Strategy Inc
- Open
- 91.65
- Day high
- 95.97
- Day low
- 90.06
- Prev close
- 94.03
- Volume
- 12.5M
- Mkt cap
- $33.2B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.7
- P/S
- 66.4
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$21.7M over the last 3 months (5 open-market buys, 62 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions mixed (13F)
Strategy Inc (MSTR) is a Technology company listed on NASDAQ. The stock is down 78% over the past year. Over the trailing 3 months, insiders filed 5 open-market buys and 62 sales (SEC Form 4). Drillr has 7 published research articles covering MSTR.
Strategy Inc (MSTR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 8 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
MSTR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $-0.86 | $-38.25 | -4337.4% | $124M | +2.9% |
| Feb 5, 2026 | $-0.08 | $-42.93 | -53562.5% | $123M | +3.2% |
| Oct 30, 2025 | $-0.10 | $8.42 | +8354.9% | $129M | +10.3% |
| Jul 31, 2025 | $-0.10 | $32.60 | +33253.7% | $114M | +0.8% |
| May 1, 2025 | $-2.44 | $-16.49 | -575.8% | $111M | -4.4% |
| Feb 5, 2025 | $-0.13 | $-3.20 | -2361.5% | $121M | -1.4% |
| Oct 30, 2024 | $-0.12 | $-1.56 | -1168.3% | $116M | -4.4% |
| Aug 1, 2024 | $-0.09 | $-0.76 | -720.1% | $111M | -8.6% |
| Feb 6, 2024 | $0.55 | $0.56 | +1.8% | $124M | -6.3% |
| Nov 1, 2023 | $0.74 | $-0.90 | -221.6% | $129M | +2.4% |
| Aug 1, 2023 | $-0.52 | $0.24 | +146.2% | $120M | -3.4% |
| May 1, 2023 | $-1.28 | $3.06 | +339.1% | $122M | +2.4% |
MSTR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 24, 2026 | Patten Jarrod Mdirector | Sell | 1,500 | $106.08 |
| Jun 24, 2026 | Patten Jarrod Mdirector | Option | 1,500 | $18.24 |
| Jun 22, 2026 | Le Phongdirector, officer: President & CEO | Buy | 11,000 | $90.80 |
| Jun 18, 2026 | Patten Jarrod Mdirector | Option | 1,500 | $18.24 |
| Jun 18, 2026 | Patten Jarrod Mdirector | Sell | 1,500 | $121.31 |
| Jun 17, 2026 | Patten Jarrod Mdirector | Option | 1,500 | $18.24 |
| Jun 17, 2026 | Chow Thomas C.officer: EVP & General Counsel | Buy | 11 | $66.10 |
| Jun 17, 2026 | Patten Jarrod Mdirector | Sell | 1,500 | $133.97 |
| Jun 17, 2026 | Chow Thomas C.officer: EVP & General Counsel | Buy | 100 | $92.71 |
| Jun 9, 2026 | Le Phongdirector, officer: President & CEO | Sell | 2,888 | $123.38 |
| Jun 9, 2026 | Le Phongdirector, officer: President & CEO | Sell | 2,579 | $124.33 |
| Jun 9, 2026 | Kang Andrewofficer: EVP & CFO | Option | 4,260 | — |
| Jun 9, 2026 | Montgomery Jeanineofficer: VP & CAO | Sell | 4 | $124.88 |
| Jun 9, 2026 | Le Phongdirector, officer: President & CEO | Option | 11,920 | — |
| Jun 9, 2026 | Kang Andrewofficer: EVP & CFO | Sell | 910 | $124.33 |
Source: MSTR SEC Form 4 filings, latest Jun 24, 2026. For informational purposes only — not investment advice.
See the full MSTR insider & 13F page →MSTR research & analysis
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MARARIOTCLSK
Strategy Inc company profile
Overview
MicroStrategy Incorporated (NASDAQ:MSTR) is a technology company founded in 1989 and headquartered in Tysons Corner, Virginia. Originally established as an enterprise analytics software provider, the company has undergone a dramatic transformation since 2020, positioning itself as the world's first and largest corporate Bitcoin treasury company. The company went public in 1998 and has evolved from a traditional business intelligence software vendor into what it now calls a "Bitcoin development company," maintaining its software operations while aggressively accumulating Bitcoin as a treasury reserve asset.
Business
MicroStrategy operates in two distinct business segments that reflect its dual identity as both a software company and a Bitcoin treasury operation. **Enterprise Analytics Software (Traditional Business):** The company's original business provides enterprise analytics and business intelligence software through its MicroStrategy platform. This comprehensive analytics platform delivers insights across multiple devices through what the company calls "hyperintelligence" products, which include visualization and reporting capabilities, mobility features, and custom applications. The platform serves as a bridge between raw data and actionable business insights, allowing organizations to analyze large datasets and create dashboards, reports, and automated analytics. The software can be deployed on-premises or through cloud services on major platforms like Amazon Web Services, Microsoft Azure, and Google Cloud. This segment generates revenue through software licenses, subscription services, support contracts, consulting services, and educational offerings. The software business represented approximately $464 million in revenue for fiscal 2024, accounting for the company's entire operational revenue. **Bitcoin Treasury Operations (Strategic Focus):** Since August 2020, MicroStrategy has transformed into the world's largest corporate holder of Bitcoin, treating the cryptocurrency as a treasury reserve asset rather than a trading instrument. As of Q1 2025, the company holds 553,555 bitcoins valued at approximately $52 billion, acquired through a combination of cash flow from operations, equity offerings, and debt financing. This Bitcoin strategy has become the company's primary value driver and strategic focus, with management implementing sophisticated capital market strategies to continuously acquire more Bitcoin while maintaining what they call "BTC Yield" - a metric measuring the company's ability to acquire Bitcoin faster than it dilutes shareholders. The company has recently rebranded from "MicroStrategy" to "Strategy" to reflect its evolution into a Bitcoin-focused entity, though it continues to operate and invest in its software business as a cash-generating operation to support its Bitcoin acquisition strategy.
Revenue model
MicroStrategy generates revenue primarily through its enterprise software business, while its Bitcoin holdings represent stored value rather than operational income. The software business operates on multiple revenue models including perpetual software licenses, subscription-based cloud services, ongoing support contracts, professional consulting services, and educational programs. Customers are primarily large enterprises across industries including retail, manufacturing, finance, healthcare, and government sectors who pay for business intelligence and analytics capabilities. The company's financial model has become increasingly complex due to its Bitcoin strategy. While the software business generates operational cash flow, the primary value creation mechanism is Bitcoin appreciation. The company measures success through metrics like **BTC Yield**, which tracks whether Bitcoin acquisitions outpace share dilution, and **BTC Gain**, measuring absolute dollar gains from Bitcoin holdings. MicroStrategy funds Bitcoin purchases through three primary channels: excess cash from software operations, equity offerings through At-The-Market (ATM) programs, and debt financing including convertible notes and innovative preferred securities. Several factors significantly impact the company's margins and financial performance. **Bitcoin price volatility** creates massive swings in the company's market value and reported earnings, especially since adopting fair value accounting for Bitcoin holdings. **Interest rate environments** affect both the cost of debt financing for Bitcoin purchases and the relative attractiveness of Bitcoin versus traditional treasury assets. **Regulatory developments** around cryptocurrency taxation and corporate Bitcoin holdings could impact the strategy's viability. **Capital market conditions** determine the company's ability to raise funds accretively for Bitcoin purchases. **Software business performance** affects the underlying cash generation that supports the Bitcoin strategy, with the ongoing transition from license-based to subscription-based revenue creating near-term pressure but potentially stronger recurring revenue streams long-term. The company's ambitious capital raising plans, including the "42-42" strategy to raise $42 billion over three years, depend heavily on maintaining investor confidence and favorable market conditions for both equity and debt issuances.
Competitive moat
MicroStrategy's competitive position represents a unique hybrid that combines traditional software business moats with first-mover advantages in corporate Bitcoin adoption. In the enterprise analytics space, the company faces significant competitive pressure from larger players like Microsoft, Tableau (now part of Salesforce), and newer cloud-native solutions. The software business has limited moat characteristics - while it benefits from customer switching costs and institutional relationships built over decades, the business intelligence market is highly competitive with numerous alternatives offering similar functionality often at lower costs or with more modern architectures. However, MicroStrategy has created a distinctive and potentially powerful moat through its Bitcoin treasury strategy. As the first major public company to adopt Bitcoin as a primary treasury reserve asset, it has established several competitive advantages: **scale and expertise** in corporate Bitcoin operations that would be difficult for competitors to replicate quickly, **capital market innovations** including specialized financing instruments designed for Bitcoin acquisition, and **brand recognition** as the premier "Bitcoin proxy" stock for institutional investors seeking Bitcoin exposure through traditional equity markets. The company's Bitcoin-focused moat faces several potential disruption risks. **Regulatory changes** could make corporate Bitcoin holding less attractive or more restrictive. **Competition from Bitcoin ETFs** and other direct Bitcoin investment vehicles could reduce demand for MicroStrategy as a Bitcoin proxy. **Market maturation** might lead other corporations to adopt similar strategies, diluting MicroStrategy's first-mover advantage. **Bitcoin price volatility** could create periods where the strategy appears unsuccessful, potentially limiting access to capital markets for continued Bitcoin purchases. The sustainability of this moat ultimately depends on Bitcoin's long-term adoption as a treasury asset and MicroStrategy's ability to maintain its operational sophistication in Bitcoin-related capital markets activities. While the first-mover advantage is significant, it may prove temporary if Bitcoin corporate adoption becomes widespread.
Risks & safety
MicroStrategy presents a complex margin of safety profile that varies dramatically depending on Bitcoin price movements and the company's ability to access capital markets. **Overall Assessment:** Limited traditional margin of safety due to high leverage to Bitcoin price volatility and dependence on capital markets access. **Cash and Liquidity:** - Cash and short-term investments: $60.3 million (Q1 2025) - Current ratio: 0.66 (current liabilities exceed current assets) - Negative free cash flow: -$2.4 million (Q1 2025) - Software business generates modest positive operating cash flow but insufficient for Bitcoin acquisition pace **Debt and Solvency:** - Total liabilities: $10.4 billion vs total assets of $43.9 billion - Debt-to-equity ratio: 0.08 (relatively low traditional debt) - Primary debt consists of convertible notes with favorable terms - Bitcoin holdings ($52 billion) provide substantial asset backing but with high volatility **Valuation Metrics:** - Price-to-book ratio: 56.7 (extremely high, reflecting Bitcoin premium) - Enterprise value heavily dependent on Bitcoin market value - Traditional software metrics show reasonable valuation, but Bitcoin strategy dominates overall valuation **Other Considerations:** - Heavy dependence on capital markets access for Bitcoin acquisition strategy - Regulatory risks around corporate cryptocurrency holdings - Operational leverage to Bitcoin price creates extreme earnings volatility - Strong balance sheet in Bitcoin terms but vulnerable to cryptocurrency market downturns
Recent development
Over the past several years, MicroStrategy has undergone a fundamental strategic transformation that represents one of the most dramatic corporate pivots in modern business history. The most significant development began in August 2020 when the company, led by Executive Chairman Michael Saylor, initiated its Bitcoin treasury strategy by making its first Bitcoin purchase. This decision evolved from viewing Bitcoin as a treasury reserve asset to positioning the entire company as a "Bitcoin development company." **Bitcoin Strategy Evolution:** The company has systematically expanded its Bitcoin holdings from zero to 553,555 bitcoins by Q1 2025, valued at approximately $52 billion. This required developing sophisticated capital market strategies, including the innovative "21-21" capital plan announced in 2024 to raise $42 billion over three years ($21 billion in equity and $21 billion in fixed income). The company has pioneered new financial instruments, including convertible notes optimized for Bitcoin acquisition and preferred securities like "Strike" perpetual preferred stock. MicroStrategy adopted fair value accounting for Bitcoin holdings, providing more transparent financial reporting but introducing significant earnings volatility. **Corporate Rebranding and Identity:** In 2024, the company rebranded from "MicroStrategy" to "Strategy," reflecting its evolution beyond traditional software into Bitcoin-focused operations. This included launching a new website (strategy.com) with real-time performance tracking and introducing new financial metrics like "BTC Yield" and "BTC Gain" to measure Bitcoin acquisition efficiency relative to shareholder dilution. **Software Business Modernization:** While Bitcoin dominates the strategic focus, the company has continued investing in its software business, particularly accelerating cloud migration and AI integration. Key developments include launching MicroStrategy ONE on major cloud platforms (AWS, Azure, Google Cloud), introducing AI-powered features like Auto Express, and achieving significant growth in cloud subscription revenues (up 62% year-over-year in Q1 2025). The business has shifted from traditional license-based revenue to subscription models, creating near-term revenue pressure but building more predictable recurring revenue streams. **Capital Market Innovation:** MicroStrategy has become a pioneer in Bitcoin-related corporate finance, developing new approaches to equity and debt financing specifically designed for Bitcoin acquisition. This includes the largest At-The-Market equity program in U.S. history ($21 billion) and creating innovative debt instruments that appeal to investors seeking Bitcoin exposure through traditional fixed-income securities.
MSTR company profile · for informational purposes only — not investment advice.
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