[Digital Today reporter Yoonseo Lee (이윤서)] Strategy held 843,706 bitcoins (BTC) as of June 7, local time, maintaining its position as the listed company with the largest bitcoin holdings worldwide.

According to blockchain media outlet The Crypto Basic, the amount equals about 4 percent of bitcoin’s maximum issuance of 21 million coins.

Strategy was previously known as MicroStrategy. Under the lead of co-founder and chairman Michael Saylor (마이클 세일러), it shifted its strategy from a software company to a bitcoin-focused company. It has continued buying bitcoin using cash-like assets as well as convertible bonds, stock issuance and other funding methods.

The total amount spent on purchases so far is $63.87 billion. The average purchase price was calculated at $75,701. As of now, the portfolio is valued at $53.09 billion, down 16 percent from total acquisition cost. With bitcoin trading around $63,000, below the average purchase price, unrealised losses were calculated at $10.78 billion.

Strategy’s buying approach is closer to steady accumulation than trying to time the market. Saylor has repeatedly referred to bitcoin as a long-term store of value and a corporate reserve asset. The company has kept buying for six years regardless of bull or bear markets.

The market is watching not only additional purchases by Strategy but also small sales. In an 8-K filing submitted to the U.S. Securities and Exchange Commission (SEC) on June 1, the company said it sold 32 BTC at an average of $77,135 from May 26 to 31. The amount was only 0.0038 percent of its total holdings, but the market interpreted it as a sign the company was moving away from its long-held stance of "never sell."

The possibility of such small sales remains. The company said it is moving away from its previous strategy of never selling and toward a portfolio approach that actively manages its bitcoin holdings. It said its basic direction is still closer to expanding purchases than selling. Saylor also said he will keep buying bitcoin even at market peaks, and mentioned buying bitcoin that will be newly mined until 2140.

Its funding structure is also a feature of Strategy. The company has increased its capacity to buy bitcoin using convertible bonds, capital increases and preferred stock issuance, rather than relying only on operating cash flow. It recently introduced a preferred stock product called STRC. It is structured to provide institutional investors with monthly dividend-like returns and presents an annual yield of 11.5 percent.

By holdings alone, Strategy shows a wide gap with other companies. There are 270 companies that hold bitcoin, with total holdings of 1.54 million coins. Among them, Strategy’s holdings far exceed the individual holdings of other listed companies. The closest listed company with a bitcoin treasury strategy, Twenty One Capital, holds 43,514 coins, meaning Strategy holds more than 19 times as much.

Strategy also keeps its lead compared with the total holdings of private companies. Private companies led by Block.one hold a combined 300,463 coins, which is 543,243 fewer than Strategy. Among spot bitcoin exchange-traded funds (ETFs), BlackRock’s iShares Bitcoin Trust (IBIT) is the closest with 811,291 coins, but that is also 32,415 fewer than Strategy.

This concentrated strategy is also increasing share price volatility. Investors view Strategy shares as an indirect way to invest in bitcoin, but the stock has tended to move more than bitcoin. Over the past month, bitcoin fell 21 percent while Strategy shares dropped 35 percent. On a one-year basis, the stock slid nearly 70 percent versus bitcoin’s 40 percent decline. Its structure of increasing bitcoin holdings by relying on debt and capital market fundraising is cited as a factor that further amplifies price volatility.

Ultimately, Strategy’s corporate value has become more strongly tied to bitcoin’s long-term trend. The company is serving as a reference point in discussions on institutional adoption of digital assets, based on the largest bitcoin holdings among listed companies. It is also showing that when bitcoin prices wobble, that concentration can directly weigh on the company’s performance, share price and market sentiment.