Strategy (MSTR) Company Report

Analyst Earnings Quarterly Reports

Earnings summaries and quarterly performance for Strategy.

Executives

Executive leadership at Strategy.

Phong Le

Detailed

President & Chief Executive Officer

CEO

Andrew Kang

Detailed

Executive Vice President & Chief Financial Officer

Michael Saylor

Detailed

Executive Chairman

Ming Shao

Detailed

Executive Vice President, General Counsel & Secretary

Board Members

Board of directors at Strategy.

Brian Brooks

Detailed

Independent Director

Carl Rickertsen

Detailed

Independent Director

Gregg Winiarski

Detailed

Independent Director

Jane Dietze

Detailed

Independent Director

Jarrod Patten

Detailed

Independent Director

Peter Briger

Detailed

Independent Director

Stephen Graham

Detailed

Independent Director

Analyst Coverage

Research analysts who have asked questions during Strategy earnings calls.

Lance Vitanza

TD Cowen

3 questions for MSTR

Also covers: CCO, CODI, DLX +6 more

Mark Palmer

The Benchmark Company, LLC

3 questions for MSTR

Also covers: CAN, DAVE, GLXY +4 more

Andrew Harte

BTIG, LLC

2 questions for MSTR

Also covers: AMTM, BILL, EXOD +6 more

Dan Hillary

Buck Global LLC

2 questions for MSTR

Larry Lepard

Equity Management Associates

2 questions for MSTR

Lyn Alden

Lyn Alden Investment Strategy

2 questions for MSTR

Pete Christiansen

Citi

2 questions for MSTR

Also covers: BLSH, COIN, CRCL

Tom Lee

Fundstrat Global Advisors

2 questions for MSTR

Brian Dobson

Chardan Capital Markets

1 question for MSTR

Also covers: ABTC, BITF, BTBT +9 more

Jeff Walton

Strive

1 question for MSTR

Lynn Alden

Independent Investor

1 question for MSTR

Preston Pysh

Investor's Podcast Network

1 question for MSTR

Samson Mow

JAN3

1 question for MSTR

Latest news

Recent press releases and 8-K filings for MSTR.

Strategy (MSTR) Expands Bitcoin Treasury with Recent Acquisition

MSTR

New Projects/Investments

Convertible Preferred Issuance

Strategy (MSTR) acquired 17,994 Bitcoin for approximately $1.28 billion at an average price of $70,946 per coin, increasing its total holdings to roughly 738,731 BTC with a cumulative acquisition cost near $56.04 billion.
The purchase was financed through its at-the-market equity program, raising about $1.28 billion from MSTR common stock and $377.1 million from STRC preferred shares.
Strategy's Bitcoin holdings are currently valued at approximately $50 billion at recent market levels near $68,000, and the company has added 66,231 BTC in just 68 days.
STRC, a variable-rate perpetual preferred launched in July 2025 with an 11.5% annualized dividend, has seen about $3.8 billion issued to date, with its sales accounting for roughly one-third of the week's ATM funding.
Following the disclosure, MSTR stock jumped approximately 4.1% on Monday and another 2.8% early Tuesday.

4 days ago

Barron's

Strategy Inc updates on ATM sales, Bitcoin holdings, and sales agreement amendment

MSTR

New Projects/Investments

Strategy Inc sold 3,776,205 shares of its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC Stock) for $377.1 million in net proceeds and 6,327,541 shares of its Class A Common Stock for $899.5 million in net proceeds under its at-the-market (ATM) offering program between March 2, 2026, and March 8, 2026, resulting in total net proceeds of $1,276.6 million.
During the period from March 2, 2026, to March 8, 2026, Strategy Inc acquired an additional 17,994 bitcoins at an aggregate purchase price of $1.28 billion, with an average purchase price of $70,946.
As of March 8, 2026, Strategy Inc's aggregate bitcoin holdings totaled 738,731 bitcoins at an aggregate purchase price of $56.04 billion, with an average purchase price of $75,862.
On March 9, 2026, Strategy Inc amended its Omnibus Sales Agreement to allow for the appointment of a second agent to effect sales of securities before 9:30 a.m. and/or after 4:00 p.m. New York City time on a trading day, and an additional agent for block sale transactions after 4:00 p.m..

4 days ago

8-K

Strategy Increases Bitcoin Holdings and Outlines Capital Raise Plan

MSTR

Convertible Preferred Issuance

New Projects/Investments

Strategy acquired an additional 3,015 BTC for approximately $204.1 million at an average price near $67,700 between February 23 and March 1, bringing its total Bitcoin holdings to 720,737 BTC.
The company's total Bitcoin position has an average cost of roughly $75,985 per coin (total cost basis near $54.77 billion) and is currently valued at approximately $47.5 billion, implying $7–7.3 billion in unrealized losses.
The recent Bitcoin purchases were funded by $229.9 million from at-the-market sales of Class A common stock and $7.1 million from STRC preferred-stock offerings.
Strategy retains substantial remaining ATM capacity, with $7.6 billion of MSTR shares and about $3.5 billion of STRK shares available under preferred-stock programs.
The company is pursuing a broader "42/42" capital-raise plan targeting up to $84 billion through 2027.

Mar 2, 2026, 1:23 PM

Bloomberg

Strategy Reports Q4 and Full Year 2025 Financial Results, Highlights Bitcoin Holdings and Capital Raising

MSTR

Earnings

Guidance Update

Convertible Preferred Issuance

Strategy reported a Q4 2025 operating loss of $17.4 billion and a net loss of $12.6 billion, primarily due to a decline in Bitcoin's fair value under mark-to-market accounting. For the full year 2025, the company recorded an operating loss of $5.4 billion and a net loss of $4.2 billion.
The company concluded 2025 holding 713,502 Bitcoin on its balance sheet, reinforcing its position as the largest corporate holder of Bitcoin. During Q4 2025, Strategy purchased an additional 32,470 Bitcoin for approximately $3.1 billion.
Strategy successfully raised over $25 billion in total capital during 2025, including $6.9 billion in preferred equity, and established a $2.25 billion cash reserve in Q4 to cover over 2.5 years of dividend obligations. Total equity, including preferred and common, rose to $51.1 billion at year-end 2025.
Strategic milestones in 2025 included the adoption of fair value accounting, securing the first credit rating for a Bitcoin treasury company, and MSCI's confirmation of continued index eligibility for digital asset treasury companies. The company also launched five new digital credit instruments, such as "Stretch," to amplify common equity and increase Bitcoin per share.

Feb 5, 2026, 10:00 PM

Transcript

Strategy Reports Q4 and Full-Year 2025 Financial Results, Highlights Bitcoin Holdings and Capital Raises

MSTR

Earnings

Convertible Preferred Issuance

New Projects/Investments

Strategy reported an operating loss of $17.4 billion and a net loss of $12.6 billion for Q4 2025, with full-year 2025 operating and net losses of $5.4 billion and $4.2 billion, respectively, primarily driven by the quarter-end decline in Bitcoin's fair value.
The company ended 2025 with 713,502 Bitcoin on its balance sheet, representing approximately 3.4% of all Bitcoin, and purchased an additional 32,470 Bitcoin in Q4 for approximately $3.1 billion.
Strategy successfully raised over $25 billion of total capital in 2025, including $6.9 billion in preferred equity, and increased its digital assets from $23.9 billion at the end of 2024 to $58.9 billion by the end of 2025.
The company launched its digital credit product, Stretch, which offers an 11.25% effective yield paid monthly and is supported by a $2.25 billion USD cash reserve established in Q4, providing 2.5 years of dividend coverage.
For the full year 2025, Strategy delivered a BTC Yield of 22.8%, resulting in a total BTC gain of 101,873 Bitcoin and a BTC dollar gain of $8.9 billion, reinforcing its commitment to increasing Bitcoin per share.

Feb 5, 2026, 10:00 PM

Transcript

Strategy Reports Q4 and Full-Year 2025 Results, Highlights Bitcoin Accumulation and Capital Raising

MSTR

Earnings

Convertible Preferred Issuance

Accounting Changes

Strategy ended 2025 with 713,502 Bitcoin on its balance sheet, representing approximately 3.4% of all Bitcoin, and purchased an additional 32,470 Bitcoin in Q4 for approximately $3.1 billion.
For Q4 2025, the company reported an operating loss of $17.4 billion and a net loss of $12.6 billion, with full-year 2025 losses of $5.4 billion (operating) and $4.2 billion (net), primarily driven by the decline in Bitcoin's fair value.
In 2025, Strategy successfully raised over $25 billion of total capital, increasing total equity to $51.1 billion, and established a $2.25 billion USD cash reserve in Q4, providing over 2.5 years of dividend coverage.
Strategic milestones in 2025 included adopting fair value accounting, obtaining the first-ever credit rating for a Bitcoin treasury company, and MSCI confirming eligibility for inclusion in global market indices. The company also generated $477 million in annual revenue in 2025.

Feb 5, 2026, 10:00 PM

Transcript

Strategy Inc. Announces Q4 2025 Financial Results and Bitcoin Holdings Update

MSTR

Earnings

Convertible Preferred Issuance

Accounting Changes

Strategy Inc. reported a net loss of $12.4 billion, or $42.93 per common share on a diluted basis, for the fourth quarter of 2025, primarily due to an unrealized loss on digital assets of $17.4 billion. Total revenues for the quarter increased by 1.9% year-over-year to $123.0 million.
As of February 1, 2026, the company held 713,502 bitcoins at a total cost of $54.26 billion, averaging $76,052 per bitcoin, with 41,002 bitcoins acquired in January 2026.
In fiscal year 2025, Strategy Inc. raised $25.3 billion through capital markets activities, including five IPOs of preferred stock, to fund its Bitcoin treasury strategy.
The company's Digital Credit instrument, STRC, reached an aggregate stated amount of $3.4 billion with a current dividend rate of 11.25%, supported by a $2.25 billion USD Reserve established in the fourth quarter of 2025.

Feb 5, 2026, 9:14 PM

8-K

Strategy Inc. Announces Fourth Quarter 2025 Financial Results and Bitcoin Holdings

MSTR

Earnings

Accounting Changes

Convertible Preferred Issuance

Strategy Inc. reported a net loss of $12.4 billion and an operating loss of $17.4 billion for the fourth quarter of 2025, primarily due to an unrealized loss on digital assets following the adoption of fair value accounting.
As of February 1, 2026, the company holds 713,502 bitcoins at a total cost of $54.26 billion, or $76,052 per bitcoin.
In fiscal year 2025, Strategy Inc. raised $25.3 billion of capital, making it the largest US equity issuer, and completed five preferred stock IPOs, generating $5.5 billion in gross proceeds.
The company's Digital Credit instrument, STRC, has scaled to an aggregate stated amount of $3.4 billion with a current dividend rate of 11.25%, supported by a $2.25 billion USD Reserve.

Feb 5, 2026, 9:00 PM

Press Release

Strategy Reports $12.4 Billion Net Loss in Q4 2025

MSTR

Earnings

Profit Warning

Debt Issuance

Strategy reported a $12.4 billion net loss in Q4 2025, primarily due to $17.4 billion in mark-to-market unrealized losses on its Bitcoin holdings as the cryptocurrency's value declined.
The company's GAAP EPS was -$42.93, and its shares plunged approximately 17% in a single day, though revenue saw a modest increase to $123 million.
Despite the significant losses, Strategy continued to acquire Bitcoin, adding 41,002 BTC in January 2026, and highlighted its $2.25 billion USD Reserve and $25.3 billion raised in 2025 through capital programs.
Analysts warned that the company's leverage and fair-value accounting, coupled with a prolonged Bitcoin downturn, could necessitate asset sales or strain its ability to raise fresh capital, especially after the company announced no new equity issuance or debt financing.

Feb 5, 2026, 6:22 PM

Barron's

Strategy Inc. Bitcoin Holdings Slip Below Average Purchase Price, Company Buys More BTC

MSTR

New Projects/Investments

Dividends

Strategy Inc.'s bitcoin stake briefly fell below its average purchase price of roughly $76,000 per coin, resulting in approximately $900 million in unrealized losses.
The company purchased an additional 855 BTC for about $75.3 million at an average price near $87,974 per coin, funded by at-the-market equity sales. This acquisition increased its total holdings to approximately 713,502 BTC at an aggregate cost of roughly $54.26 billion.
Strategy declared a $0.9375 per-share dividend for February on its STRC preferred shares, payable on February 28 with a record date of February 15.
The company retains more than $8 billion of remaining capacity under its at-the-market common stock program, alongside additional capacity from preferred stock offerings, to fund future purchases.