According to online reports, Strategy, as the "first and largest Bitcoin treasury company," has successfully securitized US$47 billion in fixed income and equity capital into Bitcoin, consolidating its leading position in the Bitcoin treasury field. The company's capital structure includes: fixed income: US$10.6 billion in debt issued (of which US$8.2 billion in principal is outstanding); equity: US$30.9 billion in stocks issued and an additional US$5.8 billion in preferred shares; cash: US$836 million in excess cash investments on the balance sheet.