Lee noted that, like oil companies of old, Strategy’s market value comes more from what’s in its vault than from its quarterly profits.
ExxonMobil once held a spot in the top five of the S&P 500 for an entire generation thanks to its oil reserves. Now Lee sees Strategy in that same role, only trading oil for Bitcoin.
He argues that the company’s balance sheet, loaded with digital coins, is changing how we measure corporate size.
Strategy’s shares trade at about $380. That puts its market cap near $2.50 billion. By contrast, NVIDIA sits at roughly $4.3 trillion and Microsoft at $3.9 trillion.
To overtake NVIDIA based on its current 628,791 BTC stash, Bitcoin would need to hit more than $6 million per coin. Even at $1 million, those coins would total about $620 billion—big, but still below today’s leaders.
The company holds only $50 million in fiat cash. Lee pointed out that this makes Strategy’s treasury one of the top 10 among all US companies.
It ranks ahead of names like PayPal and ExxonMobil simply because it owns volatile, appreciating crypto instead of static cash.
In its latest move, Strategy filed for a $4.2 billion STRC offering. The plan is to convert those proceeds directly into Bitcoin. That will boost its coin count and further cement its identity as a Bitcoin-first treasury.
Lee sees this as proof that more companies might shift from cash and bonds into digital assets if they want to chase big gains.
Lee believes that other firms will follow suit—some choosing Bitcoin, others picking Ethereum or other blockchains.
That could redraw the map of corporate finances, with digital coins sitting at the heart of many balance sheets.
Featured image from Will Steacy, chart from TradingView
