MSTR
Updated: 23/09/2026, 04:32:44
Strategy Inc, together with its subsidiaries, operates as a bitcoin treasury company in the United States, Europe, the Middle East, Africa, and internationally. It offers investors varying degrees of economic exposure to Bitcoin by offering a range of securities, including equity and fixed income instruments. The company also provides AI-powered enterprise analytics software, including Strategy One, which provides non-technical users with the ability to directly access novel and actionable insights for decision-making. In addition, the company provides Strategy Mosaic, a universal intelligence layer that offers enterprises with consistent definitions and governance across data sources, regardless of where that data resides or which tools access it. The company was formerly known as MicroStrategy Incorporated and changed its name to Strategy Inc in August 2025. The company was incorporated in 1989 and is headquartered in Tysons Corner, Virginia.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
$0.5B
FY 2025 · Reported
Net income
$-3.8B
FY 2025 · Reported
Gross margin
68.7%
FY 2025 · Calculated
Free cash flow
$-0.1B
FY 2025 · Calculated
R&D intensity
19.7%
FY 2025 · Calculated
Share repurchases
N/A
FY — · Reported
Other offerings mentioned without separate sales
Area-level product sales are displayed only when the filing reports a product × geography breakdown. Regional totals are not allocated across products by estimation.
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Company overview
World's first and largest Bitcoin Treasury Company pursuing financial innovation strategies designed to generate value from bitcoin holdings; industry leader in AI-powered enterprise analytics software
“Strategy is the world's first and largest Bitcoin Treasury Company. We pursue financial innovation strategies designed to generate value from our bitcoin holdings”
Business segments
Two business strategies: Bitcoin Treasury operations (bitcoin acquisitions, capital management and capital markets strategies) and Enterprise Analytics Software
“Through our bitcoin treasury operations, we execute on our bitcoin acquisitions, capital management and capital markets strategies”
Customer base concentration
Revenue derived primarily through sales to installed customer base
“We derive revenue from sales of our analytics software platform and related services, primarily through our installed customer base.”
Sales and channel model
Sells chiefly through a direct sales force worldwide, plus strategic partnerships with cloud hosting providers (AWS, Microsoft, STACKIT, Google), system integrators, consulting firms, VARs, MSPs, and ISVs
“Strategy sells its offerings chiefly through a direct sales force, with sales offices throughout the world.”
Strategy One platform
Strategy One™, an AI-powered cloud-native business intelligence platform with dashboards, reports, AI agents and embedded analytics
“Strategy One is an AI-powered business intelligence platform that helps organizations build, explore, and act on data. It combines interactive dashboards, enterprise reports, AI agents, and embedded analytics into a single, unified platform.”
Strategy Mosaic
Strategy Mosaic™ universal data layer enabling a single source of truth with AI-powered data modeling
“Strategy Mosaic™ is a universal data layer that enables organizations to achieve a single source of truth across their data.”
Generative AI capabilities
Generative AI capabilities automating AI-enabled application deployment, with conversational AI (Auto assistant) for non-technical users
“Integral to the Strategy portfolio are generative AI capabilities that are designed to automate and accelerate the deployment of AI-enabled applications across the enterprise.”
Licensing models
Cloud subscriptions typically 36 months; on-premises licenses entered end-of-support as of January 2025 with full support ending December 31, 2026
“as of January 2025, Strategy on-premises product licenses have entered an end-of-support cycle, with full support for such licenses ending December 31, 2026. Subscriptions for cloud-based deployments typically are for 36 months”
Professional services
Professional services including consulting, education/training programs, and standard/premium technical support
“Strategy Professional Services™ also supports customers through consulting and education offerings.”
Industries served
Strategy One delivers visualization, reporting, and embedded analytics across retail, banking, technology, manufacturing, insurance, consulting, healthcare, telecommunications, and the public sector
“It delivers visualization, reporting, and embedded analytics capabilities across retail, banking, technology, manufacturing, insurance, consulting, healthcare, telecommunications, and the public sector.”
Key differentiators
Differentiators: cloud-native architecture on all three hyperscalers, Auto AI assistant, HyperIntelligence, Enterprise Semantic Graph, flexible deployment, 100+ connectors
“Our cloud-native, containerized architecture has been optimized for all three hyperscalers – AWS, Azure, and GCP”
Enterprise analytics competitors
Competes with global ISVs: IBM, Microsoft, Oracle, Salesforce, and SAP
“For enterprise analytics, Strategy competes with global ISVs, such as IBM, Microsoft, Oracle, Salesforce, and SAP.”
2024 bitcoin purchase funding sources
2024 bitcoin purchases funded by $16.33B ATM proceeds, $2.97B 2029 Convertible Notes, $782.0M 2030A, $756.0M 2032, $592.3M 2031, $458.2M 2028 Convertible Notes, and $179.7 million
“During 2024, we purchased bitcoin using $16.33 billion of the net proceeds from our sale of class A common stock under our ATMs, $2.97 billion of the net proceeds from our issuance of the 2029 Convertible Notes”
USD Reserve
USD Reserve established December 2025 to support preferred dividends and debt interest; balance $2.25 billion as of February 13, 2026
“In December 2025, as part of our capital management strategy, we established the USD Reserve to support the payment of dividends on our preferred stock and interest on our outstanding indebtedness. As of February 13, 2026, the balance of the USD Reserve was $2.25 billion”
Capital markets strategy
Capital markets strategy involves issuing Class A common stock and preferred securities through ATMs; prior to 2025 primarily used class A stock sales and senior convertible notes
“Our capital markets strategy generally involves issuing Class A common stock and preferred securities through ATMs when we deem advantageous.”
Convertible notes outstanding
Multiple convertible notes including $2.0B 0% 2030B, $800M 0.625% 2030A, $603.7M 0.875% 2031, $800M 2.25% 2032; annual contractual interest expense $36.2 million as of December 31, 2025
“As of December 31, 2025, our annual contractual interest expense relating to our Convertible Notes was $36.2 million.”
Digital credit preferred stock
In 2025, structured and issued five classes of Preferred Stock ('digital credit') providing indirect economic exposure to class A common stock and bitcoin holdings
“In 2025, we structured and issued five classes of Preferred Stock instruments, which provide differentiated indirect economic exposure to our class A common stock and bitcoin holdings, which we collectively refer to as "digital credit."”
Bitcoin strategy adaptability
Bitcoin strategy intended to remain adaptable; evaluating other financial innovation opportunities including additional financing structures and income streams from bitcoin holdings
“We intend for our bitcoin strategy to remain adaptable. While our bitcoin strategy today includes developing and issuing novel "digital credit" instruments, we regularly evaluate other potential financial innovation opportunities”
Stock split
Completed a 10-for-1 stock split of class A and class B common stock on August 7, 2024
“On August 7, 2024, we completed a 10-for-1 stock split of our class A and class B common stock.”
FedRAMP authorization
Government cloud solution authorized under FedRAMP, achieved through collaboration with the U.S. Department of Health and Human Services
“Strategy's cloud solution for government is authorized to operate under the Federal Risk and Authorization Management Program ("FedRAMP") guidelines”
Digital asset legislation
GENIUS Act signed July 2025; Digital Asset Market Clarity Act of 2025 passed House in July 2025 giving CFTC jurisdiction over digital commodities; Senate considering framework legislation as of January 2026
“The GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins Act), which regulates payment stablecoins, was signed into law in July 2025.”
Privacy/data protection regulation
Business subject to privacy policies, contractual obligations, and U.S. and foreign privacy/data protection laws regarding personal data
“Aspects of our business involve collecting, processing, disclosing, storing, and transmitting personal data, which are subject to certain privacy policies, contractual obligations, and U.S. and foreign laws, regulations, and directives relating to privacy and data protection.”
Bitcoin price volatility risk
Bitcoin is a highly volatile asset, and fluctuations in the price of bitcoin have in the past influenced and are likely to continue to influence our financial results and the market prices of our securities
“Bitcoin is a highly volatile asset, and fluctuations in the price of bitcoin have in the past influenced and are likely to continue to influence our financial results and the market prices of our securities”
Regulatory reclassification risk
Regulatory change reclassifying bitcoin as a security could lead to classification as an 'investment company' under the Investment Company Act of 1940
“a contrary determination by the SEC could lead to our classification as an "investment company" under the Investment Company Act of 1940”
Control by Michael J. Saylor
Mr. Saylor beneficially owns 19,616,680 class B shares (10 votes each), or 40.1% of total voting power as of December 31, 2025
“As of December 31, 2025, Mr. Saylor, our Chairman of the Board of Directors and Executive Chairman, beneficially owned 19,616,680 shares of class B common stock, or 40.1% of the total voting power.”
Liquidity dependency on equity/debt financing
Does not expect software cash flow to cover fixed expenses; expects to use ATM proceeds, USD Reserve and additional equity/debt financings; may be required to sell bitcoin if financing unavailable
“If we deplete our USD Reserve and are unable to secure equity or debt financing in a timely manner, on favorable terms, or at all, we may be required to sell bitcoin to satisfy our financial obligations.”
Single platform revenue risk
We derive revenue from a single software platform and related services
“We derive revenue from a single software platform and related services;”
Custody and counterparty risk
Custody risks include custodian insolvency (general unsecured creditor status), no FDIC/SIPC protection, private key loss, cyberattacks, and lack of separate insurance
“our use of custodians exposes us to the risk that the bitcoin our custodians hold on our behalf could be subject to insolvency proceedings and we could be treated as a general unsecured creditor of the custodian”
Stock price volatility and valuation risk
Class A stock rose from $12.36 (Aug 10, 2020) to $133.88 (Feb 13, 2026); equity market capitalization exceeds GAAP stockholders' equity and traditional valuations
“the closing price of our class A common stock has increased from $12.36 as of August 10, 2020, the last trading day before our announcement, to $133.88 as of February 13, 2026”
Profitability risk
May not be able to regain profitability in future periods
“We may not be able to regain profitability in future periods;”
Dodge Class Action
Subject to putative class action (Dodge Class Action) related to the July 7, 2025 STRK Stock certificate of amendment
“We are subject to a putative class action lawsuit (related to the certificate of amendment we filed on July 7, 2025 with the Secretary of State of Delaware to the STRK Stock certificate of designations)”
Key person risk
If unable to recruit or retain skilled personnel, or if losing services of Michael J. Saylor, business could be materially adversely affected
“If we are unable to recruit or retain skilled personnel, or if we lose the services of Michael J. Saylor, our business, operating results, and financial condition could be materially adversely affected”
Alternative bitcoin exposure competition
Recent increase in alternative ways to gain exposure to bitcoin may adversely affect market price of securities; investors may compare to spot bitcoin ETPs
“The recent increase in the availability of alternative ways to gain exposure to bitcoin and other digital assets may adversely affect the market price of our securities”
Substantially all bitcoin held with custodians; custodian insolvency could result in bitcoin becoming part of insolvency estate; no FDIC/SIPC protection.
“Any significant non-performance by counterparties, including in particular the custodians with which we custody substantially all of our bitcoin, could have a material adverse effect on our business”
Consecutive 2025 quarters alternated gains and losses on digital assets; fluctuations in bitcoin price drive operating result volatility.
“during consecutive quarters in 2025 we experienced a quarter with gains on digital assets followed by a quarter with losses on digital assets, and vice versa.”
Software revenue derived primarily from sales to installed base; significant decline in demand or prices would adversely affect business.
“We derive revenue from sales of our analytics software platform and related services, primarily through our installed customer base.”
$36.2 million annual contractual interest expense on Convertible Notes; substantial indebtedness limits cash flow use and refinancing flexibility.
“As of December 31, 2025, our annual contractual interest expense relating to our Convertible Notes was $36.2 million.”
Generative AI and conversational AI (Auto assistant) are integral to product portfolio and competitive differentiation, driving analytics adoption.
“Integral to the Strategy portfolio are generative AI capabilities that are designed to automate and accelerate the deployment of AI-enabled applications across the enterprise.”
USD Reserve of $2.25 billion (Feb 13, 2026) supports preferred dividends and debt interest; depletion may force bitcoin sales.
“As of February 13, 2026, the balance of the USD Reserve was $2.25 billion, held in cash and cash equivalents.”
SEC reclassification of bitcoin as a security could force classification as an investment company, materially changing business conduct.
“a contrary determination by the SEC could lead to our classification as an "investment company" under the Investment Company Act of 1940”
Cloud-native platform optimized for all three hyperscalers; cloud subscriptions are the go-forward licensing model as on-premises reaches end-of-support.
“Our cloud-native, containerized architecture has been optimized for all three hyperscalers – AWS, Azure, and GCP”
Named competitor in enterprise analytics alongside IBM, Oracle, Salesforce, SAP.
“For enterprise analytics, Strategy competes with global ISVs, such as IBM, Microsoft, Oracle, Salesforce, and SAP.”
Strategic partnerships with cloud hosting providers (AWS, Microsoft, STACKIT, Google), system integrators, consulting firms, VARs, MSPs and ISVs extend sales and service coverage.
“Strategy has established strategic partnerships with a wide variety of third-party vendors, including cloud hosting providers (AWS, Microsoft, STACKIT, and Google), system integrators, consulting firms, value added resellers ("VARs"), managed service providers ("MSPs"), and independent software vendors ("ISVs").”
Evolving U.S. digital asset legislation (GENIUS Act, H.R. 3633, Senate framework) shapes regulatory environment for bitcoin strategy.
“The GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins Act), which regulates payment stablecoins, was signed into law in July 2025.”
Business involves collecting, processing, storing and transmitting personal data subject to U.S. and foreign privacy laws; non-compliance could materially adversely affect business.
“Aspects of our business involve collecting, processing, disclosing, storing, and transmitting personal data, which are subject to certain privacy policies, contractual obligations, and U.S. and foreign laws, regulations, and directives relating to privacy and data protection.”
Government cloud solution authorized under FedRAMP via HHS collaboration; faces risks of doing business with governments.
“Strategy's government cloud solution achieved this designation through collaboration with the U.S. Department of Health and Human Services.”
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