Strategy Market Cap Surpasses First Abu Dhabi Bank Following Bitcoin Treasury Pivot
Strategy, formerly known as MicroStrategy, has reached a $60.94 billion market valuation, overtaking First Abu Dhabi Bank as its Bitcoin-focused treasury strategy continues to reshape its market position.
Strategy has officially surpassed First Abu Dhabi Bank in market capitalization, reaching a valuation of $60.94 billion as of September 25, 2026. This milestone marks a significant shift for the company, which traded with a market cap under $2 billion just five years ago.
The company, which trades on Nasdaq under the ticker MSTR, has transitioned from a software business into a publicly listed Bitcoin treasury vehicle. As of mid-to-late 2026, Strategy holds over 840,000 Bitcoin. This position was established through a series of equity issuances, convertible notes, and preferred stock offerings that have tripled the company’s outstanding shares since 2020.
While First Abu Dhabi Bank manages roughly $382 billion in total assets and reported a net profit of AED 10.7 billion in the first half of 2026, the stock market currently values the Bitcoin-heavy treasury of Strategy at a higher level. MSTR previously saw its market cap reach a peak near $128 billion in 2025 before pulling back to its current valuation.
Executive chairman Michael Saylor initiated the company's Bitcoin acquisition strategy in 2020. By utilizing convertible debt and preferred stock to fund these purchases, the firm has functioned similarly to a leveraged Bitcoin ETF. Recent operational shifts include the introduction of share buybacks, preferred-stock repurchases, and limited Bitcoin sales intended for liquidity management.
The crossover between the two entities highlights a broader trend of capital reallocation toward Bitcoin-adjacent assets. As other companies adopt similar treasury allocation models, regulators in the US and the Gulf region are increasing their focus on the firm. The concentration of over 840,000 Bitcoin within a single listed company has prompted discussions regarding disclosure, leverage limits, and custody requirements.
