MSTR

Strategy Inc, together with its subsidiaries, operates as a bitcoin treasury company in the United States, Europe, the Middle East, Africa, and internationally. The company offers investors varying degrees of economic exposure to Bitcoin by offering a range of securities, including equity and fixed income instruments. It 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; and 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.

Strategy Inc (MSTR)

Executive Summary

In a bull case, Strategy Inc benefits from substantial Bitcoin appreciation and significant growth in its software business. This scenario would lead to a substantial increase in share price.

Investment Thesis

The Bull Case

In a bull case, Strategy Inc benefits from substantial Bitcoin appreciation and significant growth in its software business. This scenario would lead to a substantial increase in share price.

Catalysts:

Significant Bitcoin price appreciation
Successful expansion of AI-powered software offerings
Regulatory clarity for Bitcoin, reducing market uncertainty.

The Bear Case (Risks)

A bear case would involve a significant drop in Bitcoin price, coupled with continued losses or slow growth in their software business. The company's high debt levels could exacerbate losses.

Risks:

Bitcoin price volatility
High debt levels
Regulatory uncertainty
Competition in software analytics

📊 The Numbers

Revenue & Growth

Revenue Trend

Revenue has grown at a CAGR of -0.0% over the last period.

Valuation

Fair Value Estimate: $75 (Upside: 0.2%) Price-to-Sales (P/S)

Strengths	Weaknesses
Large Bitcoin holdings.	High debt levels.
Established software platform.	Reliance on Bitcoin price appreciation.
Experienced management team.	Negative free cash flow.

MSTR

Strategy Inc (MSTR)

Executive Summary

Investment Thesis

The Bull Case

The Bear Case (Risks)

📊 The Numbers

Revenue & Growth

Valuation

🛡️ Competitive Moat

SWOT Analysis

Key Differentiators

⚠️ Red Team Risk Assessment

Competitors

Conclusion

MSTR Valuation Model

Strategy Inc (MSTR)