticker MSTR, has reinvented itself as a publicly listed Bitcoin treasury vehicle after starting five years ago as a mid-tier software company with a market cap under $2 billion.
The numbers behind the milestone
Strategy holds over 840,000 Bitcoin as of mid-to-late 2026, a position built almost entirely through equity issuances, convertible notes, and preferred stock offerings that have tripled the company's shares outstanding since 2020. MSTR's market capitalization peaked near $128 billion in 2025 before pulling back to current levels.
First Abu Dhabi Bank, by contrast, 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 Strategy got here
Michael Saylor, the company's executive chairman, began converting its treasury into Bitcoin in 2020. Strategy has since issued multiple tranches of convertible debt and preferred stock specifically to raise capital for Bitcoin acquisition, turning the company into something closer to a leveraged Bitcoin ETF than a traditional operating business. More recently, it has authorized share buybacks, conducted preferred-stock repurchases, and introduced limited Bitcoin sales as a liquidity management tool.
What the milestone means
The crossover illustrates how capital is being reallocated toward Bitcoin-adjacent assets, even as traditional financial institutions continue to generate far more revenue and hold far more in actual assets. Several companies have begun allocating portions of their treasuries to Bitcoin, following the template Saylor established.
Regulators in both the US and the Gulf region are watching companies like Strategy more carefully as the asset class grows. A single listed company holding over 840,000 Bitcoin represents a concentration that would draw scrutiny in any asset class, particularly around disclosure, leverage limits, and custody requirements.
Source: Crypto Briefing
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