Strategy Inc
Strategy Inc, together with its subsidiaries, operates as a bitcoin treasury company in the United States, Europe, the Middle East, Africa, and internationally. It offers investors varying degrees of economic exposure to Bitcoin by offering a range of securities, including equity and fixed income instruments. The company also provides AI-powered enterprise analytics software, including Strategy One, which provides non-technical users with the ability to directly access novel and actionable insights for decision-making. In addition, the company provides Strategy Mosaic, a universal intelligence layer that offers enterprises with consistent definitions and governance across data sources, regardless of where that data resides or which tools access it. The company was formerly known as MicroStrategy Incorporated and changed its name to Strategy Inc in August 2025. The company was incorporated in 1989 and is headquartered in Tysons Corner, Virginia.
What does it do?
Strategy Inc is essentially a company that uses its balance sheet to buy and hold Bitcoin — think of it like a publicly traded Bitcoin piggy bank. It started as a business software company, selling analytics tools that help non-technical employees understand company data without needing to know how to code. But today, its main identity is as a 'Bitcoin treasury company,' meaning it raises money from investors and uses that cash to buy as much Bitcoin as possible. If you buy a share of Strategy, you're largely betting on the price of Bitcoin going up.
Strategy matters right now because it's become one of the largest corporate holders of Bitcoin in the world, with over 500,000 Bitcoin on its balance sheet — making it a proxy for Bitcoin exposure inside a regular stock brokerage account. For investors who can't or don't want to deal with crypto wallets or exchanges, buying MSTR shares is one of the simplest ways to get amplified Bitcoin exposure. Its model has also inspired dozens of other companies to copy the same playbook, making it a trendsetter in how public companies think about holding digital assets.
How does it make money?
Strategy makes money in two distinct ways, though one dominates everything else. Its legacy software business brings in around $500 million a year selling enterprise analytics tools under the Strategy One brand — this has been flat for years and generates very little profit after costs. The real financial story is Bitcoin: the company issues new shares and debt instruments (essentially borrows money from investors) to buy more Bitcoin, hoping the asset appreciates faster than the cost of the debt. When Bitcoin goes up, the value of its holdings — worth tens of billions of dollars — rises dramatically, but when Bitcoin falls, those losses hit the income statement hard, which is why net income was negative $4.2 billion last year.
Why do investors care?
Investors are drawn to Strategy because it offers leveraged Bitcoin exposure — meaning gains are amplified beyond what you'd get just holding Bitcoin directly. The bull case is simple: if you believe Bitcoin will keep rising over the long term, Strategy's aggressive buying strategy means shareholders benefit even more than Bitcoin holders do. What has to go right is that Bitcoin's price must keep climbing, interest rates must stay manageable so the company can keep refinancing its debt cheaply, and investors must continue to trust the company enough to keep buying its shares and bonds so it can raise more money to buy more Bitcoin. The whole machine depends on confidence — in Bitcoin and in Strategy itself.
Deep Dive
MemberA full investor briefing on Strategy Inc — history, leadership, risks, and outlook.