MSTRStrategy Inc
Industry Bitcoin treasury Price 23 Oct 2026
If management hits its targets, one share in 12 months
$146 → $146
Promises vs. what happened
15 claims · 8 decksEvery target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.
| Promise | Made in | What happened | |
|---|---|---|---|
| 21/21: $42B raised by 2027 | Q3 '24 | equity half done in 6 months; then doubled | Held |
| Leverage 20-30% by issuing credit | Q4 '24 | 28%, then 34%, then redefined | Held |
| 2025: BTC Yield 15%+, $10B gain | Q4 '24 | 22.8%; $8.9B gain | Late |
| Ratings for the securities | Q1 '25 | issuer B- from S&P; securities unrated | Late |
| Equitize the converts | Q2 '25 | $1.5B bought back in cash instead | Late |
| STRC held near $100 | Q2 '25 | below par again; rate up to 12% | Late |
| Preferred in Europe, Canada | Q3 '25 | euro STRE only | Late |
| USD Reserve: 2-3 years of payouts | Q4 '25 | fell to 1.5 years; topped up | Late |
| BTC Yield 6-10% a year, 2025-27 | Q3 '24 | 22.8% in 2025; 2026 open | Open |
| BTC Ratings 3-10x by mid '28 | Q2 '25 | STRC and STRK moving away | Open |
| Double BPS by 2032 | Q4 '25 | +4.5% in 2026 to Jul; due 2032 | Open |
| 2025: 30% yield, $20B gain at $150K | Q2 '25 | cut in Dec; 22.8%, $8.9B | Missed |
| 2025 EPS $80 at $150K bitcoin | Q2 '25 | EPS -$15.23 | Missed |
| No common below 2.5x mNAV | Q2 '25 | issued near 1.1x; line dropped | Missed |
| Never sell bitcoin | Q3 '24 | 3,620 BTC sold for dividends | Missed |
What they’re pitching
the headline page, deck by deckThe headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.
'24Q4
'24Q1
'25Q2
'25Q3
'25Q4
'25Q1
'26Q2
'26
HoldingsOff page one Q2 '26
BPSPage one since Q2 '26
RaisingOff page one Q1 '26
CreditOff page one Q1 '26
CoverageFirst seen Q4 '24
EarningsFirst seen Q4 '24
OutperformanceFirst seen Q3 '24
AdoptionFirst seen Q4 '24
ReserveOff page one Q1 '26
on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.
Bitcoin holdings, the largest corporate treasury
“Largest corporate holder of bitcoin in the worldAcquired for a total cost of $9.9 billion, or $39,266 per bitcoin as of October 29, 2024”
Deck MicroStrategy Q3 2024 Financial Results · p. 4 ·
Bitcoin holdings, the largest corporate treasury
“Largest corporate holder of bitcoin in the worldAcquired for a total cost of $30.4 billion, or $64,511 per bitcoin as of February 2, 2025”
Deck Strategy Q4 2024 Financial Results · p. 10 ·
Bitcoin holdings, the largest corporate treasury
“•Largest corporate holder of bitcoin in the worldAcquired for a total cost of $37.9 billion, or $68,459 per bitcoin as of April 27, 2025”
Deck Strategy Q1 2025 Financial Results · p. 5 ·
Bitcoin holdings, the largest corporate treasury
“Bitcoin Holdings 3.0% of all BTC ever to be in existence”
Deck Strategy Q2 2025 Financial Results · p. 4 ·
Bitcoin holdings, the largest corporate treasury
“Bitcoin Holdings 3.1% of all BTC ever to be in existence”
Deck Strategy Q3 2025 Financial Results · p. 4 ·
Bitcoin holdings, the largest corporate treasury
“Bitcoin Holdings 3.4% of all BTC ever to be in existence”
Deck Strategy Q4 2025 Financial Results · p. 4 ·
Bitcoin holdings, the largest corporate treasury
“Bitcoin Holdings 3.9% of all BTC ever to be in existence”
Deck Strategy Q1 2026 Financial Results · p. 4 ·
Bitcoin holdings, the largest corporate treasury
“Strategy is the Largest Institutional Holder of BTC”
Deck Strategy Q2 2026 Financial Results · p. 6 ·
BTC Yield, then bitcoin per share (BPS)
“BTC Yield KPI Long Term Target 19”
Deck MicroStrategy Q3 2024 Financial Results · p. 19 ·
BTC Yield, then bitcoin per share (BPS)
“BTC Key Performance Indicators (KPIs)”
Deck Strategy Q4 2024 Financial Results · p. 25 ·
BTC Yield, then bitcoin per share (BPS)
“•Generated 13.7% BTC Yield, 61,497 BTC Gain and $5.8B BTC $ Gain(3)”
Deck Strategy Q1 2025 Financial Results · p. 5 ·
BTC Yield, then bitcoin per share (BPS)
“Strategy’s Business Model Accretes Bitcoin Per Share 26,752 1,521 6,226 67,730 39,716 2021 2022 2023 2024 YTD 2025 7/31/2025”
Deck Strategy Q2 2025 Financial Results · p. 9 ·
BTC Yield, then bitcoin per share (BPS)
“Strategy’s Business Model Accretes Bitcoin Per Share(1)”
Deck Strategy Q3 2025 Financial Results · p. 9 ·
BTC Yield, then bitcoin per share (BPS)
“Our Business Objective is to Increase Bitcoin Per Share (BPS)”
Deck Strategy Q4 2025 Financial Results · p. 39 ·
BTC Yield, then bitcoin per share (BPS)
“Strategy BPS Increase Has Accelerated Since March 195K 196K 196K 202K 213K”
Deck Strategy Q1 2026 Financial Results · p. 34 ·
BTC Yield, then bitcoin per share (BPS)
“Bitcoin Per Share Grew 5% in Q2 2026”
Deck Strategy Q2 2026 Financial Results · p. 15 ·
Capital raised and the 21/21 then 42/42 plan
“Raised $1.1B via ATM class A Common stock sales”
Deck MicroStrategy Q3 2024 Financial Results · p. 4 ·
Capital raised and the 21/21 then 42/42 plan
“Announced $42B capital raising target”
Deck Strategy Q4 2024 Financial Results · p. 10 ·
Capital raised and the 21/21 then 42/42 plan
“Raised $10B YTD 2025 through four different securities”
Deck Strategy Q1 2025 Financial Results · p. 8 ·
Capital raised and the 21/21 then 42/42 plan
“YTD 2025 Capital Raised 81% of 2024’s total in just 7 months”
Deck Strategy Q2 2025 Financial Results · p. 4 ·
Capital raised and the 21/21 then 42/42 plan
“YTD 2025 Capital Raised 88% of 2024’s total”
Deck Strategy Q3 2025 Financial Results · p. 4 ·
Capital raised and the 21/21 then 42/42 plan
“$25.3 Billion 2025 Capital Raised”
Deck Strategy Q4 2025 Financial Results · p. 4 ·
Capital raised and the 21/21 then 42/42 plan
“Raised $11.7 Billion in 4 Months YTD 2026”
Deck Strategy Q1 2026 Financial Results · p. 27 ·
Capital raised and the 21/21 then 42/42 plan
“Raised $17B in <7 months YTD 2026”
Deck Strategy Q2 2026 Financial Results · p. 21 ·
Preferred stock as "digital credit" (STRK, STRF, STRD, STRC, STRE)
“STRK (“Strike”) Convertible Preferred Stock”
Deck Strategy Q4 2024 Financial Results · p. 11 ·
Preferred stock as "digital credit" (STRK, STRF, STRD, STRC, STRE)
“STRK/STRF = Permanent Leverage without Refinancing Risk”
Deck Strategy Q1 2025 Financial Results · p. 31 ·
Preferred stock as "digital credit" (STRK, STRF, STRD, STRC, STRE)
“Four Listed Preferreds”
Deck Strategy Q2 2025 Financial Results · p. 4 ·
Preferred stock as "digital credit" (STRK, STRF, STRD, STRC, STRE)
“Four Listed Preferreds”
Deck Strategy Q3 2025 Financial Results · p. 4 ·
Preferred stock as "digital credit" (STRK, STRF, STRD, STRC, STRE)
“Five Listed Preferreds”
Deck Strategy Q4 2025 Financial Results · p. 4 ·
Preferred stock as "digital credit" (STRK, STRF, STRD, STRC, STRE)
“STRC Has Rapidly Grown to $8.5 Billion in Just 9 Months”
Deck Strategy Q1 2026 Financial Results · p. 41 ·
Preferred stock as "digital credit" (STRK, STRF, STRD, STRC, STRE)
“STRC is our Flagship Digital Credit Product”
Deck Strategy Q2 2026 Financial Results · p. 47 ·
Credit metrics and coverage (BTC Rating, debt coverage, S&P rating)
“Strategy’s bitcoin holdings at $98,700 per bitcoin provide significant coverage of its indebtedness”
Deck Strategy Q4 2024 Financial Results · p. 22 ·
Credit metrics and coverage (BTC Rating, debt coverage, S&P rating)
“BTC Metrics for BTC Credit Analysis 65”
Deck Strategy Q1 2025 Financial Results · p. 65 ·
Credit metrics and coverage (BTC Rating, debt coverage, S&P rating)
“Strategy’s BTC Capital Plan and Credit Strategy 1.Mid-term target BTC Ratings(1):”
Deck Strategy Q2 2025 Financial Results · p. 92 ·
Credit metrics and coverage (BTC Rating, debt coverage, S&P rating)
“S&P has Assigned a ‘B-’ Issuer Credit Rating to Strategy”
Deck Strategy Q3 2025 Financial Results · p. 29 ·
Credit metrics and coverage (BTC Rating, debt coverage, S&P rating)
“Strategy’s Balance Sheet is a Digital Fortress”
Deck Strategy Q4 2025 Financial Results · p. 29 ·
Credit metrics and coverage (BTC Rating, debt coverage, S&P rating)
“Converts Are Fully Covered Even After 91% BTC Price Decline”
Deck Strategy Q1 2026 Financial Results · p. 18 ·
Credit metrics and coverage (BTC Rating, debt coverage, S&P rating)
“Converts Are Fully Covered Even After 95% BTC Price Decline”
Deck Strategy Q2 2026 Financial Results · p. 11 ·
Fair-value earnings and EPS
“Adoption of FASB Fair Value”
Deck Strategy Q4 2024 Financial Results · p. 9 ·
Fair-value earnings and EPS
“Q2 2025: $14.0B Op. Income, $10.0B Net Income, $32.60 EPS”
Deck Strategy Q2 2025 Financial Results · p. 6 ·
Fair-value earnings and EPS
“Q3 2025: $3.9B Op. Income, $2.8B Net Income, $8.42 EPS”
Deck Strategy Q3 2025 Financial Results · p. 6 ·
Fair-value earnings and EPS
“FY 2025 Financial Results”
Deck Strategy Q4 2025 Financial Results · p. 8 ·
Fair-value earnings and EPS
“Operating Income ($5.9B) $14.0B $3.9B ($17.4B) ($14.5B)”
Deck Strategy Q1 2026 Financial Results · p. 6 ·
Fair-value earnings and EPS
“Operating Income $14.0B $3.9B ($17.4B) ($14.5B) ($8.3B)”
Deck Strategy Q2 2026 Financial Results · p. 12 ·
MSTR outperformance since August 2020
“MSTR has outperformed BTC and M7 via Intelligent Leverage”
Deck MicroStrategy Q3 2024 Financial Results · p. 24 ·
MSTR outperformance since August 2020
“MSTR has outperformed all major assets and S&P 500 stocks”
Deck Strategy Q4 2024 Financial Results · p. 37 ·
MSTR outperformance since August 2020
“MSTR has outperformed all major assets and S&P 500 stocks”
Deck Strategy Q1 2025 Financial Results · p. 11 ·
MSTR outperformance since August 2020
“Annualized Asset Performance Chart since Aug 10, 2020 101% 58% 27% 14% 10% 6% -4%”
Deck Strategy Q2 2025 Financial Results · p. 63 ·
MSTR outperformance since August 2020
“Annualized Asset Performance since August 10, 2020(1)”
Deck Strategy Q3 2025 Financial Results · p. 47 ·
MSTR outperformance since August 2020
“MSTR Common Equity is Amplified Bitcoin (2) (4)”
Deck Strategy Q4 2025 Financial Results · p. 38 ·
MSTR outperformance since August 2020
“MSTR Common Equity is Amplified Bitcoin (2) (4)”
Deck Strategy Q1 2026 Financial Results · p. 32 ·
MSTR outperformance since August 2020
“MSTR is Built to Outperform Bitcoin over Long Periods”
Deck Strategy Q2 2026 Financial Results · p. 63 ·
Political and institutional adoption of bitcoin
“Bitcoin President & Cabinet”
Deck Strategy Q4 2024 Financial Results · p. 28 ·
Political and institutional adoption of bitcoin
“The White House has embraced Bitcoin < Yow Ee EH”
Deck Strategy Q2 2025 Financial Results · p. 25 (OCR) ·
Political and institutional adoption of bitcoin
“The U.S. Government has embraced Bitcoin Robert F. Kennedy”
Deck Strategy Q3 2025 Financial Results · p. 41 ·
Political and institutional adoption of bitcoin
“Donald J. Trump is the Bitcoin President”
Deck Strategy Q4 2025 Financial Results · p. 45 ·
Political and institutional adoption of bitcoin
“BTC Weakness Reflects Macro Headwinds”
Deck Strategy Q2 2026 Financial Results · p. 41 ·
USD Reserve and selling bitcoin
“$2.25 billion provides 2.5 years of dividend coverage”
Deck Strategy Q4 2025 Financial Results · p. 5 ·
USD Reserve and selling bitcoin
“Our USD Reserve Strengthens Our Creditworthiness”
Deck Strategy Q1 2026 Financial Results · p. 19 ·
USD Reserve and selling bitcoin
“We Have Built an All-Time-High USD Reserve 5-Jan-25 26-May-26 27-Jul-26”
Deck Strategy Q2 2026 Financial Results · p. 27 ·
What they keep talking about · 11
The themes that show up deck after deck, and the ones that disappear.
- Holdings
- On the headline slide of every deck: 252,220 BTC (Oct '24) to 843,775 (Jul '26); from Q2 '25 also as a share of all bitcoin ever to exist.
- BPS
- BTC Yield is the KPI throughout; sats per share from Q2 '25, and from Q4 '25 'doubling BPS in seven years' is the objective. Shown year on year, not year to date, from Q1 '26.
- Raising
- The 21/21 plan (Oct '24) became 42/42 in Q1 '25 and is not named in any deck after it; the decks report issuance totals instead.
- Credit
- STRK in Q4 '24, then STRF, STRD, STRC and the euro STRE, called 'digital credit' from Q3 '25. By 2026 the deck centres on STRC, $2.8B to $10.5B notional.
- Coverage
- One coverage slide in Q4 '24, dozens of BTC Credit pages by Q2 '25, the S&P B- from Q3 '25. Amplification redefined as a multiple in Q2 '26.
- Earnings
- Record profits and an $80 EPS guide in Q2 '25; after three loss quarters the earnings page moved back to p. 12 in Q2 '26, with no 2026 guide.
- Outperformance
- MSTR against bitcoin and the indices since Aug '20 in every deck; the S&P 500 and last-12-month comparisons went after Q2 '25.
- Adoption
- The executive chairman's section on policy and institutions; in Q2 '26 it explains bitcoin's fall and 'extreme fear'.
- Reserve
- A $2.25B USD Reserve from Q4 '25, $3.75B by Jul '26, now fed by a 'BTC Monetization Program' that sells bitcoin.
- New
- Q2 '26: Net Reserve, Net BPS and a new mNAV definition (not comparable with earlier ones), and bitcoin sales to pay dividends.
- Quiet
- The 2.5x mNAV floor on common issuance (only Q2 '25), the 21/21 and 42/42 trackers (last Q1 '25), software billings (last Q2 '25), a yearly BTC Yield target for 2026 (none given).
Every quarterly report we’ve saved · 8
The press releases and shareholder letters behind this page.
- Q2 2026 release · 8-K 30 Jul 2026
- Q1 2026 release · 8-K 5 May 2026
- Q4 2025 release · 8-K 5 Feb 2026
- Q3 2025 release · 8-K 30 Oct 2025
- Q2 2025 release · 8-K 31 Jul 2025
- Q1 2025 release · 8-K 1 May 2025
- Q4 2024 release · 8-K 5 Feb 2025
- Q3 2024 release · 8-K 30 Oct 2024
Archived as text; the links open the copies filed on EDGAR or the investor-relations site.
What analysts asked them
5 calls · Q4 24 – Q2 26The last eight earnings calls: what analysts kept asking about, which questions got dodged, and how much the CEO did the talking.
Share of questions by topic, call by call. A topic that suddenly dominates is usually the problem. The last row is how much of the answering the CEO did, rather than the CFO or others.
| Share of questions about… | Q4 24 | Q3 25 | Q4 25 | Q1 26 | Q2 26 |
|---|---|---|---|---|---|
| Demand & customers | 50% | · | 8% | · | 17% |
| Growth & sales | · | 8% | · | · | · |
| Pricing & margins | · | 15% | 25% | 27% | 33% |
| Guidance & outlook | · | 8% | · | · | 8% |
| Capital & financing | 100% | 31% | 42% | 45% | 58% |
| Products & technology | · | · | 17% | 18% | 8% |
| Macro & regulation | · | 8% | · | 27% | · |
| Other | · | 38% | 50% | 36% | 33% |
| Questions | 2 | 13 | 12 | 11 | 12 |
How these calls run. On the Q4 24 call, investors send questions in advance and investor relations reads them out, sometimes rephrased, and picks who answers. No analyst is heard live and nobody gets a follow-up, so this table shows the questions the company chose to read.
Who’s in charge, who’s selling
read from the filings · 20 Oct 2026Shareholder votes against the board and pay, plus which executives have been selling their own shares.
Tier 1 · worsening
Issuance without a practical limit: Class A up about 25% in seven months
292.4M to 364.6M shares, Dec '25 to Jul '26. Authorised Class A is 10.33B and preferred 1.005B since Jan '25; $18.8B of Class A and about $25.2B of preferred were still for sale under the ATMs at 18 Oct '26. A $1.0B Class A buyback is authorised and unused.
Tier 2 · stable
The founder holds about 35% of the votes on 6% of the shares
Saylor's 19.6M Class B carry ten votes each. He is executive chairman with no lead independent director; the nominating committee is one director, Rickertsen (since 2002), and did not meet in 2025. Plurality voting, so no director can be removed against him.
Tier 2 · improving
A preferred series rewritten without the common vote
STRK's liquidation preference was changed in Jul '25 without the vote Delaware law requires; after a class action the board called it a 'potential defective corporate act' and had it ratified in Jun '26, 10.4% against. A special meeting on 28 Oct '26 votes daily dividends on all four series.
Tier 3 · stable
General counsel and chief accounting officer gone; the CFO now signs for both
General counsel retired Dec '25; the chief accounting officer retired Jun '26 and the CFO became principal accounting officer, no replacement named. KPMG's FY2025 internal-control opinion is effective.
Tier 3 · stable
An audit and pay committee member sold $11.4M outside any marked plan
Jarrod Patten, a director since 2004, sold in 77 lots from Mar to Oct '26 after exercising old options. Insiders sold $37.1M in a year, $25.6M under plans; the founder sold nothing.
Accounting rule changes 4 in 6 quarters
- Q1 '25Bitcoin carried at fair value from 1 January 2025 instead of cost less impairment
- Q4 '25Net leverage defined net of the USD Reserve
- Q1 '26BTC Yield shown year on year instead of year to date
- Q2 '26Amplification redefined from (debt + preferred) / BTC to BTC Reserve / Net Reserve
Where shareholders voted no
At each annual meeting shareholders vote on who sits on the board, what the executives are paid and whether the company may create more shares. These are the votes that drew the most "no"s at the last two meetings: the shares voted against (or withheld) each year, then what share of all votes cast that was. Under each one, what the vote was about and what a no means.
| 2025 | 2026 | Share 2026 | |
|---|---|---|---|
| Carl Rickertsen (pay chair, sole nominating member)A board seat. Shareholders vote to keep this person on the board, the group that hires, pays and can fire the CEO. A no, or a withheld vote, says they want this director out, often because of the committee they sit on or a decision they signed off. | 27.9M | 32.6M | 9.6% |
| STRK amendment ratification (2026 only)Changing the company's rulebook. An amendment to the charter, articles or by-laws, the documents that set out shareholders' rights and how the board is run. | — | 35.3M | 10.4% |
| Michael Saylor (executive chairman)A board seat. | 12.4M | 16.8M | 5.0% |
| Stephen Graham (audit chair)A board seat. | 11.3M | 15.2M | 4.5% |
| Jarrod PattenA board seat. | 12.6M | 14.5M | 4.3% |
| Phong Le (CEO)A board seat. | 11.0M | 13.0M | 3.8% |
Insiders who sold the most stock
Reported sales by executives and directors, biggest first.
| Form 4s, Oct '25-Oct '26 | Sold | Note |
|---|---|---|
| Le, CEO | $12.5M | 104,593 shares, all planned, mostly Jun '26 |
| Patten, director | $11.4M | 77,900 shares in 77 lots, none marked as a plan |
| Kang, CFO | $6.5M | 49,494 shares, all planned |
| Shao, general counsel (retired) | $6.5M | 29,002 shares, Nov '25, after option exercises |