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Price · 6M
$120.44
Thesis
Strategy is a bitcoin treasury company holding over 600,000 BTC, by a wide margin the largest corporate holder. It funds ongoing bitcoin purchases through convertible debt and equity issuance, while the original business intelligence software operation is now a residual line.
In practice the equity functions as a levered bitcoin proxy: returns are dominated by the price of BTC and by the company's ability to issue capital at a premium to the market value of its holdings (mNAV-vs-BTC arbitrage), with downside amplified by leverage and dilution mechanics.
Catalysts
- Bitcoin price and broader digital-asset cycle
- Premium of equity to bitcoin net asset value (mNAV)
- Pace and terms of debt and equity issuance
- Accounting treatment and index inclusion eligibility