Source: Refinitiv, as of: 22.09.2026Bitcoin as a Business Model<\/h3>\n Few stocks react as strongly to such shifts in sentiment as Strategy. Once a software company, under founder Michael Saylor it has long since evolved into a Bitcoin treasury company with an attached software business. At the end of 2025, Strategy held 672,500 Bitcoin; it now holds as many as 846,000 coins \u2013 equivalent to around 4% of all Bitcoins that can ever be produced. The acquisition cost amounts to around USD 63.9 billion, at an average of USD 75,578 per digital currency. Compared with the end of 2025, the holdings have therefore grown by around a quarter on a net basis. The share price performance, however, has not been quite as straightforward. Bitcoin temporarily fell below the USD 60,000 mark. In the summer, Strategy also sold cryptocurrency on a larger scale for the first time, among other things to finance dividends and strengthen liquidity.<\/p>\n\n
Billion-Dollar Losses with a Caveat<\/h3>\n The second quarter provided an impressive demonstration of just how dependent Strategy is on Bitcoin. Revenue from the operating business increased by 6.9% to USD 122.4 million, while gross profit reached USD 81.6 million. However, Bitcoin dominated the bottom line: Due to the decline in the cryptocurrency's price at the time, Strategy recorded an unrealized loss on digital assets of USD 8.32 billion, resulting in a net loss of USD 8.22 billion. At the same time, management continued to work on financing. In the second quarter, outstanding convertible debt fell by 18% to USD 6.7 billion, while the dollar reserve had been increased to USD 3.75 billion by the end of July. This is intended to cover interest and preferred dividends for more than two years.<\/p>\n\n
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\n \n \n yAxisRight=\"true\"<\/>\n<\/generic-chart> \n<\/div>\nSource: Strategy, as of: September 2026Saylor's Bitcoin Machine<\/h3>\n Saylor's vision goes far beyond simply hoarding coins. Strategy wants to raise debt, convert it into Bitcoin as profitably as possible and thereby create more Bitcoin per share over the long term. The company aims to double this metric within seven years and place new «Digital Credit» amounting to 10% to 20% of its Bitcoin holdings annually. In an investor presentation, the company has even articulated the ambition of eventually becoming the world's largest company by market capitalization. The strategy for getting there has meanwhile become more flexible. In addition to new shares and preferred instruments, share buybacks and limited Bitcoin sales are now explicitly part of the toolkit. Nevertheless, Saylor continues to describe Bitcoin as «digital capital» on which a growing credit and financial system could be built in the future.<\/p>\n\n
Red Zone<\/h3>\n This is also where the risk lies. If Bitcoin falls sharply, not only does the value of the reserves decline. At the same time, financing conditions can deteriorate, while interest and preferred dividends still have to be serviced. New share issuances can also result in dilution. Put simply, the Strategy stock therefore functions as a leveraged bet on Bitcoin and on management's ability to keep this financing cycle running. The financial community does not yet appear entirely convinced: Despite the recent recovery, the stock is still down almost 50% over a 12-month period.<\/p>\n\n\n
High Returns in a Sideways Market \u2026<\/h3>\n For investors expecting more of a sideways move following the recent rebound, new Softcallable Barrier Reverse Convertibles are available. With a maximum maturity of one year, the products offer a guaranteed coupon of 20.60% p.a. in Swiss francs and 25.20% in US dollars. The barrier is set at a low 49% of the initial level. Soft-call observations take place quarterly, for the first time after six months. If the barrier is breached, the conditional protection lapses, meaning that losses are possible if the Strategy share performs poorly. However, the high guaranteed interest payments would offset some of the downside in such a scenario.<\/p>\n\n\n