Strategy, the world's largest publicly traded corporate holder of Bitcoin, disclosed net holdings of $52 billion after deducting debt and claims tied to preferred stock. The figure represents the value attributable after financial obligations, rather than the total market value of the company's Bitcoin assets. Strategy has made Bitcoin a core treasury asset and has expanded its holdings through capital-markets fundraising, raising $20.9 billion through stock issuance this year, the fourth-highest amount among U.S. corporations, with most of the proceeds used to buy Bitcoin. The disclosure highlights how the company's debt-financed strategy can increase leverage during Bitcoin rallies and raise debt burdens during downturns, while presenting the net figure as a step toward greater financial transparency. Cointelegraph reported the calculation on September 4.