Strategy (MSTR)
Sells enterprise business-intelligence software while holding more bitcoin than any other public company.
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Sells business-intelligence and analytics software to enterprise customers, while separately holding more bitcoin than any other publicly traded company as its primary treasury reserve asset. Bitcoin purchases are funded through ongoing convertible-note, common-stock, and multi-series perpetual-preferred issuance rather than through corporate acquisitions.
Founded in 1989 as an MIT-rooted data-mining and business-intelligence software firm, the company built a multi-decade enterprise-software business before listing on Nasdaq in 1998.
That software business remains active, selling business-intelligence and analytics tools to large enterprise customers and generating operating cash flow separate from Bitcoin holdings.
The company has since redirected treasury toward bitcoin, accumulating more of it than any other publicly traded company and later renaming itself to make that identity primary. Purchases are funded through convertible notes, common-stock issuance, and several series of perpetual preferred stock.
A separate chief executive runs daily operations while the founder, now executive chairman, focuses on the Bitcoin strategy. Continued capital-markets access underpins further accumulation within the same corporate structure carried through the rebrand.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 15, 2026 | Barclays | Reiterate | Rating: —Target: $125 | Target: $160 |
| Sep 8, 2026 | Canaccord Genuity | Reiterate | Rating: —Target: $175 | Target: $179 |
| Sep 1, 2026 | Alliance Global Partners | Initiate | Rating: — | |
| Sep 1, 2026 | Industrial Alliance Securities | Target | Target: — | Target: $217 |
| Aug 26, 2026 | Bernstein | Reiterate | Rating: —Target: $450 | Target: $350 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $2.45B · Total debt $6.77B · Total assets $52.56B · Shareholders' equity $45.33B
- Revenue
- $122.4M
- Operating income
- −$8.33B
- Net income
- −$8.22B
No dividends on record.
| Institutions | 55.00% | 211.31M shares | |
|---|---|---|---|
| 1,012 holders · as of Jun 30, 2026 | |||
| Insiders | 0.08% | 292.7K shares | |
| 11 holders · as of Aug 31, 2026 | |||
| Other | 44.92% | 172.63M shares | |
| remainder | |||
384.23M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Two share counts disagree (384.23M in the company's Sep 22, 2026 report, 330.81M elsewhere); stakes use the report.
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Capital International InvestorsInstitution | 9.08% | 34.90M A | as of Jun 30, 2026 |
BlackRock, Inc.Institution | 5.05% | 19.39M A | as of Jun 30, 2026 |
Vanguard Portfolio Management LLCInstitution | 4.00% | 15.35M A | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 3.89% | 14.94M A | as of Jun 30, 2026 |
Invesco Ltd.Institution | 2.43% | 9.34M A | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Sep 4, 2026 | Thomas C. Chow | officer: EVP & General Counsel | −106 | $138.75 |
| Aug 27, 2026 | Jarrod M. Patten | director | −1,850 | $130.00 |
| Aug 25, 2026 | Jarrod M. Patten | director | −2,775 | $125.33 |
| Aug 24, 2026 | Jarrod M. Patten | director | −925 | $122.34 |
| Aug 7, 2026 | Jarrod M. Patten | director | −3,800 | $102.41 |
- Microsoft
Head-to-head in enterprise BI, where Power BI holds dominant market share.
- Twenty One Capital
Rival pure-play public Bitcoin treasury backed by Tether and SoftBank.
- Salesforce
Contests advanced data visualization through Salesforce-owned Tableau.
- MARA
Rival public Bitcoin equity, accumulating BTC via mining and holding.
- SAP (ADR)
Competes in enterprise BI reporting via BusinessObjects and Crystal Reports.
- Coinbase
Alternative public equity exposure to Bitcoin via an exchange model.
ComparePre-market
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Strategy | $167.33 | −0.51% | $55.74B | — | 5.0 | 111.9 | +6.9% |
| Microsoft | $507.70 | +1.21% | $3.72T | 27.9 | 25.6 | 11.2 | +17.8% |
| Twenty One Capital | $6.60 | +0.23% | $68.1M | — | — | — | — |
| Salesforce | $240.31 | +1.58% | $193.63B | 21.6 | 16.1 | 4.4 | +10.8% |
| MARA | $13.18 | −1.02% | $5.06B | — | — | 6.3 | −26.7% |
| SAP (ADR) | $213.89 | +2.25% | $243.79B | 26.8 | 22.9 | 5.6 | +5.8% |
| Coinbase | $199.26 | −0.91% | $53.04B | — | 307.6 | 9.6 | −18.5% |
| Median | 26.8 | 24.2 | 6.3 | +5.8% |