Strategy Inc (MSTR)

Strategy Inc (formerly MicroStrategy Incorporated, renamed in August 2025) describes itself as the world's first and largest Bitcoin Treasury Company. It pursues financial innovation strategies designed to generate value from its bitcoin holdings, including developing and issuing fixed-income instruments that give investors varying degrees of economic exposure to bitcoin. It is also a provider of AI-powered enterprise analytics software, under its vision of "Intelligence Everywhere." The company began buying bitcoin in August 2020, adopted a Treasury Reserve Policy in September 2020 that makes bitcoin the primary treasury reserve asset, and added a corporate strategy of acquiring and holding bitcoin in 2021. As of February 13, 2026, it held approximately 717,131 bitcoins, acquired for an aggregate $54.5 billion, and says it is the largest corporate holder of bitcoin globally.

The business is organized around bitcoin treasury operations and the enterprise analytics software business. Treasury operations cover capital markets management, bitcoin acquisition, capital and liability management, structuring and managing "digital credit" instruments, custody and risk management, and advocacy and education about bitcoin. In 2025 the company issued five classes of perpetual preferred stock, referred to as digital credit: STRF, STRC (variable rate), STRE (Euro-denominated), STRK (convertible) and STRD. Each is designed for a different investor profile, from lower-risk income seekers to those seeking higher yield or price appreciation. In December 2025 it established a US dollar reserve, which stood at $2.25 billion on February 13, 2026, to support preferred dividends and interest on its debt.

The company raises capital from equity and credit investors, primarily through at-the-market offerings of Class A common stock and preferred stock, and through underwritten offerings. It previously used senior convertible notes, senior secured notes, a bitcoin-collateralized term loan and operating cash flow to buy bitcoin. The preferred instruments target income-focused and yield-seeking investors across a range of risk tolerances, and the text does not describe the software customer base.

Bitcoin purchases are executed through trade execution partners affiliated with its custodians, timed close to capital raising transactions. Substantially all bitcoin is held with three U.S.-based custodians: Coinbase Custody Trust Company (about 40%), Anchorage Digital Bank (about 37%) and Fidelity Digital Assets (about 23%). The custody agreements generally call for cold storage of private keys, and the company monitors custodians through SOC reports, audits and annual due diligence reviews. The excerpt does not cover the software business's suppliers, competitors or headquarters.