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Strategy
(NASDAQ:MSTR)
Strategy (MSTR) vs. SPDR S&P 500 ETF (SPY)
Strategy Business Overview & Revenue Model
Strategy Key Performance Indicators (KPIs)
Shows the amount of Bitcoin the company holds, reflecting its strategic investment in cryptocurrency and potential exposure to crypto market volatility.
The FlyStrategy Earnings Call Summary
Strategy Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 477.23M | 463.46M | 496.26M | 499.26M | 510.76M |
| Gross Profit | 327.82M | 333.99M | 386.32M | 396.27M | 418.85M |
| EBITDA | -5.44B | -1.85B | -61.04M | -1.26B | -770.88M |
| Net Income | -4.03B | -1.17B | 429.12M | -1.47B | -535.48M |
Balance Sheet | |||||
| Total Assets | 61.64B | 25.84B | 4.76B | 2.41B | 3.56B |
| Cash, Cash Equivalents and Short-Term Investments | 2.30B | 38.12M | 46.82M | 43.84M | 63.36M |
| Total Debt | 8.28B | 7.26B | 2.25B | 2.45B | 2.23B |
| Total Liabilities | 10.60B | 7.61B | 2.60B | 2.79B | 2.58B |
| Stockholders Equity | 51.04B | 18.23B | 2.16B | -383.12M | 978.96M |
Cash Flow | |||||
| Free Cash Flow | -104.24M | -22.14B | -1.89B | -287.20M | -2.54B |
| Operating Cash Flow | -67.24M | -53.03M | 12.71M | 3.21M | 93.83M |
| Investing Cash Flow | -22.51B | -22.09B | -1.91B | -278.59M | -2.63B |
| Financing Cash Flow | 24.84B | 22.13B | 1.89B | 265.19M | 2.54B |
Strategy Technical Analysis
Strategy Risk Analysis
Strategy Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $54.41B | 47.92 | 39.68% | ― | 15.62% | 2.59% | |
66 Neutral | $37.77B | 66.22 | 8.23% | ― | 13.35% | -60.76% | |
65 Neutral | $39.41B | 438.37 | 3.34% | ― | 26.63% | -46.13% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
60 Neutral | $56.73B | -48.84 | -54.09% | ― | 28.48% | -19.12% | |
56 Neutral | $20.75B | -250.38 | -13.47% | ― | 19.51% | 53.35% | |
46 Neutral | $44.28B | -11.08 | -11.11% | 0.08% | 1.65% | ― |
Strategy Corporate Events
Between February 23 and March 1, 2026, Strategy Inc. reported activity under its at-the-market offering, selling 71,590 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock for net proceeds of $7.1 million and 1,730,563 shares of its Class A common stock for $229.9 million, while leaving large remaining capacities across its preferred and common stock programs. Over the same period, the company used ATM proceeds to acquire 3,015 bitcoins for $204.1 million, bringing its total holdings as of March 1, 2026 to 720,737 BTC at an aggregate purchase cost of $54.77 billion, underscoring its continued balance-sheet concentration in bitcoin and reliance on equity issuance to fund these purchases.
On February 28, 2026, Strategy raised the annual dividend rate on its Variable Rate Series A Perpetual Stretch Preferred Stock from 11.25% to 11.50% effective for periods from March 1, 2026, and its board declared cash dividends payable March 31, 2026 on all series of its preferred stock, including dollar- and euro-denominated issues. The company also disclosed that, as of February 28, 2026, it expects these March 31 preferred dividends to be treated as non-taxable return of capital for U.S. federal income tax purposes to the extent of shareholders’ tax basis, and reiterated the use of its online dashboard as a key channel for broad public disclosure under Regulation FD.
Strategy’s combination of higher preferred yields, ongoing ATM issuance and large-scale bitcoin accumulation signals an aggressive capital allocation and funding strategy that may appeal to income-focused and bitcoin-aligned investors while concentrating risk. The maintenance of significant unused capacity in its ATM programs and the emphasis on its disclosure dashboard suggest that the company is preserving flexibility to raise additional capital and remains focused on keeping market participants closely informed about its evolving capital structure and cryptocurrency exposure.
The most recent analyst rating on (MSTR) stock is a Hold with a $128.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.
Between February 17 and February 22, 2026, Strategy Inc. reported that under its at-the-market offering program it sold 297,940 shares of its Class A common stock, generating net proceeds of $39.7 million, while making no sales of its various series of preferred stock, which still have significant capacity remaining for future issuance. The company used these proceeds to acquire 592 bitcoins over the same period for $39.8 million at an average price of $67,286 per bitcoin, bringing its total holdings as of February 22, 2026 to 717,722 bitcoins at an aggregate purchase cost of about $54.56 billion, and it highlighted its online dashboard as a primary disclosure channel for ongoing updates on its securities and bitcoin portfolio.
This activity underscores Strategy’s continued balance-sheet concentration in bitcoin and its reliance on equity capital markets to fund incremental accumulation, reinforcing its role as both a corporate issuer and a major participant in the digital asset market. The absence of preferred stock issuance during the period leaves substantial authorized capacity for future capital raising, a factor of interest to existing shareholders, prospective investors, and creditors monitoring dilution risk and the firm’s evolving capital structure.
The most recent analyst rating on (MSTR) stock is a Hold with a $128.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.
On February 17, 2026, Strategy Inc. reported activity under its at-the-market offering, disclosing that between February 9 and February 16 it sold 785,354 shares of its 10.00% Series A Perpetual Strife Preferred Stock for $78.5 million in face value, generating $78.4 million in net proceeds, and 660,000 shares of its Class A common stock for $90.5 million in net proceeds. The company said these equity sales left substantial remaining capacity across its various preferred and common stock programs, reinforcing its ability to tap capital markets while continuing to route key operational and financial disclosures, including bitcoin-related data, through its website dashboard.
Strategy also announced that, over the same February 9–16 period, it acquired 2,486 bitcoin at an aggregate purchase price of $168.4 million, or an average of $67,710 per bitcoin, using proceeds from the ATM program. As of February 16, 2026, its total holdings had reached 717,131 bitcoin acquired for approximately $54.52 billion in aggregate, at an average purchase price of $76,027 per bitcoin, underscoring the company’s deepening balance-sheet exposure to bitcoin and the central role of digital assets in its capital allocation strategy.
The most recent analyst rating on (MSTR) stock is a Buy with a $320.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.
On February 9, 2026, Strategy Inc. reported that between February 2 and February 8, 2026, it sold 616,715 shares of its Class A common stock under its at-the-market offering program, generating approximately $89.5 million in net proceeds, while no sales occurred in its various preferred stock series, which still have substantial capacity remaining for future issuance. During the same period, the company used ATM proceeds to acquire 1,142 bitcoin for about $90 million at an average price of $78,815 per bitcoin, bringing its total holdings as of February 8, 2026 to 714,644 bitcoin acquired for roughly $54.35 billion at an average purchase price of $76,056, and it highlighted that its website dashboard serves as a key channel for ongoing public disclosure of these metrics.
Strategy emphasized that its dedicated online dashboard is intended to provide broad, non-exclusionary access to information on the market prices of its securities, bitcoin purchases and holdings, and certain key performance indicators, supporting its compliance with Regulation FD and giving investors a centralized resource for tracking its capital markets and digital asset strategies. The company also clarified that the information furnished in this update is not deemed filed under Section 18 of the Exchange Act or automatically incorporated into its Securities Act or Exchange Act filings, which may influence how stakeholders view the legal and reporting status of these disclosures.
The most recent analyst rating on (MSTR) stock is a Buy with a $250.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.
On February 5, 2026, Strategy Inc. reported fourth-quarter 2025 results and announced an updated, rules-based Dividend Adjustment Framework for its STRC preferred stock, tying monthly dividend recommendations to the security’s volume-weighted average price to help stabilize trading around its $100 stated amount. The company disclosed that it raised $25.3 billion of capital in 2025, became the largest U.S. equity issuer for the second straight year, expanded STRC to $3.4 billion with an 11.25% dividend rate, established a $2.25 billion USD reserve covering more than 2.5 years of dividends and interest, and grew its bitcoin holdings to 713,502 BTC as of February 1, 2026, despite recording a $17.4 billion operating loss and $12.4 billion net loss in Q4 2025 driven by unrealized fair-value losses on digital assets, underscoring its strategy of using digital credit and capital markets access to amplify bitcoin exposure while absorbing significant valuation volatility.
The most recent analyst rating on (MSTR) stock is a Buy with a $185.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.
On February 2, 2026, Strategy Inc announced that, for U.S. federal income tax purposes, all distributions paid during calendar year 2025 on its preferred equity “Digital Credit” instruments were treated as a nontaxable return of capital to shareholders, reducing their tax basis in those securities with any excess treated as capital gains. The company reported that in 2025 it completed five initial public offerings of perpetual preferred Digital Credit securities, raising $5.5 billion in gross proceeds, and subsequently raised an additional $1.9 billion via at-the-market programs, while paying $413 million in cumulative distributions at a blended annual dividend rate of 9.6%; Strategy also stated it believes it had no accumulated earnings and profits for U.S. tax purposes in 2025, a position that underpinned the return-of-capital treatment and has implications for investor tax planning and the perceived attractiveness of its high-yield preferred instruments.
The most recent analyst rating on (MSTR) stock is a Hold with a $148.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.
Between January 26 and February 1, 2026, Strategy Inc. reported that it raised approximately $106.1 million in net proceeds through sales of its Class A common stock under its at-the-market offering program, with no sales of its various preferred stock series during that period, while leaving significant remaining capacity for future issuances. Using proceeds from the ATM, the company acquired 855 bitcoin for about $75.3 million at an average price of $87,974 per bitcoin, bringing its total holdings as of February 1, 2026 to 713,502 bitcoin acquired at an aggregate purchase price of roughly $54.26 billion. On January 31, 2026, Strategy increased the annual dividend rate on its Variable Rate Series A Perpetual Stretch Preferred Stock from 11.00% to 11.25%, and on February 2, 2026 it declared a cash dividend of $0.9375 per share for this security for the month ending February 28, 2026, corresponding to the new 11.25% annual rate and expected, as of that date, to be treated as a non-taxable return of capital for U.S. federal income tax purposes to the extent of shareholder tax basis.
The most recent analyst rating on (MSTR) stock is a Hold with a $148.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.
On January 26, 2026, Strategy Inc. reported an update on its at-the-market offering program for the period from January 20 to January 25, 2026, during which it sold 70,201 shares of its 10.00% Series A Perpetual Strife Preferred Stock for $7 million in notional value, and 1,569,770 shares of its Class A common stock for net proceeds of $257 million, bringing total net proceeds from the ATM activity in the period to $264 million while leaving sizeable capacity available for future issuance across its preferred and common equity. Over the same period, the company disclosed that it purchased 2,932 bitcoin for approximately $264.1 million at an average price of $90,061 per bitcoin, funded by ATM proceeds, increasing its total holdings to 712,647 bitcoin acquired at an aggregate purchase price of about $54.19 billion, a move that further deepens its position as a large institutional bitcoin holder and underscores its ongoing strategy of using capital markets activity to expand its cryptocurrency reserves, with ongoing transparency provided via its online dashboard.
The most recent analyst rating on (MSTR) stock is a Buy with a $440.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.
On January 20, 2026, Strategy Inc. reported activity under its at-the-market offering program for the period from January 12 to January 19, 2026, disclosing that it sold 2,945,371 shares of its STRC preferred stock and 38,796 shares of its STRK preferred stock, along with 10,399,650 shares of its MSTR Class A common stock, generating approximately $2.13 billion in net proceeds while leaving substantial capacity available for further issuance across its preferred and common stock lines. Over the same period, the company used these proceeds to acquire 22,305 bitcoin for about $2.13 billion at an average price of $95,284 per bitcoin, bringing its total holdings as of January 19, 2026, to 709,715 bitcoin with an aggregate purchase cost of roughly $53.92 billion, underscoring Strategy’s continued aggressive balance-sheet concentration in bitcoin and its reliance on equity issuance to fund this strategy, with implications for both dilution-sensitive shareholders and investors seeking leveraged exposure to the cryptocurrency.
The most recent analyst rating on (MSTR) stock is a Buy with a $403.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.
On January 12, 2026, Strategy Inc. reported that between January 5 and January 11, 2026, it raised approximately $1.25 billion in net proceeds through its at-the-market offering program, primarily via the sale of about 1.19 million shares of its 10.00% Series A Perpetual Strife Preferred Stock (STRC) and 6.83 million shares of its Class A common stock (MSTR), while leaving substantial additional capacity available for future issuance across its preferred and common securities. Over the same period, the company used roughly $1.25 billion of these proceeds to acquire 13,627 bitcoin at an average price of $91,519, bringing its total holdings to 687,410 bitcoin at an aggregate purchase cost of $51.8 billion and an average purchase price of $75,353, underscoring its continued aggressive balance-sheet concentration in bitcoin and the significance of ongoing equity issuance for funding this strategy, with implications for existing shareholders’ dilution and the firm’s risk profile.
The most recent analyst rating on (MSTR) stock is a Buy with a $268.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.
On January 5, 2026, Strategy Inc. reported recent activity under its at-the-market equity offering program, disclosing that between December 29 and 31, 2025 it sold 1,255,911 shares of its MSTR Class A common stock for net proceeds of $195.9 million, followed by an additional 735,000 MSTR shares sold between January 1 and 4, 2026 for net proceeds of $116.3 million, while leaving all preferred stock capacity under the program unused. Over the same periods, the company used ATM proceeds to acquire 3 bitcoin for $0.3 million at an average price of $88,210 between December 29 and 31, 2025 and 1,283 bitcoin for $116.0 million at an average price of $90,391 between January 1 and 4, 2026, bringing its total holdings to 673,783 bitcoin at an aggregate purchase price of about $75.03 billion and an average purchase price around $50,500 as of January 4, 2026. In a preliminary financial update for the year and fourth quarter ended December 31, 2025, Strategy reported an unrealized loss on digital assets of $5.40 billion for the full year and $17.44 billion for the quarter, partially offset by associated deferred tax benefits of $1.55 billion and $5.01 billion respectively, with a digital asset carrying value of $58.85 billion and a related deferred tax liability of $2.42 billion at year-end; management emphasized that these figures have not yet been audited or reviewed by its external auditor. The company also disclosed that, as of January 4, 2026, it maintained a $2.25 billion U.S. dollar reserve to support dividend and interest payments, a balance it may adjust at its discretion in response to market conditions and liquidity needs, underscoring both the scale of its leveraged exposure to bitcoin price volatility and the liquidity framework it uses to service capital providers.
The most recent analyst rating on (MSTR) stock is a Hold with a $161.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.
On December 31, 2025, Strategy Inc. increased the regular annual dividend rate on its Variable Rate Series A Perpetual Stretch Preferred Stock from 10.75% to 11.00%, effective for monthly periods beginning January 1, 2026, signaling an enhanced return for preferred shareholders. On January 2, 2026, the company’s board declared a cash dividend of $0.916666667 per share for this preferred series for the month ending January 31, 2026, reflecting the new 11.00% annual rate, while reiterating that its online dashboard remains a key channel for broad, non-exclusionary disclosure of financial, digital-asset and other company information to the market.
The most recent analyst rating on (MSTR) stock is a Hold with a $161.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.
On December 29, 2025, Strategy Inc. reported that, between December 22 and December 28, 2025, it sold 663,450 shares of its MSTR Class A common stock through its at-the-market offering program, generating net proceeds of $108.8 million, while leaving substantial capacity available for future issuances of multiple preferred stock series and additional common shares. Over the same period, the company used the $108.8 million in ATM proceeds to acquire 1,229 bitcoin at an average price of $88,568 per BTC, bringing its total holdings as of December 28, 2025 to 672,497 bitcoin purchased for an aggregate $50.44 billion at an average cost of $74,997 per BTC, underscoring its continued strategy of expanding its large bitcoin treasury, information about which it disseminates through its public dashboard for investors and other stakeholders.
The most recent analyst rating on (MSTR) stock is a Hold with a $161.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.
On December 22, 2025, Strategy Inc. reported that, between December 15 and 21, 2025, it sold 4,535,000 shares of its Class A common stock under its at-the-market offering program, generating net proceeds of $747.8 million, while leaving significant remaining capacity to issue various series of preferred stock and additional common shares. Over the same period, the company made no new bitcoin purchases, keeping its holdings at 671,268 BTC acquired for an aggregate $50.33 billion at an average cost of $74,972 per bitcoin, and disclosed that a US dollar reserve first established on December 1, 2025 at $1.44 billion to support preferred dividends and debt service had grown to $2.19 billion by December 21, 2025, underscoring a focus on liquidity management and balance-sheet flexibility alongside transparent disclosures via its online dashboard.
The most recent analyst rating on (MSTR) stock is a Buy with a $325.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.
On December 15, 2025, Strategy Inc announced updates regarding its at-the-market offering program and bitcoin holdings. During the period from December 8 to December 14, 2025, the company sold various securities, generating significant net proceeds and maintaining substantial availability for future issuance. Additionally, Strategy acquired 10,645 bitcoins using proceeds from these sales, reflecting its strategic focus on cryptocurrency investments.
The most recent analyst rating on (MSTR) stock is a Hold with a $193.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.
On December 8, 2025, Strategy Inc, a company involved in securities and bitcoin transactions, announced updates on its at-the-market offering program and bitcoin holdings. During the period from December 1 to December 7, 2025, Strategy sold 442,536 shares of STRD Stock, generating net proceeds of $34.9 million, and acquired 10,624 bitcoins at an aggregate purchase price of $962.7 million. These transactions highlight Strategy’s active engagement in the securities and cryptocurrency markets, potentially impacting its financial position and stakeholder interests.
The most recent analyst rating on (MSTR) stock is a Hold with a $183.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.