Strategy, formerly known as MicroStrategy, is a publicly traded American company (NASDAQ: MSTR) that operates with a dual business model. It functions as an enterprise software company providing business intelligence (BI) and artificial intelligence (AI) powered analytics, while also being a prominent corporate holder of Bitcoin, which it uses as its primary treasury reserve asset. ^{[1] [2]}

History

The company was founded as MicroStrategy in 1989 by Michael Saylor. ^[2] For over three decades, it focused on developing and selling enterprise software, establishing itself as a significant player in the business intelligence industry. The company claims to be the largest independent, publicly traded business intelligence company in the world. ^[1]

A pivotal shift in the company's corporate strategy began with its decision to adopt Bitcoin as its primary treasury reserve asset. This move distinguished it from other technology companies and positioned it as a pioneer in corporate treasury management using digital assets. This dual focus on software and Bitcoin eventually led to a major rebranding initiative.

In February 2025, the company officially changed its name from MicroStrategy to Strategy. The change was framed as a simplification of the brand identity to reflect its evolved corporate mission. The company referenced this philosophy in a social media post, quoting Antoine de Saint-Exupéry:

"Perfection is achieved, not when there is nothing more to add, but when there is nothing left to take away." ^{[1] [2]}

Overview

Strategy's corporate structure is built upon two distinct but complementary pillars: its long-standing enterprise software division and its more recent, high-profile Bitcoin acquisition strategy. The company's leadership states that "the combination of our operating structure, Bitcoin strategy, and focus on technology innovation provides a unique opportunity for value creation." ^[1]

This integrated approach allows the company to generate revenue from its software operations, which can then be used to further its capital allocation strategy, primarily through the acquisition of more Bitcoin.

The software arm of the business provides a cloud-native, AI-powered enterprise analytics platform to thousands of customers globally. With over 35 years of experience in the sector, this division provides a stable operational foundation for the company. The Bitcoin strategy involves acquiring and holding the cryptocurrency on its balance sheet as a primary treasury reserve asset, a move intended to protect against the devaluation of fiat currency and to create long-term value for shareholders. The company actively promotes this strategy and organizes events to educate other corporations on its approach. As a result of its extensive holdings, Strategy identifies itself as the "world's first and largest Bitcoin Treasury company." ^[1]

The company maintains a public-facing financial data dashboard on its primary website, strategy.com. This dashboard provides real-time and historical data on its stock performance (MSTR), the value of its Bitcoin holdings, corporate liabilities, and other market metrics. This level of transparency is a core component of its investor relations, allowing stakeholders to track the performance of both its software business and its Bitcoin treasury in detail. The data for this dashboard is sourced from the financial data platform Polygon.io. ^[3]

Business Model

Strategy's operations are formally divided into two core segments that define its market identity and revenue streams.

Enterprise Software

The foundation of Strategy's business is its enterprise software division. The company develops and markets an analytics platform designed to help organizations analyze internal and external data to make more informed business decisions. The platform is described as being cloud-native, which allows for scalability and accessibility, and is enhanced with artificial intelligence capabilities to provide predictive analytics and automated insights. This technology serves a diverse global client base, ranging across various industries.

The company leverages its decades of experience to maintain its position in the competitive business intelligence market. Revenue from software licensing, subscriptions, and consulting services provides the primary operational cash flow for the corporation. ^[1]

Bitcoin Treasury Strategy

Strategy has gained significant attention for its pioneering approach to corporate treasury management. The company was one of the first publicly traded corporations to adopt Bitcoin as its primary treasury reserve asset. This strategy involves using corporate funds, including cash from operations and proceeds from capital raises, to systematically purchase and hold Bitcoin. The company's stated rationale is to use the digital asset as a hedge against monetary inflation and as a store of value with the potential for significant appreciation.

The company has made numerous Bitcoin acquisitions since initiating this strategy. According to a company announcement on October 13, 2025, it had made at least 82 separate purchases of the asset. The company's philosophy on this approach was summarized in a social media post stating, "$BTC is the universal M&A target." ^[2]

As of October 12, 2025, the company's holdings were reported as follows:

• Total Bitcoin Holdings: 640,250 BTC
• Total Acquisition Cost: Approximately $47.38 billion
• Overall Average Purchase Price: Approximately $74,000 per bitcoin

The most recent acquisition announced on October 13, 2025, involved the purchase of an additional 220 BTC for approximately $27.2 million, at an average price of around $123,561 per bitcoin. ^[5]

The company also reported a "BTC Yield of 25.9% YTD 2025," reflecting the performance of its holdings. These figures underscore the scale of Strategy's commitment to its Bitcoin treasury, which represents a substantial portion of the company's overall enterprise value. ^[2]

Financial Products

In addition to its common stock (NASDAQ: MSTR), Strategy offers several financial products in the form of preferred securities. These instruments are designed to provide investors with income through dividends and represent another avenue through which the company raises capital.

The known preferred securities and their associated ticker symbols include:

• Stretch ($STRC): This is an income-focused product that offers a 10.25% annual dividend rate, with dividends paid to investors on a monthly basis.
• Other Preferred Securities: The company has also issued other series of preferred stock under the tickers $STRK, $STRF, and $STRD.

Information regarding the tax implications of these dividends, specifically related to "Return of Capital," is made available to investors through the company's official channels. These financial products diversify the company's capital structure and appeal to a different class of investors compared to those holding its common stock. ^[2]

Corporate Affairs

Key Figures

• Michael Saylor: The founder of the original company, MicroStrategy, in 1989. He has been the primary architect of the company's pivot to a Bitcoin-focused treasury strategy and remains a prominent public figure and advocate for the digital asset. ^[4]

Events

Strategy hosts several major events aimed at its customers, partners, and the broader business community. These events serve as platforms for product announcements, industry education, and networking.

• Strategy World: An annual conference that brings together professionals from the data analytics and business intelligence fields. The event showcases the latest features of the company's software platform, customer success stories, and industry trends. The company has already begun promoting Strategy World 2026. ^[1]
• Bitcoin for Corporations: A specialized event series focused on educating corporate executives and investors on the strategic and practical aspects of incorporating Bitcoin into a company's balance sheet. This event directly supports the company's Bitcoin treasury mission by promoting its adoption among other businesses. ^[1]