On February 5, 2025, the company that had been called MicroStrategy for thirty-six years announced that it would no longer be called MicroStrategy. The announcement was issued by press release at midday Eastern, ahead of the company’s fourth-quarter earnings call. It was, on its surface, a simple rebrand. The company would now do business as Strategy. A new logo would replace the old one. A new website would replace the old one. The brand’s primary color, the press release stated, would now be orange — bitcoin orange — chosen to represent “energy, intelligence, and Bitcoin.” A stylized “B” would anchor the new logo. The Micro- prefix, which had referred to a category of business intelligence software the company had pioneered in the late 1980s, was retired.
The rebrand was, more than the announcement acknowledged, an admission. By February 2025, MicroStrategy held approximately 471,107 bitcoin worth roughly forty-four billion dollars, accumulated through the disciplined application of a treasury strategy that the company’s executive chairman Michael Saylor had begun in August 2020 with a single 250-million-dollar buy. The strategy had become the company. The company’s equity premium to net asset value, its capital-raising mechanism — preferred stock, convertible bonds, at-the-market equity offerings, all converted to bitcoin — its appeal to institutional investors who could not hold bitcoin directly, and the strategic vision around which Saylor organized his public communications had all become organized around bitcoin and only bitcoin. The business intelligence software that gave the company its founding name continued to be sold, profitable, and well regarded; it was no longer the reason the company existed in the public mind.
Bitcoin orange — the color, not the asset — has its own entry in the catalog. The Strategy rebrand is its first appearance as the primary brand color of a Nasdaq-100 company. The choice was deliberate. Saylor’s public messaging had been framed in orange typography and orange logo treatments since 2020, but the corporate identity had remained, until February 2025, a mostly-blue legacy software brand. The shift to orange — formalized, trademarked, deployed across the website, the merchandise store, the SEC filings, the analyst reports — was the moment the corporate identity completed the migration that the balance sheet had completed years earlier. The protocol, which has no logo and only a color, had acquired a corporate proxy that displayed both.
The legal name change followed in August 2025, when MicroStrategy Incorporated formally became Strategy Inc. The press release framing was identical: “in furtherance of the re-brand announced on February 5, 2025.” The trading ticker, MSTR, was preserved.
What the rebrand did, in cultural terms, was make legible to Wall Street and to the press a transformation that bitcoiners had recognized for years: that MicroStrategy had ceased to be a software company that owned bitcoin and had become a bitcoin holding vehicle that also owned software. The treasury-strategy entry in this catalog traces the propagation of that model from MicroStrategy’s first buy through Square, Tesla, Metaplanet, Twenty One Capital, and the broader 2025 cohort. The Strategy rebrand is the moment the originator publicly named what it was. The implication, for the cohort following behind, was structural: a company could now choose to be a bitcoin treasury company in name and brand, not merely in balance-sheet allocation. Saylor’s company had crossed that threshold first.
There are companies in the world named after their products. There are companies named after their founders. There are companies named after geographic features and Greek gods and ancestral surnames and clever portmanteaus. As of February 5, 2025, there is one company on the Nasdaq 100 named after a bitcoin treasury strategy.
The treasury allocation was a decision. The rebrand was an admission.