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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.
- Raised $427.0 million net proceeds through updated ATM programs, including Common, STRK, and STRF offerings, demonstrating robust financing activity.
- Purchased 4,020 BTC during the period, increasing total bitcoin holdings to 580,250 BTC, underscoring its role as the largest corporate bitcoin holder.
- The company has entered into a sales agreement to issue and sell 10.00% Series A Perpetual Strife Preferred Stock with an aggregate offering price up to $2.1 billion.
- Proceeds will be directed toward general corporate purposes including bitcoin acquisition and working capital management.
- The offering will be executed through designated sales agents under an automatic shelf registration statement, allowing for sales "at the market" over an extended period.
- ATM Program Update: Sold 1,712,708 MSTR shares for $705.7 million and 621,555 STRK shares for $59.7 million during May 12–18, 2025, supporting an overall offering size of $21 billion.
- Bitcoin Holdings Update: Acquired 7,390 BTC during the same period with an aggregate purchase price of $764.9 million and updated aggregate holdings as of May 18, 2025.
- Legal Proceedings: A class action lawsuit was filed on May 16, 2025 against company executives alleging misleading statements regarding the bitcoin-focused strategy and treasury operations, covering April 30, 2024 to April 4, 2025.
- Form 8-K filing on May 5, 2025, discloses updates on its at‐the‐market programs and bitcoin transactions.
- The company reported that its MSTR ATM program now has up to $21 billion available for MSTR share issuances, while its 2024 Common ATM program has been terminated.
- It also provided a bitcoin update showing the acquisition of 1,895 BTC with aggregate purchase prices detailed, enhancing visibility on their digital asset investments.
- Achieved record Q1 performance with a $21 billion ATM equity offering and entered a Sales Agreement on May 1, 2025 to issue Class A common stock via an at‑market offering (proceeds up to $21 billion), supported by legal opinions confirming the shares are valid, fully paid, and non‑assessable .
- Maintained its position as the largest corporate bitcoin holder with 553,555 bitcoins valued at $52 billion as of April 28, and acquired an additional 106,085 bitcoins for $9.9 billion in Q1 2025 .
- Raised $6.6 billion through the ATM equity program, along with $2 billion via convertible notes and $1.4 billion through new preferred stock issuances .
- Reported a 13.7% BTC Yield (YTD) and raised annual targets to 25% BTC Yield and $15 billion BTC Gain, underscoring its aggressive bitcoin strategy .
- Recorded Q1 software revenues of approximately $111 million (down 3.6% YoY), while cloud subscription services surged 62% YoY, reflecting the ongoing shift to cloud solutions .
- Adoption of fair value accounting (ASU 2023‑08) drove a $12.7 billion uplift in retained earnings while resulting in a $5.9 billion unrealized loss and significant digital asset impairment adjustments .
- MicroStrategy Inc. filed its 8-K on April 28, 2025, detailing updates related to ATM offerings and bitcoin purchases.
- The report highlights the Common ATM program with $1.40 billion net proceeds and provides details of the STRK ATM program, including share sales and available shares for future issuances.
- Additionally, the document updates on bitcoin acquisitions, noting 15,355 BTC acquired using proceeds from both ATM programs, along with aggregate purchase prices and average prices provided.
- The company also emphasizes its ongoing practice of public disclosure via its website dashboard in compliance with Regulation FD.
- ATM Offering Updates: The company provided details on its at‐the‐market programs for Class A common stock and 8.00% Series A preferred stock with net proceeds of $547.7 million and $7.8 million respectively as of April 20, 2025.
- Bitcoin Transactions: The filing discloses bitcoin purchases of 6,556 BTC for an aggregate price of $555.8 million with reported holdings of 538,200 BTC as of April 20, 2025.
- Regulatory Disclosure: The Form 8-K, filed on April 21, 2025, also confirms updates on the company’s public dashboard and compliance with Regulation FD.
- ATM Update: The company disclosed updates to its at‐the‐market programs, including the sale of 959,712 common shares and net proceeds of approximately $285.7 million, with available issuance of $2.08 billion in shares (documents ).
- Bitcoin Holdings Update: The report provided details on bitcoin purchases, noting an acquisition of 3,459 bitcoins at an aggregate cost of around $285.8 million and updated figures on aggregate holdings (documents ).
- The company completed multiple capital-raising transactions totaling $7.69 billion, including a STRK Registered Underwritten Offering generating approximately $563.3 million, a STRF Registered Offering for about $711.2 million, and a MSTR ATM that raised roughly $4.4 billion.
- Additionally, a 2030B Convertible Notes Private Offering raised approximately $1.99 billion, and all outstanding 2027 Convertible Notes were fully converted or redeemed, streamlining the debt structure.
- The update also noted remaining sales capacity with nearly $20.97 billion available under the STRK ATM and about $2.37 billion under the MSTR ATM, alongside updates to the outstanding Class A/B common stock and preferred shares.
- ATM program updates announced include the sale of 3,645,528 MSTR shares via the common ATM, generating net proceeds of approximately $1.20 billion, and updates for the STRK ATM program as detailed in the report.
- The company completed its STRF Offering of 8,500,000 shares of its 10.00% Series A Perpetual Strife Preferred Stock at a price of $85.00 per share, expecting net proceeds of about $711.2 million.
- Bitcoin acquisition updates show that 22,048 BTC were purchased at an aggregate cost of $1.92 billion, with current holdings totaling 528,185 BTC.