Original author: Maximiliaan Michielsen
Original translation: TechFlow
Corporate accumulation of Bitcoin is rapidly transforming from a bold bet to a mainstream financial strategy. Bitcoin (BTC) is no longer just synonymous with HODLing (a buy and hold strategy), but is seen as a productive and collateralized asset that is gradually entering corporate balance sheets.
Last week, we explored how the Bitcoin accumulation trend started with Michael Saylor’s strategy and gradually gained momentum in companies like GameStop and MetaPlanet. The latest example was Twenty One Capital’s $458 million purchase of Bitcoin. And the momentum continues, with Strategy recently increasing its holdings to a staggering 568,840 Bitcoins, representing 2.7% of the total Bitcoin supply and a total value of nearly $60 billion.
While the size of these acquisitions is impressive, the real highlight is how Strategy has built an entirely new corporate finance architecture around Bitcoin.
Source: 21 Shares, Bitcointreasuries. Data as of May 9, 2025
Bitcoin-native transformation of corporate finance
In its Q1 2025 earnings call, Strategy not only reported continued Bitcoin accumulation, but also unveiled a strategic roadmap that could serve as a blueprint for Bitcoin-native corporate financial models and has the potential to reshape capital markets.
Despite reporting a year-over-year decline in traditional earnings, reflecting broader macroeconomic headwinds, Strategy highlighted its strong commitment to Bitcoin in its Q1 2025 update. In the first four months of this year alone, the firm raised $10 billion in funding to support its acquisition strategy:
Raised $6.6 billion through At-the-Market (ATM) equity offering
Raises $2 billion via convertible bonds
Raised $1.4 billion in preferred stock
To support its long-term Bitcoin strategy, Strategy announced the “42/42 Plan,” which aims to raise $42 billion in equity capital and $42 billion in fixed income capital by the end of 2027.
This structured roadmap is not only designed to drive Strategy’s own Bitcoin accumulation, but may also serve as a replicable example for other companies considering similar financial policies. Notably, Strategy no longer uses traditional key performance indicators (such as earnings per share EPS or EBITDA) to evaluate performance, but instead uses a Bitcoin-native financial perspective and uses three proprietary indicators to guide:
BTC Yield: Target increased from 15% to 25%
BTC Gain: Target raised from $10 billion to $15 billion
These goals demonstrate Strategy’s commitment to maximizing Bitcoin-adjusted shareholder value despite recent macroeconomic volatility. As more companies seek to replicate this model, Strategy is at the forefront of a new era in finance.
Redefining the corporate credit market with Bitcoin as collateral
One of the most transformative pillars of the Strategy framework is its initiative to use Bitcoin as collateral in the corporate credit market. In addition to its capital raising efforts, the company has introduced a BTC-collateralized financial instrument structure specifically tailored to Bitcoin’s unique risk characteristics:
Translation: TechFlow
Through convertible bonds and preferred stocks with Bitcoin as excess collateral, Strategy is actively pushing credit rating agencies to adopt new frameworks to potentially consider Bitcoin as a high-grade reserve asset.
If this attempt is successful, it could lay the foundation for a Bitcoin-backed bond market, enabling companies to issue debt secured by their Bitcoin holdings. This would also enable institutions to enter a whole new asset class based on collateralized digital assets. Strategys approach is leading the way and paving the way for Bitcoin finance to move from experimentation to standardization.
