Strategy Inc. (formerly MicroStrategy) has built a massive $56 billion Bitcoin treasury, holding over 641,000 BTC — nearly 3% of Bitcoin’s total supply — but this aggressive Bitcoin accumulation strategy is now blocking its path into the S&P 500 index. Fueled by $21 billion in equity, preferred stock, and convertible debt issued in 2025, the company transformed from a traditional software and analytics firm into a de facto leveraged Bitcoin investment vehicle.