Strategy

Strategy Inc is a US public company that describes itself as the largest institutional holder of bitcoin and the world's first Bitcoin Treasury Company. It is also still a business-intelligence software company: its software segment sells the analytics products that MicroStrategy was known for, and reported net income of $3.7 million in the second quarter of 2026. Wikidata dates the company to 1989 and lists Michael Saylor and Sanju Bansal as founders.

According to its 10-K, the company changed its legal name from MicroStrategy Incorporated to Strategy Inc on 11 August 2025. It is incorporated in Delaware and based in Tysons Corner, Virginia.

Michael J. Saylor is Chairman of the Board and Executive Chairman; Phong Le is President and Chief Executive Officer; Andrew Kang is Executive Vice President and Chief Financial Officer. Saylor controls the company in practice: at 30 June 2026 he beneficially owned 19,616,680 class B shares, which carry ten votes each, giving him 35.8% of the total voting power. At the end of 2025 Strategy had 1,539 employees, 448 of them in the United States.

As of 25 October 2026 Strategy held approximately 848,517 bitcoin, bought for an aggregate $64.02 billion, or about $75,446 per coin including fees, according to its 26 October 2026 filing. Its website dashboard puts that at 4.04% of bitcoin's 21 million total supply. Strategy reports its holdings in a weekly Form 8-K, usually filed on Monday, and on the dashboard at strategy.com, which it designates as a disclosure channel under Regulation FD.

The holdings have not only gone up. Strategy announced its first bitcoin purchase in August 2020. Between 29 June and 5 July 2026, with bitcoin trading near $60,000 and well below its average cost, it sold 3,588 BTC for about $216 million and used the proceeds to pay preferred dividends and refill its USD Reserve. Holdings fell to 843,775 BTC by 5 July. Purchases resumed later in the year: in the week to 11 October 2026, for example, it bought 250 BTC at an average of $86,194, and in the week to 25 October it neither bought nor sold.

Strategy buys bitcoin with money raised in the capital markets rather than from operating profits. It sells class A shares (MSTR) through at-the-market programs, issues perpetual preferred stock, and has issued convertible notes. When MSTR trades above the value of the bitcoin behind each share, selling new shares and buying bitcoin raises the amount of bitcoin per share; Strategy tracks this with its own measures such as BTC Yield and mNAV, the ratio of its enterprise value to its bitcoin. On the 28 October 2026 close its dashboard showed an mNAV of 1.14x.

The model has a second half that matters more when prices fall. Issuing shares when they trade near or below the value of the bitcoin adds little or none, and the fixed costs remain: Strategy's dashboard shows about $1.5 billion a year of interest and preferred dividends. To cover them, Strategy keeps a USD Reserve, $4.83 billion on 25 October 2026, and its board has authorized a BTC Monetization Program that lets it sell bitcoin to fund the reserve, dividends and interest when management judges that cheaper than issuing shares. The July 2026 sales were made for that purpose.

Strategy's 10-Q says the trading price of its securities can deviate significantly from the fair market value of its bitcoin. In practice that cuts both ways, since a premium can shrink as well as grow. The dashboard showed a one-year return on MSTR of minus 49.0% on 28 October 2026.

At 30 June 2026 Strategy had about $6.75 billion of outstanding indebtedness, almost all of it convertible senior notes, and its 10-Q states that all of it ranks ahead of the preferred and common stock. The notes convert into shares if the share price is high enough; if it is not, they are repaid in cash at maturity or when holders can require repurchase, which is when a falling share price turns them into ordinary debt.

Above the common stock but below the debt sit five series of perpetual preferred stock, which Strategy calls digital credit. At 30 June 2026 their aggregate liquidation preference was: STRF (10%, cumulative) $1.28 billion; STRC (variable rate, 11.50% then, cumulative) $10.49 billion; STRE (10%, euro-denominated, listed in Luxembourg) €884 million; STRK (8%, cumulative, convertible into class A shares) $1.40 billion; and STRD (10%, non-cumulative) $1.40 billion. The dashboard total on 28 October 2026 was $13.3 billion.

On 28 October 2026 shareholders gave preliminary approval to amend all four Nasdaq-listed preferred series to pay dividends daily, from 1 November 2026 for STRC and from 1 January 2027 for the others. Strategy has also been buying back STRC: $204.9 million in the week to 25 October 2026 alone, with $956.8 million left in its preferred repurchase authorization and $1.0 billion in its MSTR repurchase authorization.

For an MSTR shareholder the order is simple: noteholders first, then preferred holders, then common stock. Bitcoin held by the company backs all of them, but MSTR holders have the last claim on it.

Buying MSTR buys equity in an operating company, not bitcoin. There is no way to redeem shares for coins, and nothing forces the share price to track the holdings. Spot bitcoin exchange-traded funds hold coins for their shareholders with a creation and redemption process that keeps the fund close to the value of its bitcoin; Strategy has no such mechanism and carries debt, preferred obligations, a software business and the judgment of its management.

That makes MSTR a leveraged and actively managed exposure to bitcoin, and its volatility reflects it: the dashboard showed 30-day historical volatility of 79.9% on 28 October 2026. Holding bitcoin directly, in an ETF or in self-custody, removes the corporate layers along with their upside and downside. Our guide on the best way to hold bitcoin long term sets out the custody choices for those who want the coin itself.

Strategy holds substantially all of its bitcoin with US-based custodians: Anchorage Digital Bank N.A., Coinbase Custody Trust Company, LLC, a subsidiary of Coinbase, and Fidelity Digital Assets, NA. Its 10-Q says it spreads holdings across custodians to limit exposure to any one of them, that its contracts let it move bitcoin between them, and that it may use other arrangements, including self-custody, in future. Strategy values its bitcoin at fair value using the Coinbase exchange as its principal market.

Strategy's filings do not list wallet addresses for its holdings. Its bitcoin balances are reported in SEC filings, including the audited annual financial statements in its 10-K, which is a different kind of evidence from an on-chain proof.

Strategy reports two segments. The Software segment designs, sells and supports an enterprise analytics platform through cloud subscriptions, licences, product support, consulting and education. Its revenue was $122.4 million in the second quarter of 2026 and $246.7 million in the first half, up $7.9 million and $21.1 million on the same periods of 2025, as on-premises customers moved to the cloud subscription service. The segment earned $3.7 million in the second quarter but lost $485.7 million over the first half.

The Bitcoin segment, reported separately from the second quarter of 2026, covers buying and holding bitcoin, issuing shares and preferred stock through at-the-market programs, and running the USD Reserve. It lost $8.22 billion in the second quarter and $20.28 billion in the first half, almost all of it unrealized losses on bitcoin.

The comparison shows where the company's value now sits. The software business produces revenue of roughly half a billion dollars a year at its first-half pace, while the bitcoin position is worth tens of billions, so movements in bitcoin decide Strategy's results and share price far more than the software does. Readers searching for MicroStrategy dashboards or analytics products are looking at the Software segment, which is sold under the Strategy brand.

These risks are described at length in the risk factors of Strategy's 10-K and 10-Qs, which are the authoritative list.

• Bitcoin price: under fair-value accounting, falls in bitcoin flow straight into earnings. Strategy reported a net loss of $20.76 billion for the first half of 2026, and its bitcoin was worth less than its cost at 30 June 2026.
• Funding: about $1.5 billion a year of interest and dividends must be paid from the USD Reserve, new issuance or bitcoin sales.
• Dilution: Strategy announced a further $21 billion MSTR at-the-market program on 23 March 2026; new shares reduce existing holders' share of the bitcoin unless the premium makes them accretive.
• Control: Saylor's class B shares carry 35.8% of the vote, so outside shareholders have limited say.
• Index treatment: MSCI decided on 6 January 2026 not to exclude digital asset treasury companies from its indexes for now, but opened a broader consultation on non-operating companies that could reopen the question.
• Custody: a failure at one of three custodians, or a key loss, would hit the main asset.

The most reliable record of Strategy's bitcoin purchases is its weekly Form 8-K on SEC EDGAR, which gives the coins bought or sold, the price paid, how the purchases were funded and the updated totals. The strategy.com dashboard mirrors these numbers with live market data. Our news coverage, such as Strategy's purchases during Fed rate-hike fears, reports those filings as they land.

Strategy's bitcoin era began in 2020; most of the capital structure described above was built in 2025.

• 1989: MicroStrategy founded.
• August 2020: first bitcoin purchase announced; in September the board adopts a Treasury Reserve Policy naming bitcoin its primary treasury reserve asset.
• 2025: perpetual preferred series STRK, STRF, STRD, STRC and STRE issued between February and November.
• May to August 2025: securities class action filed and then dismissed by its lead plaintiffs.
• 11 August 2025: legal name changed from MicroStrategy Incorporated to Strategy Inc.
• 6 January 2026: MSCI keeps digital asset treasury companies in its indexes for now.
• 29 June to 5 July 2026: 3,588 BTC sold to fund preferred dividends.
• 28 October 2026: shareholders back daily preferred dividends.