Strategy Inc (MSTR)
SEC filings, insider trading & institutional ownership from EDGAR.
Strategy Inc (formerly MicroStrategy Incorporated, renamed in August 2025) describes itself as the world's first and largest Bitcoin Treasury Company. It pursues financial innovation strategies designed to generate value from its bitcoin holdings, including developing and issuing fixed-income instruments that give investors varying degrees of economic exposure to bitcoin. It is also a provider of AI-powered enterprise analytics software, under its vision of "Intelligence Everywhere." The company began buying bitcoin in August 2020, adopted a Treasury Reserve Policy in September 2020 that makes bitcoin the primary treasury reserve asset, and added a corporate strategy of acquiring and holding bitcoin in 2021. As of February 13, 2026, it held approximately 717,131 bitcoins, acquired for an aggregate $54.5 billion, and says it is the largest corporate holder of bitcoin globally.
The business is organized around bitcoin treasury operations and the enterprise analytics software business. Treasury operations cover capital markets management, bitcoin acquisition, capital and liability management, structuring and managing "digital credit" instruments, custody and risk management, and advocacy and education about bitcoin. In 2025 the company issued five classes of perpetual preferred stock, referred to as digital credit: STRF, STRC (variable rate), STRE (Euro-denominated), STRK (convertible) and STRD. Each is designed for a different investor profile, from lower-risk income seekers to those seeking higher yield or price appreciation. In December 2025 it established a US dollar reserve, which stood at $2.25 billion on February 13, 2026, to support preferred dividends and interest on its debt.
The company raises capital from equity and credit investors, primarily through at-the-market offerings of Class A common stock and preferred stock, and through underwritten offerings. It previously used senior convertible notes, senior secured notes, a bitcoin-collateralized term loan and operating cash flow to buy bitcoin. The preferred instruments target income-focused and yield-seeking investors across a range of risk tolerances, and the text does not describe the software customer base.
Bitcoin purchases are executed through trade execution partners affiliated with its custodians, timed close to capital raising transactions. Substantially all bitcoin is held with three U.S.-based custodians: Coinbase Custody Trust Company (about 40%), Anchorage Digital Bank (about 37%) and Fidelity Digital Assets (about 23%). The custody agreements generally call for cold storage of private keys, and the company monitors custodians through SOC reports, audits and annual due diligence reviews. The excerpt does not cover the software business's suppliers, competitors or headquarters.
AI-summarized from Item 1 (Business) of the company’s most recent 10-K filing.
Financials
As reported to the SEC via XBRL, no adjustments
| Gross profit | $327.82M |
| Operating income | -$5.44B |
| Diluted EPS | -$15.23 |
| Gross margin | 68.7% |
| Net margin | -806.3% |
Revenue by region
FY2025 geographic segments • from the 10-K
Latest filings
10-K, 10-Q, 8-K, Form 4 & 13D/G. Sourced directly from SEC EDGAR
| Form | Filed |
|---|---|
| 4Patten Jarrod M | Nov 6, 2026 |
| 4Patten Jarrod M | Nov 4, 2026 |
| 10-Q | Nov 2, 2026 |
| 8-K | Nov 2, 2026 |
Insider trading
From Form 4 filings
| Insider | Date | Type |
|---|---|---|
| Patten Jarrod M | Nov 4, 2026 | Sell |
| Patten Jarrod M | Nov 4, 2026 | Option exercise |
| Patten Jarrod M | Nov 3, 2026 | Sell |
| Patten Jarrod M | Nov 3, 2026 | Option exercise |
| Patten Jarrod M | Oct 9, 2026 | Sell |
Top holders
13F & 13D/G • latest quarter
| Holder | Stake | Filed | Value |
|---|---|---|---|
| Capital International Investors | 8.7% | Aug 12, 2026 | $3.03B |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | 7.7% | Aug 14, 2026 | $2.71B |
| JANE STREET GROUP, LLC | 6.7% | Aug 14, 2026 | $2.35B |
| CITADEL ADVISORS LLC | 6.2% | Sep 1, 2026 | $2.18B |
| BlackRock, Inc. | 4.8% | Aug 7, 2026 | $1.69B |
Executive pay and the vote
From the FY2025 proxy statement (DEF 14A), filed Apr 28, 2026, and the annual meeting’s vote on Jun 8, 2026
Figures come from the company’s proxy statement, and the vote count from its 8-K.
The Summary Compensation Table for every named officer, the board with tenure and committees, and each proposal with its count, verified against the filings.
Sign up free →Latest 10-K takeaways
filed Feb 18, 2025Strategy's MD&A pairs an assertive, growth-oriented Bitcoin accumulation narrative (447,470 BTC, $22 billion of purchases) with a weak core software business (revenue down 6.6%, $1.85 billion operating loss from impairments, negative operating cash flow). It also openly says internal cash will not cover obligations, so the company depends on capital markets, and it stresses bitcoin volatility and tax risks.
Written by Scrutar's AI from MSTR's SEC filings. Check anything you rely on against the filing. Not investment advice.
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Companies related to MSTR
Peers identified from MSTR's own SEC filings.
Data as of Nov 8, 2026Source: SEC EDGAR.