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Price · 1Y
$91.67
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
Recent events
Material filings, federal awards, and regulatory activity. Impact is scored against market cap.
- Jul 6LeadershipSEC
8-K filing (items 5.02, 7.01, 8.01) reporting officer/director changes and other disclosures.
- Jun 23Securities offeringSEC
Filed SEC Form 424B5 prospectus supplement.
- Jun 22OtherSEC
8-K filing for items 7.01 (Reg FD) and 8.01 (other events).
- Jun 15OtherSEC
Filed 8-K disclosing items 7.01 (Reg FD) and 8.01 (other events).
- Jun 15OtherSEC
8-K filed with items 3.03, 5.03, 7.01, 8.01, 9.01 on amendments to rights, bylaws and other disclosures.