MicroStrategy (MSTR) Research | Aerarium Research

Forward Estimates

EPS Estimates

Current Qtr

$20.94

$-0.08$52.04

vs $32.60-35.8%

5 analysts

Next Qtr

$12.19

$-0.08$26.16

vs $8.42+44.8%

5 analysts

Current Yr

$32.07

$-38.47$107.10

vs $-15.23+310.6%

7 analysts

Next Yr

$14.27

$-33.54$48.61

vs $32.07-55.5%

5 analysts

Revenue Estimates

Current Qtr

$124.64M

$120.09M$129.90M

vs $114.49M+8.9%

8 analysts

Next Qtr

$130.14M

$124.00M$137.40M

vs $128.69M+1.1%

8 analysts

Current Yr

$501.42M

$463.00M$522.50M

vs $477.23M+5.1%

11 analysts

Next Yr

$515.40M

$454.00M$553.70M

vs $501.42M+2.8%

7 analysts

SEC filings →

View all 10-K, 10-Q, and 8-K filings for MSTR on EDGAR.

MSTR filing events and research context
Filed	Item	Context
May 6, 2026	mda_quarterly	MicroStrategy’s financial condition is centered on its Bitcoin treasury strategy and a substantial debt load of approximately $8.25 billion. To service this indebtedness and pay dividends on preferred stock series such as STRC and STRE, the company established a USD Reserve. Liquidity is managed through this reserve, ATM offerings of Class A common and preferred stock, and the potential sale of Bitcoin. The adoption of ASU 2023-08 has significantly increased earnings volatility by requiring Bitcoin holdings to be measured at fair value in net income. Parallel to its treasury operations, the company is transitioning its enterprise analytics software business from on-premises licenses—with support ending December 31, 2026—to a cloud subscription model while integrating AI capabilities. Primary risks include Bitcoin’s price volatility, counterparty exposure via custodians like Coinbase and Fidelity, and regulatory uncertainty regarding the SEC’s classification of digital assets. Furthermore, the availability of spot Bitcoin ETPs may reduce the market premium of the company's Class A common stock. Governance remains highly concentrated, with Michael Saylor exercising significant voting control through Class B shares.
Feb 19, 2026	business	Strategy Inc (formerly MicroStrategy) operates as a dual-purpose entity: a Bitcoin Treasury Company and an enterprise analytics software provider. The company’s primary financial strategy centers on the aggressive accumulation of bitcoin, which it views as a superior long-term reserve asset. As of February 13, 2026, the firm held approximately 717,131 bitcoins, acquired at an average price of $76,027. To fund these acquisitions, the company employs a sophisticated capital markets strategy, issuing Class A common stock and a suite of "digital credit" instruments—specifically five classes of Preferred Stock (STRF, STRC, STRE, STRK, and STRD). These instruments are designed to offer varying risk-reward profiles to attract a broad investor base. To support dividend and interest obligations, the company maintains a $2.25 billion USD Reserve. Key operational risks include heavy reliance on third-party custodians—Anchorage, Coinbase, and Fidelity—to secure its digital assets. While the company utilizes cold storage and rigorous due diligence to mitigate counterparty and cybersecurity risks, it remains exposed to market volatility and the potential for regulatory or insolvency-related challenges. The firm’s long-term value creation depends on its ability to maintain accretive bitcoin acquisitions while balancing leverage, liquidity, and the performance of its enterprise software business.
Feb 19, 2026	mda	Strategy Inc. (formerly MicroStrategy) operates as a dual-focus entity: the world’s largest corporate bitcoin treasury and a provider of AI-powered enterprise analytics software. The company’s core financial strategy centers on the aggressive accumulation of bitcoin, which it views as a long-term treasury reserve asset. To fund these acquisitions, the company utilizes capital markets, including the issuance of Class A common stock and five distinct classes of "digital credit" preferred stock (STRF, STRC, STRE, STRK, and STRD). To manage liquidity and satisfy dividend and interest obligations, the company maintains a $2.25 billion USD Reserve. The company’s financial results are highly sensitive to bitcoin price volatility. Following the adoption of ASU 2023-08, the company must recognize fair value fluctuations of its 717,131 bitcoin holdings directly in net income, significantly increasing earnings volatility. Key risks include the potential for liquidity crises if bitcoin prices decline, the reliance on external financing to fund operations and debt service, and the threat of regulatory reclassification of bitcoin as a security. Additionally, the company faces operational risks in its software business, which is transitioning from on-premises licenses to cloud subscriptions, and must navigate complex cybersecurity, data privacy, and intellectual property challenges.

Filed

Item

Context

May 6, 2026

mda_quarterly

MicroStrategy’s financial condition is centered on its Bitcoin treasury strategy and a substantial debt load of approximately $8.25 billion. To service this indebtedness and pay dividends on preferred stock series such as STRC and STRE, the company established a USD Reserve. Liquidity is managed through this reserve, ATM offerings of Class A common and preferred stock, and the potential sale of Bitcoin. The adoption of ASU 2023-08 has significantly increased earnings volatility by requiring Bitcoin holdings to be measured at fair value in net income. Parallel to its treasury operations, the company is transitioning its enterprise analytics software business from on-premises licenses—with support ending December 31, 2026—to a cloud subscription model while integrating AI capabilities. Primary risks include Bitcoin’s price volatility, counterparty exposure via custodians like Coinbase and Fidelity, and regulatory uncertainty regarding the SEC’s classification of digital assets. Furthermore, the availability of spot Bitcoin ETPs may reduce the market premium of the company's Class A common stock. Governance remains highly concentrated, with Michael Saylor exercising significant voting control through Class B shares.

Feb 19, 2026

business

Strategy Inc (formerly MicroStrategy) operates as a dual-purpose entity: a Bitcoin Treasury Company and an enterprise analytics software provider. The company’s primary financial strategy centers on the aggressive accumulation of bitcoin, which it views as a superior long-term reserve asset. As of February 13, 2026, the firm held approximately 717,131 bitcoins, acquired at an average price of $76,027. To fund these acquisitions, the company employs a sophisticated capital markets strategy, issuing Class A common stock and a suite of "digital credit" instruments—specifically five classes of Preferred Stock (STRF, STRC, STRE, STRK, and STRD). These instruments are designed to offer varying risk-reward profiles to attract a broad investor base. To support dividend and interest obligations, the company maintains a $2.25 billion USD Reserve. Key operational risks include heavy reliance on third-party custodians—Anchorage, Coinbase, and Fidelity—to secure its digital assets. While the company utilizes cold storage and rigorous due diligence to mitigate counterparty and cybersecurity risks, it remains exposed to market volatility and the potential for regulatory or insolvency-related challenges. The firm’s long-term value creation depends on its ability to maintain accretive bitcoin acquisitions while balancing leverage, liquidity, and the performance of its enterprise software business.

Feb 19, 2026

mda

Strategy Inc. (formerly MicroStrategy) operates as a dual-focus entity: the world’s largest corporate bitcoin treasury and a provider of AI-powered enterprise analytics software. The company’s core financial strategy centers on the aggressive accumulation of bitcoin, which it views as a long-term treasury reserve asset. To fund these acquisitions, the company utilizes capital markets, including the issuance of Class A common stock and five distinct classes of "digital credit" preferred stock (STRF, STRC, STRE, STRK, and STRD). To manage liquidity and satisfy dividend and interest obligations, the company maintains a $2.25 billion USD Reserve. The company’s financial results are highly sensitive to bitcoin price volatility. Following the adoption of ASU 2023-08, the company must recognize fair value fluctuations of its 717,131 bitcoin holdings directly in net income, significantly increasing earnings volatility. Key risks include the potential for liquidity crises if bitcoin prices decline, the reliance on external financing to fund operations and debt service, and the threat of regulatory reclassification of bitcoin as a security. Additionally, the company faces operational risks in its software business, which is transitioning from on-premises licenses to cloud subscriptions, and must navigate complex cybersecurity, data privacy, and intellectual property challenges.

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MSTR filing events and research context

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