Strategy
MSTRNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $121.07 Prior regular-session close from the quote source.
- $120.21–$124.14 Regular-session low and high so far today.
- 13.6M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $81.81–$234.84 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own MSTR if Strategy Inc creates durable shareholder value by pairing a uniquely large corporate bitcoin treasury (used as balance-sheet backing and to underwrite novel digital-credit instruments) with a differentiated AI-powered enterprise analytics software business that can.
MSTR price history
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Investment thesis
What must happen next
The USD cash reserve and the company’s capital‑markets programs let Strategy fund preferred dividends/interest and bitcoin accumulation without forced btc sales, reducing the need to liquidate holdings during downturns.HoldingMateriality: High
CashAndCashEquivalentsAtCarryingValue (cash) = 2,301,470,000 USD at 2025-12-31. If true, the company can accumulate/hold bitcoin and issue digital-credit while avoiding distress sales that crystallize losses; if false, the firm may be forced to sell BTC or dilute equity, destroying shareholder value.
Watch: A sustained collapse in BTC liquidity or a collapse in the market for the preferred/digital credit instruments (investors stop buying them).
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
CashAndCashEquivalentsAtCarryingValue (cash) = 2,301,470,000 USD at 2025-12-31.
Open source ↗The enterprise analytics product portfolio (Strategy One, Mosaic, generative-AI capabilities) can produce durable, growing recurring revenue and healthy gross margins that reduce overall earnings volatility from bitcoin remeasurement.HoldingMateriality: High
Annual revenue is a material recurring line: 477,233,000 USD in FY2025 and product descriptions in MD&A point to cloud-native, AI-driven offerings. If software grows and margins scale, Strategy’s equity can be valued on recurring cash flows rather than BTC mark-to-market swings; if software stagnates or loses customers to large cloud-native competitors, the company remains a pure BTC bet and equity will track bitcoin.
Watch: Large, well-capitalized cloud vendors (Microsoft, Google, Snowflake, Salesforce) accelerating enterprise analytics/AI offerings and winning customers away.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Annual revenue is a material recurring line: 477,233,000 USD in FY2025 and product descriptions in MD&A point to cloud-native, AI-driven.
Open source ↗GAAP profitability will remain highly volatile because material unrealized gains or losses on digital assets flow through operating/net results unless the company produces substantial recurring operating cash flow from software or monetization structures.StrengtheningMateriality: Medium
OperatingIncomeLoss = -5,444,385,000 USD in FY2025 vs -1,852,978,000 USD in FY2024, showing large year-over-year GAAP swings tied to digital asset accounting and impairments described in MD&A. If true, EPS and operating income will swing with BTC prices, complicating valuation and investor sentiment; if Strategy secures recurring operating cash independent of BTC, GAAP volatility lessens and valuation can shift to cash‑flow fundamentals.
Watch: Adoption of different accounting treatments or a shift to monetization methods that recognize income as operating cash (e.g., sustained net interest/dividend-like cash from digital-credit instruments).
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
OperatingIncomeLoss = -5,444,385,000 USD in FY2025 vs -1,852,978,000 USD in FY2024, showing large year-over-year GAAP swings tied to digital asset.
Open source ↗
Full investment case & evidence
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Original research
The USD cash reserve and the company’s capital‑markets programs let Strategy fund preferred dividends/interest and bitcoin accumulation without forced btc sales, reducing the need to liquidate holdings during downturns. If true, the company can accumulate/hold bitcoin and issue digital-credit while avoiding distress sales that crystallize losses; if false, the firm may be forced to sell BTC or dilute equity, destroying shareholder value.
The enterprise analytics product portfolio (Strategy One, Mosaic, generative-AI capabilities) can produce durable, growing recurring revenue and healthy gross margins that reduce overall earnings volatility from bitcoin remeasurement. If software grows and margins scale, Strategy’s equity can be valued on recurring cash flows rather than BTC mark-to-market swings; if software stagnates or loses customers to large cloud-native competitors, the company remains a pure BTC bet and equity will track bitcoin.
GAAP profitability will remain highly volatile because material unrealized gains or losses on digital assets flow through operating/net results unless the company produces substantial recurring operating cash flow from software or monetization structures. If true, EPS and operating income will swing with BTC prices, complicating valuation and investor sentiment; if Strategy secures recurring operating cash independent of BTC, GAAP volatility lessens and valuation can shift to cash‑flow fundamentals.
All standing thesis claims
Original report summary
Strategy Inc creates durable shareholder value by pairing a uniquely large corporate bitcoin treasury (used as balance-sheet backing and to underwrite novel digital-credit instruments) with a differentiated AI-powered enterprise analytics software business that can.
Bull case and bear case
Bull case and bear case for Strategy
Where the evidence on Strategy stands: Holding on the latest evidence (Nov 9, 2026). Of its 3 thesis points, 1 strengthening and 2 holding.
Bull case: what the evidence supports
The USD cash reserve and the company’s capital‑markets programs let Strategy fund preferred dividends/interest and bitcoin accumulation without forced btc sales, reducing the need to liquidate holdings during downturns.
The enterprise analytics product portfolio (Strategy One, Mosaic, generative-AI capabilities) can produce durable, growing recurring revenue and healthy gross margins that reduce overall earnings volatility from bitcoin remeasurement.
GAAP profitability will remain highly volatile because material unrealized gains or losses on digital assets flow through operating/net results unless the company produces substantial recurring operating cash flow from software or monetization structures.
Bear case: what would count against it
A sustained collapse in BTC liquidity or a collapse in the market for the preferred/digital credit instruments (investors stop buying them).
Large, well-capitalized cloud vendors (Microsoft, Google, Snowflake, Salesforce) accelerating enterprise analytics/AI offerings and winning customers away.
Adoption of different accounting treatments or a shift to monetization methods that recognize income as operating cash (e.g., sustained net interest/dividend-like cash from digital-credit instruments).
Thesis-Break Engine
Thesis-break watch · Strategy
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedRegulation FD disclosure.
Strategy filed an SEC 8-K on 2026-11-02: Regulation FD disclosure. It is a dated development that tests the current thesis.
- MixedMaterial modification to security holder rights.
Strategy filed an SEC 8-K on 2026-10-29: Material modification to security holder rights. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Strategy filed an SEC 8-K on 2026-10-29: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- A sustained collapse in BTC liquidity or a collapse in the market for the preferred/digital credit instruments (investors stop buying them).
- Large, well-capitalized cloud vendors (Microsoft, Google, Snowflake, Salesforce) accelerating enterprise analytics/AI offerings and winning customers away.
- Adoption of different accounting treatments or a shift to monetization methods that recognize income as operating cash (e.g., sustained net interest/dividend-like cash from digital-credit instruments).
MSTR news
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Financial statements
MSTR income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
MSTR: quick answers
- What is MSTR's short interest?
- As of October 30, 2026, 26.8M MSTR shares were sold short, 6.66% of its shares outstanding, down 7.8% from the count before. At the stock's average daily volume that is 1.4 days to cover. FINRA publishes the count twice a month. MSTR short interest history
- Have members of Congress traded MSTR?
- Reports made public in the last 90 days disclose 5 trades in MSTR by 1 filer: 3 purchases and 2 sales. They are filed under the STOCK Act by members of Congress, the President and senior officials. Every disclosed MSTR trade
- Which well-known investors own MSTR?
- 2 of the 37 well-known funds tracked here reported MSTR shares in their latest 13F filings. By share of the fund's portfolio: Miller Value Partners (Bill Miller), 1.0%; Bridgewater Associates (Ray Dalio), 0.0%. Fund portfolios
MSTR in well-known investors’ portfolios
2 of 37 funds reported MSTR shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Bill MillerMiller Value Partners | 1.0% | $4.4M | −3.6% | Q2 2026 |
| Ray DalioBridgewater Associates | 0.00% | $484K | No change | Q2 2026 |