Strategy surpasses Block Inc in market cap, becomes 217th largest US company

Strategy Inc., the company formerly known as MicroStrategy, has passed Block Inc. in market capitalization and now ranks as the 217th-largest public company in the United States. The Bitcoin treasury firm’s valuation sits around $49.4B to $51B, edging past Block’s approximately $47.5B to $48.1B.

A tale of two Bitcoin strategies

Strategy holds one of the largest corporate Bitcoin treasuries on the planet, with reported holdings in the range of 761,000 to 845,000 BTC. Block, by comparison, holds around 9,032 BTC, which represents roughly 1.5% of its enterprise value.

MSTR stock traded around $128 to $129 in mid-September, and its price movements remain tightly correlated with Bitcoin’s own volatility.

Block’s stock, trading under the ticker SQ, moves on more traditional fintech fundamentals: payment volume, Cash App growth, merchant services. Its Bitcoin exposure is a feature, not the entire product.

How Strategy got here

Under CEO Michael Saylor’s direction, MicroStrategy began aggressively purchasing Bitcoin in 2020, initially positioning the move as a treasury reserve strategy to hedge against inflation and dollar depreciation. The company kept buying, funding purchases through equity offerings and convertible debt. The rebranding from MicroStrategy to Strategy Inc. was the formal acknowledgment that the company’s identity had fundamentally changed, reflecting a dual focus on enterprise analytics software and digital asset management.

What this crossover signals

Block operates a genuinely diversified business: peer-to-peer payments through Cash App, merchant point-of-sale systems through Square, and various financial services products. Its Bitcoin position is modest and intentional. Dorsey has been a vocal Bitcoin advocate for years, but Block’s Bitcoin strategy has always been measured relative to its core business.

For investors weighing the two stocks, the risk profiles could not be more different. Block offers relative stability and exposure to the secular growth of digital payments, with Bitcoin as a small bonus. Strategy offers amplified exposure to Bitcoin’s price action, with all the upside and downside that implies. MSTR’s tight correlation with Bitcoin means that any significant drawdown in crypto markets would hit the stock disproportionately hard. Block’s more diversified revenue base provides a cushion that Strategy simply doesn’t have.