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You can gain indirect exposure to Bitcoin by buying shares in a public company that holds Bitcoin in its treasury. For example, Strategy Inc. (Nasdaq: MSTR) says Bitcoin is its primary treasury reserve asset. But buying MSTR means owning company stock—not Bitcoin—and the share price is not designed to match Bitcoin’s price.
What it means to invest in a Bitcoin treasury company
A Bitcoin treasury company is a public corporation that holds Bitcoin as part of its treasury strategy. A shareholder owns an interest in the corporation. The company’s Bitcoin may affect its finances and how investors value its shares, but it is only one factor among several.
Strategy describes itself as an enterprise analytics software company as well as a company with Bitcoin as its primary treasury reserve asset. Its 2025 annual report says it has used proceeds from equity and debt financing, along with operating cash flows, to acquire Bitcoin. Those details describe the company’s approach for the year ended December 31, 2025; they are not a live statement of its current holdings or finances. Read Strategy’s Form 10-K for the year ended December 31, 2025.
How to buy the company’s stock
If your brokerage offers Nasdaq-listed securities, you can use it to buy MSTR shares. Availability, account requirements, and order options vary by brokerage and country. Buying the shares gives you an equity interest in Strategy; it does not give you a personal claim to particular Bitcoin held by the company.
- Check the issuer and ticker. Confirm that the security is Strategy Inc. common stock, ticker MSTR, listed on Nasdaq. Do not rely on a name alone; verify the security details in your brokerage account.
- Read the latest company disclosures. Review the newest SEC filings and investor materials for holdings, financing, share issuance, and risk changes. Strategy’s cited 10-K covers the year ended December 31, 2025, so it should not be treated as a current holdings or valuation quote.
- Decide whether the company’s risks fit your circumstances. Consider its operating business, Bitcoin exposure, liabilities, financing strategy, and how a sharp Bitcoin-price move could affect your investment.
- Choose an order in your brokerage account. Review the displayed price, order type, and any applicable trading costs before submitting. The brokerage’s instructions and available order types depend on the account and market.
Why the stock may not move in line with Bitcoin
Bitcoin’s price can influence a treasury company’s valuation, but the share price also reflects the rest of the company and the market’s view of its equity. Strategy’s 2025 Form 10-K says its common stock does not seek to track the Bitcoin it holds before expenses and liabilities. It also describes how the stock’s premium or discount relative to the value of its Bitcoin holdings may change.
That means a rise in Bitcoin does not guarantee a matching rise in MSTR, and a fall in Bitcoin does not describe every force affecting the stock. Operating results, debt and other claims, new share issuance, corporate decisions, and investor demand can all matter. The value of the company’s Bitcoin holdings is not the same thing as the value attributable to each common share.
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Company stock versus a spot Bitcoin ETP
A spot Bitcoin exchange-traded product (ETP) has a different structure from a company share. The SEC’s Office of Investor Education and Advocacy describes spot Bitcoin ETPs as exchange-traded commodity trusts that hold Bitcoin and seek to track its price. Their market prices can still deviate from Bitcoin’s price, and they charge sponsor fees. The SEC staff bulletin is dated September 9, 2024. Read the SEC investor bulletin on crypto asset ETPs.
| Dimension | Bitcoin treasury company stock | Spot Bitcoin ETP |
|---|---|---|
| What you own | Equity in a corporation with a Bitcoin treasury strategy and potentially other operations. Strategy’s 2025 Form 10-K. | A share or unit in an exchange-traded commodity trust that holds Bitcoin. SEC investor bulletin. |
| Intended exposure | The stock may be affected by the company’s Bitcoin, but Strategy says its common stock does not seek to track its holdings. Strategy’s 2025 Form 10-K. | The product seeks to track Bitcoin’s price, though its share price may deviate. SEC investor bulletin. |
| Other important factors | Operating business, financing, liabilities, share issuance, corporate decisions, and the market valuation of the stock. | Trust and sponsor structure, trading, tracking, and sponsor fees. SEC investor bulletin. |
| Regulatory distinction | Strategy says it is not registered as an investment company and that its stockholders do not receive protections associated with shares in a registered investment company. Strategy’s 2025 Form 10-K. | The SEC staff bulletin says spot Bitcoin ETPs register their offerings and securities but are not registered as investment companies under the Investment Company Act. SEC investor bulletin. |
Neither structure guarantees a particular return or eliminates investment risk. The SEC’s Office of Investor Education and Advocacy stated in its September 9, 2024 bulletin: “Investors should understand that bitcoin and ether are highly speculative investments.” The bulletin represents the views of that office’s staff; it is not a Commission rule or regulation and does not create legal obligations.
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Use current issuer filings and product disclosures rather than assuming past holdings, financing, or pricing still apply. For a company stock, examine:
- The operating business: What does the company sell, and how might its operations affect results apart from Bitcoin?
- Bitcoin exposure and concentration: What do recent filings say about holdings and the role Bitcoin plays in the company’s treasury?
- Debt, preferred claims, and dilution: What obligations rank ahead of common stock, and has the company issued securities that could change the share count or claims on company value?
- Valuation relative to holdings: How does the market value of the company compare with its disclosed Bitcoin holdings and other assets and obligations? The relationship can change; a snapshot is not a guaranteed floor or target.
- Custody, cybersecurity, and regulation: What risks does the issuer disclose for safeguarding Bitcoin and responding to regulatory changes?
If you are comparing a stock with an ETP, also read the ETP’s own documents for its structure, tracking approach, fees, and risks. The two are different ways to obtain market exposure, not interchangeable claims on the same asset.
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