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.
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| 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. | View Report → |
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.
- Bitcoin is currently trading below $115,000, with analyst Steven McClurg and Polymarket indicating a significant chance it could drop below $100,000 by year-end.
- The trend of companies, pioneered by MicroStrategy (formerly Strategy), holding cryptocurrencies on their balance sheets may have reached its peak, according to Steven McClurg and Michael Novogratz.
- Steven McClurg advises investors to prioritize direct spot Bitcoin ownership over investing in companies holding Bitcoin, citing concerns that a significant price drop, potentially in 2026, could force these companies to sell their Bitcoin holdings due to leveraged financing.
- On July 29, 2025, MicroStrategy completed a public offering of 28,011,111 shares of Variable Rate Series A Perpetual Stretch Preferred Stock, generating approximately $2.47 billion in net proceeds.
- From July 28, 2025 to August 3, 2025, the company used proceeds from this offering to acquire an additional 21,021 Bitcoin for approximately $2.46 billion.
- As of August 3, 2025, MicroStrategy's total Bitcoin holdings reached 628,791 Bitcoin with an aggregate purchase price of $46.08 billion.
- The company also reported substantial amounts available for issuance and sale under its at-the-market (ATM) programs, including $17,042.7 million for Class A Common Stock as of August 3, 2025.
- MicroStrategy reported record financial results for the second quarter of 2025, with net income of $10.0 billion and diluted earnings per share of $32.60.
- The company's operating income for Q2 2025 was $14.0 billion, which includes an unrealized fair value gain on digital assets of $14.0 billion due to the application of fair value accounting.
- As of June 30, 2025, MicroStrategy's digital assets comprised approximately 597,325 bitcoins, with a market value of $64.4 billion. The company expanded its bitcoin holdings to 628,791 bitcoins year-to-date.
- MicroStrategy raised over $10 billion through ATM programs and IPOs, including $2.5 billion from the IPO of its Variable Rate Perpetual Stretch Preferred Stock (STRC Stock) in July 2025, for which it declared monthly cash dividends of $0.80 per share.
- The company provided updated FY2025 guidance, projecting net income of $24 billion and diluted EPS of $80 per share, and increased its FY2025 BTC Yield target to 30% and BTC $ Gain target to $20 billion.
- Strategy announced the closing of its initial public offering of 28,011,111 shares of Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) at a public offering price of $90 per share, generating gross proceeds of approximately $2.521 billion.
- The estimated net proceeds of approximately $2.474 billion were utilized for the acquisition of 21,021 bitcoins at an average purchase price of approximately $117,256 per bitcoin.
- As of July 29, 2025, Strategy's aggregate bitcoin holdings totaled approximately 628,791 bitcoins, acquired at an average purchase price of approximately $73,227 per bitcoin.
- The STRC IPO is the largest U.S. initial public offering in 2025 to date and the largest U.S. exchange-listed perpetual preferred stock offering since 2009. STRC is expected to begin trading on the Nasdaq Global Select Market on or around July 30, 2025, under the ticker symbol "STRC".
- SEC Chairman Paul Atkins stated that the Genius Act focuses on payment stablecoins and falls under banking regulators, not the SEC's ambit. He noted that this bill marks the first time the U.S. government has approved a key digital asset, which is expected to help lower costs and risks in the market by enabling near-instantaneous settlement of payments for securities via on-chain stablecoins.
- The SEC is working with the Department of Labor to establish guardrails for individual investors to include private company investments in their 401(k) retirement plans, addressing concerns like valuation, liquidity, and fees.
- Chairman Atkins noted that the SEC has informally stated that Ether is not a security. He also observed a trend of companies copying MicroStrategy's technique of acquiring Bitcoin, with new firms now doing the same with Ethereum.
- The Ether Machine, a newly formed entity, has entered into a business combination agreement with Dynamics, a special purpose acquisition company (SPAC), to go public.
- The purpose of this new public entity is to create an institutional Ethereum platform aimed at managing one of the largest Ethereum balance sheets and generating yield through staking and participation in the decentralized financial economy.
- Andrew Keys, co-founder and chairman of The Ether Machine, contributed over $600 million worth of Ethereum from his personal balance sheet to the vehicle.
- The Ether Machine differentiates itself from MicroStrategy by leveraging Ether as a productive asset that can generate intrinsic yield, unlike Bitcoin which is a buy-and-hold asset.
- As a public entity, The Ether Machine will have the ability to access debt and equity markets.
- MicroStrategy Incorporated generated $740.3 million in total net proceeds from its at-the-market (ATM) offering programs for MSTR, STRK, STRF, and STRD shares between July 14, 2025, and July 20, 2025.
- During the same period, MicroStrategy acquired an additional 6,220 Bitcoin for an aggregate purchase price of $739.8 million, funded by the ATM proceeds.
- As of July 20, 2025, MicroStrategy's total Bitcoin holdings reached 607,770 BTC, with an aggregate purchase price of $43.61 billion.
- Bitcoin recently reached a new record above $112,000, with predictions of potentially reaching $150,000 to $200,000 this year, driven by increased demand, ETF inflows, and purchases by Bitcoin treasury companies [0:01][0:29][1:54].
- MicroStrategy has been noted for its exceptional performance, being the best performing stock in the last five years [1:14].
- Increased regulatory clarity in the US crypto market is encouraging significant mergers and acquisitions (M&A) activity, with Q1 and Q2 2025 marking record quarters, a trend expected to continue [0:56][2:21][3:55][6:05][6:41].
- A new venture, xTAO, is being launched with the goal of becoming the MicroStrategy of BitTensor, aiming to be the first public company solely dedicated to BitTensor and is slated to go public next week [10:45][12:25].
- A class action lawsuit has been filed against MicroStrategy (NASDAQ: MSTR) on behalf of investors who purchased securities between April 30, 2024, and April 4, 2025.
- The lawsuit alleges that MicroStrategy overstated the profitability of its bitcoin-centric strategy and understated risks associated with bitcoin volatility and the impact of new accounting standard ASU 2023-08.
- Following the adoption of ASU 2023-08 on January 1, 2025, MicroStrategy announced a $5.91 billion unrealized loss on digital assets for Q1 2025 on April 7, 2025, which led to a nearly 9% stock price decline.
- Investors have until July 15, 2025, to file a lead plaintiff motion in the class action lawsuit.
- MicroStrategy has significantly increased its Bitcoin holdings to 601,550 BTC, making it the largest corporate Bitcoin holder with a total investment cost of $42.87 billion and an average price of $71,268 per coin.
- The company recently purchased 4,225 bitcoins for $472.5 million, funded by raising $472.3 million through a $4.2 billion stock sale across common and preferred stock offerings, which included preferred shares offering 8% to 10% annual dividends.
- MicroStrategy's stock has seen strong performance, gaining 3.78% on July 14, 2025, and nearly 14% over the prior five days.
- Market analysts, including TD Cowen, have raised MicroStrategy's price target to $680 per share, projecting the company could hold close to 900,000 bitcoins by the end of 2027.