Strategy joins Russell Top 200 Value Index with $64b BTC on the books

With its latest purchase, Strategy now holds a staggering $64 billion worth of BTC, making it by far the world’s most aggressive corporate holder. But the real story isn’t just the size of its hoard, it’s the Russell Top 200 Value Index inclusion, marking perhaps the clearest sign yet that Wall Street views Bitcoin as a legitimate value asset.

On June 30, Strategy announced the acquisition of 4,980 new Bitcoin (BTC) for approximately $531.9 million, paying an average of $106,801 per BTC. The purchase, executed as Bitcoin traded near all-time highs, brings the company’s total holdings to 597,325 BTC.

Strategy’s Bitcoin treasury is worth roughly $42.4 billion at an average cost basis of $70,982 per coin, or $64.2 billion at the current price of $107,732 per BTC, according to crypto.news data.

The move extends Strategy’s unbroken streak of aggressive Bitcoin acquisitions since August 2020, reinforcing its thesis that BTC serves as a superior treasury reserve asset. Year-to-date, the company’s Bitcoin holdings have generated a 19.7% yield, outpacing traditional equity benchmarks.

The acquisition coincided with Strategy’s inclusion in the Russell Top 200 Value Index, a benchmark typically dominated by financials, energy giants, and consumer staples.

Decoding Strategy’s Russell Top 200 Value Index inclusion

According to index provider FTSE Russell, Strategy has been added to the Russell Top 200 Value Index, an exclusive club of large-cap U.S. companies traditionally defined by stable earnings, low price-to-book ratios, and reliable dividends.

The inclusion is a watershed moment for Bitcoin’s maturation as an institutional asset, placing a company holding 597,325 BTC alongside blue-chip value stocks like Berkshire Hathaway, JPMorgan Chase, and ExxonMobil.

The juxtaposition is jarring but telling. While these companies generate cash flows from tangible assets or services, Strategy’s value proposition hinges on a digital asset with no earnings, suggesting that in an era of fiscal uncertainty, Bitcoin’s programmatic scarcity is being priced like a hard asset.

The index’s methodology, which prioritizes low P/E ratios and book value, makes Strategy’s inclusion even more striking. The company’s 19.7% BTC yield in 2025 likely offset concerns about its lack of conventional value metrics, signaling that scarcity itself is becoming a measurable financial primitive.

The inclusion is also a litmus test for how Wall Street now views crypto-native treasury models. For years, critics dismissed corporate BTC treasuries as gimmicks. Now, with a 19.7% YTD yield and a seat at the value investing table, the argument is shifting.

The question is no longer whether Bitcoin belongs on a balance sheet—but how many will follow Strategy’s lead.