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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 | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 474.94M | 463.46M | 496.26M | 499.26M | 510.76M | 480.74M |
| Gross Profit | 333.04M | 333.99M | 386.32M | 396.27M | 418.85M | 389.68M |
| EBITDA | 11.05B | -1.85B | -61.04M | -1.26B | -770.88M | 70.41M |
| Net Income | 7.92B | -1.17B | 429.12M | -1.47B | -535.48M | -7.52M |
Balance Sheet | ||||||
| Total Assets | 73.62B | 25.84B | 4.76B | 2.41B | 3.56B | 1.47B |
| Cash, Cash Equivalents and Short-Term Investments | 54.28M | 38.12M | 46.82M | 43.84M | 63.36M | 59.67M |
| Total Debt | 8.22B | 7.26B | 2.25B | 2.45B | 2.23B | 570.69M |
| Total Liabilities | 15.50B | 7.61B | 2.60B | 2.79B | 2.58B | 912.57M |
| Stockholders Equity | 58.12B | 18.23B | 2.16B | -383.12M | 978.96M | 553.04M |
Cash Flow | ||||||
| Free Cash Flow | -18.14B | -22.14B | -1.89B | -287.20M | -2.54B | -1.08B |
| Operating Cash Flow | -62.94M | -53.03M | 12.71M | 3.21M | 93.83M | 53.62M |
| Investing Cash Flow | -37.49B | -22.09B | -1.91B | -278.59M | -2.63B | -1.02B |
| Financing Cash Flow | 37.56B | 22.13B | 1.89B | 265.19M | 2.54B | 563.23M |
Strategy Technical Analysis
Strategy Risk Analysis
Strategy Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $65.03B | 59.55 | 40.33% | ― | 15.62% | 2.59% | |
76 Outperform | $57.85B | 92.35 | 7.34% | ― | 13.35% | -60.76% | |
69 Neutral | $53.10B | 512.91 | 3.52% | ― | 26.63% | -46.13% | |
65 Neutral | $42.08B | ― | -15.35% | ― | 19.51% | 53.35% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
57 Neutral | $51.43B | 8.32 | 25.59% | 0.08% | 1.65% | ― | |
54 Neutral | $77.51B | ― | -53.32% | ― | 28.48% | -19.12% |
Strategy Corporate Events
On December 1, 2025, Strategy Inc announced the appointment of Thomas C. Chow as Executive Vice President & General Counsel, following Wei-Ming Shao’s retirement. Chow brings over 20 years of experience in legal and operational leadership across digital asset, fintech, and software industries. Additionally, Strategy established a $1.44 billion USD Reserve to support dividend payments and updated its fiscal year 2025 earnings guidance and Bitcoin key performance indicator targets, reflecting recent Bitcoin price fluctuations. These strategic moves aim to strengthen Strategy’s financial stability and reinforce its position in the Bitcoin ecosystem.
On November 17, 2025, Strategy Inc announced updates regarding its at-the-market offering program, reporting sales of various securities between November 10 and November 16, 2025. The company also completed a public offering of its Series A Perpetual Stream Preferred Stock on November 13, 2025, raising approximately €620 million. Additionally, Strategy disclosed its bitcoin acquisition activities, purchasing 8,178 bitcoins during the same period, funded by proceeds from its securities sales and the STRE Offering. These developments highlight Strategy’s active engagement in capital raising and cryptocurrency investment, potentially impacting its market positioning and stakeholder interests.
On November 13, 2025, Strategy Inc completed an initial public offering of 7,750,000 shares of its new 10.00% Series A Perpetual Stream Preferred Stock, raising approximately €620.0 million in gross proceeds. This issuance, filed with the Secretary of State of Delaware, introduces a stock with cumulative dividends at an annual rate of 10%, payable quarterly, with provisions for compounded dividends if payments are missed. The company retains the right to redeem the stock under certain conditions, potentially impacting its financial strategy and shareholder value.
On November 10, 2025, Strategy Inc. announced updates regarding its at-the-market offering program and bitcoin holdings. During the period from November 3 to November 9, 2025, the company sold shares of various securities, generating net proceeds of $50 million. The proceeds from these sales were used to acquire 487 bitcoins, increasing the company’s aggregate bitcoin holdings to 641,692. This strategic move reflects Strategy’s ongoing commitment to leveraging its securities sales to bolster its cryptocurrency portfolio, potentially impacting its market positioning and stakeholder interests.
On November 6, 2025, Strategy Inc. entered into an underwriting agreement with several financial institutions for the issuance and sale of 7,750,000 shares of its 10.00% Series A Perpetual Stream Preferred Stock, priced at €80.00 per share. The offering is expected to generate approximately €620 million in gross proceeds, with net proceeds estimated at €608.8 million after expenses. The company plans to use these funds for general corporate purposes, including acquiring bitcoin and working capital. This move positions Strategy Inc. to strengthen its financial base and potentially enhance its market presence by leveraging the raised capital for strategic investments.
On November 4, 2025, Strategy Inc. consolidated its existing at-the-market offering programs to enhance efficiency in managing current and future offerings. This consolidation involved entering into an Omnibus Sales Agreement with multiple sales agents, allowing the company to issue and sell various types of shares, including preferred and common stock. The consolidation replaces previous sales agreements and includes filing a base prospectus supplement with the SEC. This strategic move aims to streamline operations and potentially improve market positioning, although the company has no obligation to sell any shares and market conditions may affect future sales.
On November 3, 2025, Strategy Inc announced its intention to conduct an initial public offering of 3,500,000 shares of its 10.00% Series A Perpetual Stream Preferred Stock, subject to market conditions. The proceeds from this offering are intended for general corporate purposes, including the acquisition of bitcoin and working capital. The stock will offer cumulative dividends at an annual rate of 10.00%, with provisions for compounded dividends if regular dividends are not paid. This move is part of Strategy’s broader financial strategy and could impact its market positioning and stakeholder interests.
On November 3, 2025, Strategy Inc announced updates on its at-the-market offering programs and bitcoin holdings. During the period from October 27 to November 2, 2025, the company sold various shares, raising significant net proceeds and maintaining a substantial amount available for future issuance. Additionally, Strategy acquired 397 bitcoins, increasing its total holdings to 641,205 bitcoins, reflecting its ongoing commitment to cryptocurrency investments.
On October 30, 2025, Strategy Inc announced an increase in the dividend rate for its Variable Rate Series A Perpetual Stretch Preferred Stock to 10.50%, effective from November 1, 2025. The company reported strong financial results for the third quarter of 2025, with a net income of $2.8 billion and a diluted EPS of $8.42. Strategy’s bitcoin holdings reached 640,808, contributing to a BTC $ Gain of $12.9 billion year-to-date. The company continues to expand its digital credit offerings and has received a ‘B-‘ credit rating from S&P, positioning itself as a leading issuer of digital credit globally.
On October 27, 2025, Strategy Inc. announced updates regarding its at-the-market offering programs and bitcoin holdings. During the period from October 20 to October 26, 2025, the company sold shares across various series of preferred stock, generating significant net proceeds. Additionally, Strategy Inc. acquired 390 bitcoins, increasing its aggregate holdings to 640,808 bitcoins. These updates reflect the company’s ongoing financial strategies and its commitment to maintaining transparency through its online dashboard, which provides public access to key financial metrics and disclosures.
On October 20, 2025, Strategy Inc. announced updates regarding its at-the-market offering programs and bitcoin holdings. During the period from October 13 to October 19, 2025, the company sold shares across various preferred stock series, generating net proceeds and maintaining a significant amount available for issuance. Additionally, Strategy Inc. acquired 168 bitcoins during this period, using proceeds from its ATM offerings, which contributed to its aggregate bitcoin holdings of 640,418 bitcoins.
On October 13, 2025, Strategy Inc announced updates on its at-the-market (ATM) offering programs and bitcoin holdings. During the period from October 6 to October 12, 2025, the company raised $27.3 million through its ATM offerings and purchased 220 bitcoins, bringing its total holdings to 640,250 bitcoins. These actions underscore Strategy Inc’s ongoing commitment to its Bitcoin-centric treasury strategy and its position as a significant player in the digital asset market.
On October 1, 2025, Strategy Inc.’s board of directors approved an increase in the annual cap for the security program for Michael J. Saylor, raising it from $1,400,000 to $2,000,000 for the year 2025. The company also maintains a dashboard on its website to provide public disclosures, including market prices of securities and bitcoin holdings. Strategy Inc. faces significant risks related to its substantial indebtedness, which could impact its ability to raise capital and execute its bitcoin strategy. The company’s debt level, including various convertible notes, could limit its financial flexibility and increase vulnerability to economic downturns, potentially affecting the liquidity and trading price of its STRK Stock.
Strategy Inc, a company dealing with digital assets, particularly bitcoin, has been impacted by recent interim guidance from the Treasury and IRS regarding the corporate alternative minimum tax (CAMT). The guidance, issued on September 30, 2025, allows corporations to disregard unrealized gains and losses on digital assets when calculating adjusted financial statement income, which determines CAMT applicability. As a result, Strategy Inc, which had anticipated being subject to CAMT from 2026 due to unrealized gains on its bitcoin holdings, now no longer expects to be affected by this tax.
On September 30, 2025, Strategy Inc announced an increase in the annual dividend rate for its Variable Rate Series A Perpetual Stretch Preferred Stock from 10.00% to 10.25%, effective from October 1, 2025. The company also declared a cash dividend of $0.854166667 per share for the month ending October 31, 2025, reflecting the new annual rate. This adjustment signifies a strategic financial decision aimed at enhancing shareholder value and potentially improving the company’s market position.
On September 29, 2025, Strategy Inc announced updates regarding its at-the-market offering programs and bitcoin holdings. During the period from September 22 to September 28, 2025, the company sold shares worth $128.1 million and acquired 196 bitcoins for $22.1 million, using proceeds from its ATM programs. These updates highlight Strategy’s ongoing efforts to manage its financial assets and expand its bitcoin portfolio, potentially impacting its market position and stakeholder interests.
Strategy Inc., a company involved in financial securities and cryptocurrency investments, announced updates on its at-the-market offering programs and bitcoin holdings on September 22, 2025. During the period from September 15 to September 21, 2025, the company sold 173,834 STRF shares and acquired 850 bitcoins, utilizing proceeds from its STRF and MSTR ATM programs. The updates reflect Strategy’s ongoing efforts to manage its securities and cryptocurrency portfolios, potentially impacting its market positioning and stakeholder interests.
On September 15, 2025, Strategy Inc. announced updates regarding its at-the-market offering programs and bitcoin holdings. The company sold shares from various preferred stock series, generating significant net proceeds, and acquired additional bitcoin, increasing its aggregate holdings. These updates reflect Strategy’s ongoing financial strategies and its commitment to transparency through its online dashboard, which provides public access to key financial metrics and disclosures.
Strategy Inc. announced updates on September 8, 2025, regarding its at-the-market offering programs and bitcoin holdings. During the period from September 2 to September 7, 2025, the company sold shares across various ATM programs, resulting in significant net proceeds and available issuance. Additionally, Strategy Inc. acquired 1,955 bitcoins, utilizing proceeds from its ATM programs, reflecting its ongoing investment in cryptocurrency.