Tom Lee, managing partner at Fundstrat Global Advisors, has predicted that Strategy, the company formerly known as MicroStrategy, could ascend to become the top U.S. company by market capitalization if the price of Bitcoin reaches $1 million.
Lee highlights Strategy’s massive Bitcoin holdings as the foundation for this potential shift. Strategy currently holds 628,791 Bitcoins, which at prevailing rates are valued at approximately $71 billion, placing it among the top ten largest corporate treasuries in the U.S.
The Fundstrat analyst compares Strategy’s Bitcoin-centric business model and valuation approach to how oil reserves historically defined the value of energy giants like ExxonMobil. Strategy maintains minimal fiat currency reserves, reportedly around $50 million, emphasizing its commitment to Bitcoin as its primary treasury reserve asset.
This strategy was recently underscored by the company filing for a potential $4.2 billion stock offering to fund further Bitcoin acquisitions. According to Lee’s analysis, a Bitcoin price surge to $1 million would dramatically boost the implied value of Strategy’s holdings, potentially elevating its market cap above current U.S. leaders.
For context, Strategy’s current market capitalization stands at approximately $2.52 billion, significantly lower than giants such as Microsoft and NVIDIA. Lee’s projection hinges entirely on the substantial appreciation of the company’s core Bitcoin assets.