MicroStrategy is a software firm that buys and holds massive amounts of Bitcoin, making it a proxy for the cryptocurrency's price swings.
Revenue comes from selling analytics software, but the real money is in Bitcoin holdings, which cause huge swings in net income, like a USD 10.02B gain in one quarter.
The software business faces competition from Salesforce and Microsoft, but the real moat is the Bitcoin treasury, which is unique but volatile. Moat is eroding as Bitcoin's price drops and the company's net losses mount.
Key events, in time order
Probe covers MSTR and preferred stocks incl. STRF, alleging misleading business info to investors
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Strategy is releasing investor briefings on several securities, including STRF, detailing their structure, economics, risks, and role in their Digital Credit Capital Framework.
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Facts and opinions separated · All items sourced · Not investment advice
