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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.
Main Street DataStrategy 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $63.77B | 62.07 | 40.20% | ― | 13.99% | -0.95% | |
72 Outperform | $64.88B | 626.73 | 3.52% | ― | 26.63% | -46.13% | |
72 Outperform | $61.63B | 106.75 | 6.66% | ― | 14.21% | -62.56% | |
69 Neutral | $87.08B | ― | -42.45% | ― | 28.37% | -35.49% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
59 Neutral | $40.09B | ― | -15.35% | ― | 19.51% | 53.35% | |
56 Neutral | $57.40B | 9.29 | 25.59% | 0.08% | 1.65% | ― |
Strategy Corporate Events
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.
The most recent analyst rating on (MSTR) stock is a Buy with a $535.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.
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.
The most recent analyst rating on (MSTR) stock is a Buy with a $484.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.
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.
The most recent analyst rating on (MSTR) stock is a Hold with a $246.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.
Strategy Incorporated faces significant risks related to potential downgrades in its credit ratings, which are currently below investment grade according to Standard & Poor’s. Such downgrades could severely impact the company’s ability to access funding sources in the credit and capital markets, potentially increasing the cost and altering the terms of obtaining necessary funding. This situation could adversely affect the company’s financial condition, operating results, and cash flow, leading to a decline in the market price of its class A common stock and Preferred Stock. Investors are cautioned that these risks, along with other unknown or currently deemed immaterial risks, could result in the loss of all or part of their investment.
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.
The most recent analyst rating on (MSTR) stock is a Buy with a $630.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.
Microstrategy’s recent earnings call showcased a robust financial performance and strategic advancements, particularly in Bitcoin accumulation and financial innovation. The company reported notable achievements, yet acknowledged challenges related to regulatory environments and credit rating perceptions that could pose potential risks.
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.
The most recent analyst rating on (MSTR) stock is a Sell with a $175.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.
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.
The most recent analyst rating on (MSTR) stock is a Buy with a $474.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.
Strategy Inc, known as the world’s first and largest Bitcoin Treasury Company, operates in the digital asset and enterprise analytics sectors, focusing on accumulating Bitcoin as its primary treasury reserve asset.
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.
The most recent analyst rating on (MSTR) stock is a Buy with a $620.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.
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.
The most recent analyst rating on (MSTR) stock is a Hold with a $277.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.
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.
The most recent analyst rating on (MSTR) stock is a Buy with a $620.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.
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.
The most recent analyst rating on (MSTR) stock is a Buy with a $705.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.
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.
The most recent analyst rating on (MSTR) stock is a Hold with a $340.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.
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.
The most recent analyst rating on (MSTR) stock is a Sell with a $175.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.
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.
The most recent analyst rating on (MSTR) stock is a Sell with a $175.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.
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.
The most recent analyst rating on (MSTR) stock is a Hold with a $344.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.
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.
The most recent analyst rating on (MSTR) stock is a Hold with a $344.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.
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.
The most recent analyst rating on (MSTR) stock is a Buy with a $640.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.
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.
The most recent analyst rating on (MSTR) stock is a Buy with a $705.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.
On August 31, 2025, Strategy Inc. announced an increase in the dividend rate for its Variable Rate Series A Perpetual Stretch Preferred Stock from 9.00% to 10.00%, effective from September 1, 2025. Additionally, on September 2, 2025, the company declared cash dividends for various preferred stock series, payable on September 30, 2025, with specific per-share amounts detailed for each series.
The most recent analyst rating on (MSTR) stock is a Buy with a $705.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.
Strategy Inc. announced updates on September 2, 2025, regarding its at-the-market offering programs and bitcoin holdings. From August 26 to September 1, 2025, the company sold various shares, including STRF, STRK, STRD, and MSTR, generating net proceeds of $471.8 million. Additionally, Strategy Inc. acquired 4,048 bitcoins at an aggregate purchase price of $449.3 million, increasing its total bitcoin holdings to 636,505.
The most recent analyst rating on (MSTR) stock is a Buy with a $705.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.
Strategy Inc has announced an update to its Dividend Adjustment Framework for its Variable Rate Perpetual Stretch Preferred Stock (STRC Stock). The new framework outlines specific dividend rate recommendations based on the stock’s five-day volume-weighted average price, aiming to maintain the trading price near $100 per share. This structured approach is subject to the Board of Directors’ approval and aims to align with the company’s and stockholders’ best interests, although there is no assurance of achieving the intended price stability.
The most recent analyst rating on (MSTR) stock is a Buy with a $464.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.
On August 25, 2025, Strategy Inc announced updates on its at-the-market offering programs and bitcoin holdings. Between August 18 and August 24, 2025, the company sold shares worth $357 million across different classes of preferred stock and acquired 3,081 bitcoins for $356.9 million. These transactions reflect Strategy’s ongoing strategy to leverage its stock offerings to bolster its cryptocurrency portfolio, potentially impacting its market positioning and stakeholder interests.
The most recent analyst rating on (MSTR) stock is a Sell with a $175.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.
On August 18, 2025, Strategy Inc. announced updates to its at-the-market offering programs and bitcoin holdings. The company plans to issue MSTR shares to manage debt obligations and fund dividends when its market value is below a certain threshold. Additionally, Strategy Inc. acquired 430 bitcoins during the period from August 11 to August 17, 2025, using proceeds from its ATM programs, reflecting its ongoing commitment to integrating cryptocurrency into its financial strategy.
The most recent analyst rating on (MSTR) stock is a Buy with a $195.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.