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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 | 11.00B | -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 |
|---|---|---|---|---|---|---|---|
69 Neutral | $44.75B | 71.44 | 7.34% | ― | 13.35% | -60.76% | |
69 Neutral | $40.58B | 391.97 | 3.52% | ― | 26.63% | -46.13% | |
64 Neutral | $51.60B | 47.25 | 40.33% | ― | 15.62% | 2.59% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
59 Neutral | $27.64B | -149.20 | -15.35% | ― | 19.51% | 53.35% | |
58 Neutral | $37.09B | 6.00 | 25.59% | 0.08% | 1.65% | ― | |
52 Neutral | $56.56B | -40.96 | -53.32% | ― | 28.48% | -19.12% |
Strategy Corporate Events
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.
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.
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 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.
The most recent analyst rating on (MSTR) stock is a Hold with a $214.00 price target. To see the full list of analyst forecasts on Strategy stock, see the MSTR Stock Forecast page.
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.
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.
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.