If Bitcoin Reaches $1 Million, It Could Possibly Make the Largest Public Company in America
In a bold move that could significantly alter the landscape of corporate finances, Strategy, a leading player in business intelligence and analytics, has announced plans to invest heavily in digital coins. This shift towards cryptocurrencies like Bitcoin and Ethereum could potentially attract more companies to chase big gains.
Strategy has filed for a $4.2 billion At-The-Market (ATM) program, intending to convert those proceeds directly into Bitcoin. This move aims to boost its Bitcoin holdings and further cement its identity as a Bitcoin-first treasury. The company's Chairman, Tom Lee, believes that this bet on Bitcoin could potentially make Strategy a leader in the stock market.
Currently, Strategy's shares trade at approximately $380, giving the company a market cap of around $2.50 billion. However, if Bitcoin ever reaches $1 million, Strategy could potentially surpass companies like NVIDIA and Microsoft, which currently hold market caps of roughly $4.3 trillion and $3.9 trillion respectively. Even if Bitcoin reached $1 million, Strategy's Bitcoin holdings would still be less than today's leaders. To overtake NVIDIA based on its current Bitcoin holdings, Bitcoin would need to exceed $6 million per coin.
Strategy's treasury, primarily composed of Bitcoin, ranks among the top 10 among US companies due to its $50 million in fiat cash. The company reportedly spent $46 billion to amass its Bitcoin stash, which today is worth about $70 billion. This makes Strategy a major player in the cryptocurrency market, outperforming companies like PayPal and ExxonMobil due to its volatile, appreciating crypto holdings instead of static cash.
Tom Lee compares Strategy's potential position in the market to ExxonMobil's top position in the S&P 500 due to its oil reserves, trading oil for Bitcoin. However, it's important to note that even if Bitcoin reached $1 million, Strategy's Bitcoin holdings would still be less than today's leaders.
Strategy has been recognized as a Market Leader for the third consecutive year in the 2025 BARC Score Enterprise BI & Analytics Platforms report. This position reflects Strategy's strong portfolio capabilities and performance in large enterprise environments. The company's financial strategy and market position are distinct from NVIDIA and Microsoft, which are more diverse in their offerings and global influence.
The impact of Bitcoin holdings on Strategy's valuation would depend on the overall performance of the cryptocurrency market and how effectively Strategy integrates these assets into its portfolio. Lee predicts that other firms will follow Strategy's lead, with some choosing Bitcoin, others Ethereum, or other blockchains.
[1] BARC Score Enterprise BI & Analytics Platforms 2025
[2] Strategy Announces $4.2 Billion ATM Program
- Strategy's decision to invest a significant portion of the $4.2 billion raised from the ATM program into Bitcoin demonstrates a strong commitment to embracing technology like blockchain in the field of finance and investing.
- As Strategy's Bitcoin holdings grow and potentially surpass the market caps of companies like NVIDIA and Microsoft, the company could redefine corporate finance by leveraging the volatility and potential gains of cryptocurrencies like Bitcoin and Ethereum, thereby paving the way for other businesses to invest in blockchain technology.
