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Strategy (MicroStrategy)
MSTR · NASDAQSoftware / Bitcoin treasury
The economic chain
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Raw inputs
Equipment
Foundry
Chip design
Software
AI demand
Cloud &computewhere the software runsCapitalmarketsdebt, preferreds & equityBitcointhe treasury assetCustody &exchangewhere the BTC is heldThe companytreasury + softwareSoftwareproductStrategy ONE BIHolders &customerswho buys MSTR or its soft…AMZNAmazonMSFTMicrosoftCVConvertible-note buyersPFDPreferred-stock buyersATMATM equity issuanceBTCBitcoinCOINCoinbaseFDAFidelity Digital AssetsANCAnchorage DigitalMSTRStrategy (MicroStrategy)ONEStrategy ONEENTEnterprises & govtYOUBitcoin-proxy investors
Company details
Market cap
~$60B
Bitcoin held
~847k BTC
BTC cost basis
~$64B
Avg cost / BTC
~$75.6k
Software revenue
~$0.5B
Rev. growth (sw)
+12%
Shares out
~349M
Saylor voting
~44%
In plain English
Strategy started as an enterprise business-intelligence software maker, but under Michael Saylor it became the world's largest corporate Bitcoin holder — ~847k BTC. The small software arm (Strategy ONE) now matters far less than the bitcoin on its balance sheet, which it funds by issuing convertible debt, preferred stock and new shares. MSTR is effectively a leveraged bet on the price of bitcoin wrapped in a listed equity.
In simple terms
What Strategy (MicroStrategy) really sells
Strategy started as an enterprise business-intelligence software maker, but under Michael Saylor it became the world's largest corporate Bitcoin holder — ~847k BTC. The small software arm (Strategy ONE) now matters far less than the bitcoin on its balance sheet, which it funds by issuing convertible debt, preferred stock and new shares. MSTR is effectively a leveraged bet on the price of bitcoin wrapped in a listed equity.
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Risk read
Very high
SteadierMore speculative
Why this rating?