MicroStrategy (MSTR · NASDAQ)

TechnologyNASDAQUSAMid-cap

A business‑intelligence firm turned Bitcoin treasury vehicle: Recently raised £2bn to buy more Bitcoin

MicroStrategy (rebranded to Strategy in early 2025) originally built its reputation selling business-intelligence and mobile-software solutions. Since 2020, the company shifted direction: it’s now among the world’s largest corporate Bitcoin holders.

Strategy Inc

MSTR: NASDAQ

153.92 USD

-2.04%

year to date

Market Cap$59.14B

Avg Volume54.67M

Price$153.92+16.39%

Pricing delayed 20 minutes Sep 18, 2026, 8:00 PM

Bull case for MicroStrategy

Bitcoin‑backed balance sheet
Deep crypto reserves create net asset floor and institutional appeal
Innovative financing engine
Preferred stock offers non-dilutive capital for continued BTC accumulation.
Community and momentum
Strong retail and ETF demand drive premium valuation versus NAV.

Bear case for MicroStrategy

Accounting & tax exposure
New mark-to-market rules may create large, recurring paper tax bills.
Operational sustainability
Software business is loss-making, cannot support dividend obligations alone.
Legal and regulatory scrutiny
Ongoing lawsuits allege misleading crypto disclosures and corporate governance failures.