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MicroStrategy Incorporated (Nasdaq: MSTR) is a publicly-traded company that operates as both a Bitcoin development company and a provider of enterprise analytics software. The company is dedicated to advancing the Bitcoin network by accumulating Bitcoin as its primary treasury reserve asset, while also offering AI-powered analytics software to help organizations make data-driven decisions. MicroStrategy's dual focus on Bitcoin and enterprise analytics positions it as a leader in both blockchain innovation and business intelligence solutions.
- Product Support - Provides ongoing support and maintenance services for enterprise analytics software, ensuring customers can maximize the value of their technology investments.
- Product Licenses and Subscription Services - Offers software licenses and cloud-based subscription services for its AI-powered analytics platform, enabling organizations to deploy and scale business intelligence solutions.
- Other Services - Delivers consulting and education services to help clients implement and optimize their use of MicroStrategy's analytics software.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Andrew Kang Executive | Senior Executive Vice President & CFO | Board of Trustees at The Schenck School | Andrew Kang joined MicroStrategy in May 2022. He has over 20 years of experience in accounting, treasury, and capital markets, previously serving as CFO at Greensky, Inc. | |
Jeanine Montgomery Executive | Vice President & Chief Accounting Officer | None | Jeanine Montgomery is the Chief Accounting Officer at MicroStrategy. No additional details about her tenure or achievements are provided in the documents. | |
Phong Le Executive | President & Chief Executive Officer | None | Phong Le joined MicroStrategy in August 2015 and became CEO in August 2022. He has led the company’s Bitcoin strategy and executed a $42 billion capital plan. | |
W. Ming Shao Executive | Executive Vice President & General Counsel | None | W. Ming Shao is the General Counsel at MicroStrategy. No additional details about his tenure or achievements are provided in the documents. | |
Brian Brooks Board | Director | Chairman & CEO at Meridian Capital Group | Brian Brooks joined the MicroStrategy Board in December 2024. He has extensive experience in digital assets and regulatory matters, previously serving as Acting Comptroller of the Currency and CEO of Bitfury Group. | |
Carl J. Rickertsen Board | Independent Director | Managing Partner at Pine Creek Partners LLC; Board Member at Berry Global Inc. and Hut 8 Corp. | Carl J. Rickertsen has been a director at MicroStrategy since 2002. He has extensive experience in finance and capital markets and serves on multiple boards, including Berry Global Inc. and Hut 8 Corp. | |
Gregg Winiarski Board | Director | None | Gregg Winiarski joined the MicroStrategy Board in December 2024. He previously served as Chief Legal Officer at Fanatics Holdings, Inc. and General Counsel at IAC, Inc. | |
Jane Dietze Board | Director | Chief Investment Officer at Brown University; Board Member at Galaxy Digital | Jane Dietze joined the MicroStrategy Board in December 2024. She has a background in endowment management and private equity, currently serving as CIO at Brown University and a director at Galaxy Digital. | |
Jarrod M. Patten Board | Independent Director | Chairman of the Board at Core Scientific, Inc. | Jarrod M. Patten has been a director at MicroStrategy since 2004. He is the CEO of RRG, a global real estate consulting firm, and serves as Chairman of the Board at Core Scientific, Inc. | |
Leslie Rechan Board | Independent Director | Board Advisor at Lorica Cybersecurity; CEO of Rechan Consulting Group LLC | Leslie Rechan joined the MicroStrategy Board in 2018. He has expertise in corporate strategy and enterprise software and serves as a board advisor at Lorica Cybersecurity and CEO of Rechan Consulting Group LLC. | |
Michael J. Saylor Board | Executive Chairman | None | Michael J. Saylor is the founder of MicroStrategy and has been with the company since 1989. He transitioned from CEO to Executive Chairman in August 2022, focusing on long-term strategy and Bitcoin initiatives. | |
Stephen X. Graham Board | Independent Director | President of CrossHill Financial Group, Inc. | Stephen X. Graham has been a director at MicroStrategy since 2014. He is the President of CrossHill Financial Group and has extensive experience in finance, corporate governance, and operational controls. |
- Given the significant increase in leverage to acquire bitcoin, how do you plan to manage the financial risks associated with bitcoin's volatility, especially in the event of a substantial price decline?
- With the introduction of Strike and its 8% fixed dividend, can you elaborate on the sustainability of this dividend payment, particularly if capital markets conditions change or bitcoin prices fluctuate?
- The adoption of FASB's fair value accounting standard led to a one-time cumulative increase in retained earnings; how might future bitcoin price volatility impact your financial statements under this new accounting treatment?
- You have set a BTC yield target of 15% for 2025; what specific strategies will you employ to achieve this target, and what assumptions are you making about bitcoin market conditions and capital raising efforts?
- As you shift focus towards bitcoin treasury activities, how do you plan to maintain and grow your core software business to ensure it continues contributing meaningfully to the company's overall performance?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Competes in the enterprise analytics market, which is highly competitive and subject to rapidly changing technology and market conditions. Factors influencing competition include software quality, performance, reliability, service and support quality, marketing effectiveness, and the ability to incorporate advanced features like artificial intelligence. | |
Competes in the enterprise analytics market, which is highly competitive and subject to rapidly changing technology and market conditions. Factors influencing competition include software quality, performance, reliability, service and support quality, marketing effectiveness, and the ability to incorporate advanced features like artificial intelligence. | |
Competes in the enterprise analytics market, which is highly competitive and subject to rapidly changing technology and market conditions. Factors influencing competition include software quality, performance, reliability, service and support quality, marketing effectiveness, and the ability to incorporate advanced features like artificial intelligence. | |
Competes in the enterprise analytics market, which is highly competitive and subject to rapidly changing technology and market conditions. Factors influencing competition include software quality, performance, reliability, service and support quality, marketing effectiveness, and the ability to incorporate advanced features like artificial intelligence. | |
Competes in the enterprise analytics market, which is highly competitive and subject to rapidly changing technology and market conditions. Factors influencing competition include software quality, performance, reliability, service and support quality, marketing effectiveness, and the ability to incorporate advanced features like artificial intelligence. | |
Faces regulatory scrutiny, including enforcement actions by the SEC, which could impact the broader digital assets industry. | |
Binance Holdings Ltd. | Faces regulatory scrutiny, including enforcement actions by the SEC, which could impact the broader digital assets industry. |
FTX Trading | Involved in bankruptcy proceedings, which could influence the digital assets industry and investor confidence. |
Recent press releases and 8-K filings for MSTR.
- Pomerantz LLP has filed a class action lawsuit against MicroStrategy and certain officers for alleged violations of federal securities laws, covering the period from April 30, 2024, to April 4, 2025.
- The lawsuit alleges that defendants made materially false and misleading statements regarding the anticipated profitability of the Company's bitcoin-focused investment strategy and understated risks associated with bitcoin's volatility.
- Specifically, the complaint claims defendants failed to disclose the particular nature or scope of the expected impact from adopting ASU 2023-08, which requires fair value accounting for crypto assets.
- Following the adoption of ASU 2023-08 on January 1, 2025, MicroStrategy disclosed a $5.91 billion unrealized loss on its digital assets for the first quarter of 2025, which was expected to result in a net loss for the quarter.
- As a result of this news, MicroStrategy's Class A common stock price fell $25.47 per share, or 8.67%, to close at $268.14 per share on April 7, 2025.
- MicroStrategy launched the Bitcoin treasury strategy in 2020 and is currently the only significant player with a $120 billion market cap and over $65 billion of Bitcoin on its balance sheet.
- There has been a "huge emergence" of companies entering the Bitcoin treasury market over the last 12 months, with the pace accelerating due to regulatory shifts and market response, as seen with Sequan's $384 million raise for its Bitcoin treasury.
- The market for Bitcoin treasury companies is evolving to attract institutional investors, who can access tailored products like preferred equities and convertible bonds securitized against Bitcoin holdings, tapping into $100 trillion of institutional capital.
- These companies aim to outperform spot Bitcoin by applying leverage and utilizing Bitcoin's volatility as a core driver, creating heightened sensitivity to its price movements.
- A class action lawsuit has been filed against MicroStrategy Incorporated (NASDAQ: MSTR) on behalf of investors who purchased securities between April 30, 2024, and April 4, 2025.
- Investors have until July 15, 2025, to file a lead plaintiff motion.
- The lawsuit alleges that MicroStrategy overstated the expected profitability of its bitcoin-centric investment strategy and understated the risks associated with bitcoin's volatility, including potential losses from applying ASU 2023-08.
- MicroStrategy announced a $5.91 billion unrealized loss on its digital assets for the first quarter of 2025, attributed to the adoption of ASU 2023-08, which resulted in a nearly 9% decline in its stock price.
- As of July 6, 2025, MicroStrategy's bitcoin holdings totaled 597,325 bitcoins, acquired at an aggregate purchase price of $42.40 billion and an average purchase price of $70,982 per bitcoin.
- For the quarter ended June 30, 2025, the company reported an unrealized gain on digital assets of $14.05 billion, with the digital asset carrying value reaching $64.36 billion as of that date.
- During Q2 2025, MicroStrategy received $6.8 billion in aggregate net proceeds from various capital market transactions, including common stock and preferred stock offerings. As of June 30, 2025, the company's outstanding indebtedness was $8.24 billion, and outstanding preferred stock had an aggregate notional value of $3.4 billion.
- MicroStrategy Incorporated reported $578.1 million in total net proceeds from its at-the-market (ATM) programs during the period of June 23 to June 29, 2025, with $18,111.0 million still available for issuance under the Common ATM as of June 29, 2025.
- The company acquired an additional 4,980 Bitcoin for $531.9 million at an average price of $106,801 between June 23 and June 29, 2025, bringing its total Bitcoin holdings to 597,325 BTC as of June 29, 2025, with an aggregate purchase price of $42.40 billion.
- MicroStrategy declared quarterly cash dividends of $2.00 per share for its STRK Shares and approximately $2.64 per share for its STRF Shares, payable on June 30, 2025, which were funded using net proceeds from the Common ATM.
- ATM offering update: From June 16–22, 2025, sold 166,566 STRK shares for $17.4 m net proceeds and 84,354 STRF shares for $8.7 m net proceeds, totaling $26.1 m; as of June 22, 2025, remaining issuance capacity is $18.63 bn common, $20.55 bn STRK and $1.97 bn STRF.
- Bitcoin holdings update: Acquired 245 BTC at an aggregate cost of $26.0 m (avg $105,856 per BTC); total holdings as of June 22, 2025 are 592,345 BTC with an aggregate cost of $41,867.5 m (avg $70,681).
- On June 19, 2025, a shareholder filed a derivative suit in the U.S. District Court for the Eastern District of Virginia against MicroStrategy and several officers and directors, alleging breaches of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement, waste, and contribution.
- The complaint claims the defendants made false or misleading disclosures and omissions regarding the adoption of ASU 2023-08 on crypto assets, bitcoin volatility risks, and the profitability of its bitcoin-driven strategy, and failed to maintain adequate internal controls.
- Four individuals—Phong Q. Le, Andrew Kang, Stephen X. Graham, and former director Leslie J. Rechan—are accused of insider selling, having sold shares between April 30, 2024, and April 4, 2025.
- MicroStrategy intends to vigorously defend against the claims but cannot currently predict the outcome or estimate potential losses.
- ATM offering updates: common ATM availability remained at $18,631.2 M; sold 452,487 STRK shares for net $48.4 M (available $20,568.4 M) and 286,101 STRF shares for net $30.0 M (available $1,975.2 M) during June 9–15, 2025.
- Completed issuance of 11,764,700 STRD preferred shares at $85/share on June 10, 2025, raising net $979.7 M.
- Bitcoin acquisitions: purchased 10,100 BTC for $1,051.2 M (avg $104,080/BTC) and holds 592,100 BTC at a cost of $41,841.5 M (avg $70,666/BTC) as of June 15, 2025.
- All eight director nominees re-elected with approximately 90.2% votes in favor, and KPMG LLP ratified as independent auditor with 99.5% support.
- Michael Saylor remains Executive Chairman, with Fong Lee serving as CEO since August 2022, ensuring continuity of leadership and focus on the company’s Bitcoin strategy.
- No dividends will be paid on Class A or B common stock in the foreseeable future; preferred stock dividends declared quarterly, with the most recent paid on 06/30/2025 to holders of record as of 06/15/2025.
- Company remains 100% exposed to Bitcoin, maintaining ~11% debt coverage against its Bitcoin assets via long-duration convertible debt, aiming to stretch duration and reduce credit risk through perpetual preferred issuances.
- MicroStrategy Inc. (d/b/a Strategy) announced the pricing of its IPO for its 10.00% Series A Perpetual Stride Preferred Stock with an offering of 11,764,700 shares at $85.00 per share.
- The net proceeds are estimated at approximately $979.7 million, which will be used for general corporate purposes, including the acquisition of bitcoin and for working capital.