Strategy Surpasses Coinbase in Market Cap, Nears Top-100 Largest U.S. Public Companies

Bitcoin’s latest venture into price discovery mode has propelled Strategy closer to the top-100 market valuations among publicly-traded companies. The firm just surpassed another crypto giant, Coinbase, now ranking as the 106th largest public company in the U.S.

Both companies were among the first to bridge the gap between Wall Street and digital assets. Coinbase, publicly traded since 2021, was among the first crypto-centric companies to have an IPO. Meanwhile, Strategy pivoted its business model in 2020, launching the most significant Bitcoin treasury to date. 

Today, the company reported  $3.9 billion in Bitcoin fair value appreciation for Q3 2025, driven by its massive BTC holdings and the asset’s recent rally. That number reflects unrealized gains on over 150,000 Bitcoin, now worth more than $10 billion. It’s the clearest signal yet that MicroStrategy’s treasury-first strategy is outperforming crypto infrastructure plays.

As Strategy continues to post profitable quarterly earnings, talks of the company joining the S&P 500 are gaining momentum. The company was among the candidates to enter the index in the last review, but Robinhood and AppLovin were chosen instead.

Turns out talks of that sort are about to gain even more traction, according to a recent statement from Strategy’s executive chairman and co-founder, Michael Saylor, in an interview with CNBC. 

“We figure it will happen in some time,” Saylor said, regarding being selected to the S&P 500. “There’s a digital transformation in the markets, this is a brand new novel concept—every quarter we make new believers, we get more support from banks, from politicians…I think that will continue for the foreseeable future”. 

That confidence got a boost last week. Strategy has enjoyed a multi-billion dollar tax break that caught even the company by surprise. Last week, the U.S. Treasury announced interim guidance clarifying that corporations are not required to pay taxes on unrealized gains from digital assets.

That tax guidance from the U.S. Treasury gave Strategy a windfall no one saw coming. By confirming that unrealized crypto gains aren’t taxable, the company’s $3.9 billion in fair value appreciation now sits untouched.