At a glance
MicroStrategy Incorporated is worth $59.72B. Revenue grew 3.0% to $477.2M in fiscal 2025, at a loss; over 5 years it has grown 0.1% a year. It pays no dividend. The stock returned −52.2% over the past year with dividends reinvested and +14.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 38.5% in the 2020 crash (S&P 500: 33.7%) and 72.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 6 months and 18 months after the lows.
The business in plain English
Strategy Inc, known as MicroStrategy until August 11, 2025, describes itself as the world's first and largest "bitcoin treasury company." It raises money from investors and uses it to acquire bitcoin, which it holds as a long-term reserve. As of February 13, 2026, it held about 717,131 bitcoins, acquired for $54.5 billion, or roughly $76,027 each.
The money comes mainly from issuing new common shares and five series of preferred stock, which Strategy calls "digital credit." Preferred stock pays dividends and ranks ahead of common stock. Each series targets different investors: STRF for cautious income seekers, STRC for a variable rate, STRE for dividends in euros, STRK for yield plus conversion into common shares, and STRD for higher yield. A US dollar reserve, $2.25 billion as of February 13, 2026, helps cover preferred dividends and debt interest.
Strategy also offers AI-powered enterprise analytics software to businesses and government agencies. The software brought in $477.2 million of revenue in fiscal 2025, about the same as five years earlier. Product support made up 42.8%, subscriptions 36.8%, other services 12.1% and product licenses 8.3%. By region, the US supplied 57% of revenue, EMEA (Europe, the Middle East and Africa) 34.1% and other regions 8.9%. Cash from software does not cover dividends and interest, so Strategy relies on new financing.
Price history
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MSTR -52.2% over the year to Oct 27, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Product support | $204.2M | 42.8% |
| Subscription services | $175.7M | 36.8% |
| Other services | $57.7M | 12.1% |
| Product licenses | $39.7M | 8.3% |
By geography
| U.S. | $272.2M | 57% |
| EMEA | $162.7M | 34.1% |
| Other Regions | $42.4M | 8.9% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $125.4M, down 2.5% from a year earlier, and net income was $19.53B (+601.4%).
- For fiscal 2025, revenue was $477.2M (+3.0% year over year; -0.1% a year from FY2020 to FY2025) with a -806.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | -0.1% weak |
|---|---|
| Return on equity | -8.7% weak |
| Net income / revenue | -806.3% weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $480.7M | $-7.5M | — |
| FY2021 | $510.8M | $-535.5M | — |
| FY2022 | $499.3M | $-1.47B | — |
| FY2023 | $496.3M | $429.1M | — |
| FY2024 | $463.5M | $-1.17B | — |
| FY2025 | $477.2M | $-3.85B | — |
Valuation snapshot
| Market value | $59.72B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MSTR price data to Oct 27, 2026 | -6.9% | -52.2% | +51.5% | +14.6% | +23.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -6.9% |
| 2025 | -47.5% |
| 2024 | +358.5% |
| 2023 | +346.1% |
| 2022 | -74.0% |
| 2021 | +40.1% |
| 2020 | +172.4% |
| 2019 | +11.7% |
| 2018 | -2.7% |
| 2017 | -33.5% |
| 2016 | +10.1% |
| 2015 | +10.4% |
| 2014 | +30.7% |
| 2013 | +33.0% |
| 2012 | -13.8% |
| 2011 | +26.7% |
| 2010 | -9.1% |
| 2009 | +153.2% |
| 2008 | -61.0% |
| 2007 | -16.6% |
| 2006 | +37.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 59.7% over that stretch · deepest drop along the way 70.9%, back to its old high 26.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 31.5% over that stretch · deepest drop along the way 38.5%, back to its old high 5.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 60.9% over that stretch · deepest drop along the way 72.7%, back to its old high 17.7 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 3 open-market purchases ($1.0M) and 58 sales ($18.9M), 33 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 5, 2026 | Phong Le President & CEO, Director | sell (plan) | $1.9M |
| Jun 5, 2026 | Phong Le President & CEO, Director | sell (plan) | $1.9M |
| Jun 5, 2026 | Phong Le President & CEO, Director | sell (plan) | $1.9M |
| Jun 5, 2026 | Phong Le President & CEO, Director | sell (plan) | $1.5M |
| Jun 5, 2026 | Phong Le President & CEO, Director | sell (plan) | $1.2M |
Who owns it
Large shareholders (13G filings)
| Capital International Investors | 10.1% | Mar 31, 2026 |
| BlackRock, Inc. | 5.8% | Mar 31, 2025 |
| Vanguard Capital Management | 5.34% | Mar 31, 2026 |
| G1 Execution Services, LLC | 5.1% | Dec 31, 2024 |
| Capital Ventures International | 4.8% | Sep 30, 2025 |
| JANE STREET GROUP, LLC | 4% | Mar 31, 2026 |
ETFs with the most weight in MSTR
| CRPT First Trust SkyBridge Crypto Industry & Digital Economy ETF | 20.09% |
| BITQ Bitwise Crypto Industry Innovators ETF | 12.13% |
| DAPP VanEck Digital Transformation ETF | 9.51% |
| RHTX RH Tactical Outlook ETF | 9.16% |
| AIEQ Amplify AI Powered Equity ETF | 6.86% |
| STCE Schwab Crypto Thematic ETF | 6.52% |
| EGGQ NestYield Visionary ETF | 5.01% |
| BLOK Amplify Transformational Data Sharing ETF | 4.47% |
What could go wrong
- Bitcoin's swings flow straight into results. Bitcoin is highly volatile, and since January 1, 2025, its price changes flow straight into reported earnings. A $5.40 billion unrealized bitcoin loss pushed fiscal 2025 to a $3.85 billion net loss.
- Fixed payments depend on fresh capital. Preferred dividends and debt interest are relatively fixed, and software cash does not cover them. If its US dollar reserve and new financing run dry, Strategy may have to part with bitcoin.
- Constant share issuance dilutes owners. Strategy funds bitcoin purchases mainly by issuing new class A shares and preferred stock. Each new common share shrinks existing owners' slice, and heavy issuance, or fear of it, can weigh on the price.
- Common shares rank last in line. Debt of $6.71 billion as of June 30, 2026, and five preferred stock series rank ahead of common shares. In a wind-down, common holders are paid last and could lose everything.
- Lost keys or hacks could erase bitcoin. Strategy's bitcoin sits with outside custodians. If private keys (the digital passwords controlling bitcoin) are lost or stolen in a cyberattack, some or all of the holdings could be gone for good.
- Competes with funds, without fund protections. Investors have more ways to gain bitcoin exposure, which could weigh on Strategy's share price. Unlike mutual funds and ETFs, Strategy is not bound by the rules that protect fund investors.
Recent events
- Investor presentation or announcement; Other company announcement
- Change to shareholder rights; Bylaws or fiscal year changed; Shareholder vote results; Investor presentation or announcement; Other company announcement
- Quarterly results released; Executive or board change; Investor presentation or announcement
- Other company announcement
- Investor presentation or announcement; Other company announcement
- Investor presentation or announcement; Other company announcement
- Other company announcement
- Investor presentation or announcement; Other company announcement
- Investor presentation or announcement; Other company announcement
- Investor presentation or announcement; Other company announcement
For income and retirement investors
Strategy pays no dividend on its common stock, and it spent nothing on share buybacks from fiscal 2021 through fiscal 2025. Instead, it regularly issues new shares to fund bitcoin purchases. For an income investor, that means any return depends on the share price rising, and drawing income would mean trimming the position. Strategy's preferred stocks do pay dividends, but they are separate securities with their own risks, and STRD dividends are discretionary and non-cumulative, so skipped payments are not owed later.
The share price has suffered deep, repeated drops. It fell 70.9% in the 2008 financial crisis, taking 26.4 months from its low to recover, and 72.7% in the 2022 bear market before recovering in December 2023. Its worst decline over 21 years of price history was 89.3%, and it lost 52.2% in the year to October 27, 2026. As a single stock, Strategy carries more risk than a diversified fund.
Questions investors ask
How does Strategy (formerly MicroStrategy) make money?
Strategy earns revenue from analytics software, but its profits depend mostly on the value of its bitcoin. The software, offered to businesses and government agencies, brought in $477.2 million in fiscal 2025, mostly from product support (42.8%) and subscriptions (36.8%). Strategy raises money by issuing stock and uses it to acquire bitcoin. Since January 1, 2025, changes in bitcoin's market value flow through its earnings, which helped produce a $3.85 billion net loss in fiscal 2025.
Does Strategy (MSTR) pay a dividend?
No. Strategy pays no dividend on its class A common stock and made no share buybacks from fiscal 2021 through fiscal 2025. It does pay dividends on five series of preferred stock, which trade separately: STRF, STRC, STRE, STRK and STRD. Stated rates include 10.00% for STRF and 8.00% for STRK, while STRC's rate is variable and set by Strategy. Strategy may choose not to pay preferred dividends, and STRD dividends are non-cumulative, so skipped payments are not owed later.
How much bitcoin does Strategy own?
As of February 13, 2026, Strategy held about 717,131 bitcoins, making it the largest corporate holder of bitcoin in the world. It paid $54.5 billion in total, or about $76,027 per bitcoin including fees and expenses. On that date, one bitcoin traded at $68,734 on Coinbase, below the company's average cost. Strategy has not set a target for how much bitcoin it will hold and says it expects to keep accumulating.
How much debt does Strategy have?
As of June 30, 2026, Strategy reported $6.71 billion of total debt, against $2.45 billion of cash and investments and $52.6 billion of total assets. Its five series of preferred stock add further dividend obligations that rank ahead of common shareholders. To help cover preferred dividends and interest, Strategy created a US dollar reserve in December 2025, which held $2.25 billion as of February 13, 2026. If that reserve and new financing run short, it may have to part with bitcoin.
Why is MSTR stock so volatile?
Strategy's share price is closely tied to bitcoin, a highly volatile asset, and the company aims to keep leveraged exposure, using debt and preferred stock to own more bitcoin. As of October 27, 2026, its one-year volatility was 80.5% and its beta was 3.29, meaning it tended to move about three times as much as the overall market. Calendar returns show the swings: down 74% in 2022, up 346% in 2023, up 359% in 2024 and down 47.5% in 2025.