Strategy
Sells enterprise business-intelligence software while holding more bitcoin than any other public company.
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Profile
Sells business-intelligence and analytics software to enterprise customers, while separately holding more bitcoin than any other publicly traded company as its primary treasury reserve asset. Bitcoin purchases are funded through ongoing convertible-note, common-stock, and multi-series perpetual-preferred issuance rather than through corporate acquisitions.
Founded in 1989 as an MIT-rooted data-mining and business-intelligence software firm, the company built a multi-decade enterprise-software business before listing on Nasdaq in 1998.
That software business remains active, selling business-intelligence and analytics tools to large enterprise customers and generating operating cash flow separate from Bitcoin holdings.
The company has since redirected treasury toward bitcoin, accumulating more of it than any other publicly traded company and later renaming itself to make that identity primary. Purchases are funded through convertible notes, common-stock issuance, and several series of perpetual preferred stock.
A separate chief executive runs daily operations while the founder, now executive chairman, focuses on the Bitcoin strategy. Continued capital-markets access underpins further accumulation within the same corporate structure carried through the rebrand.
Company facts
Key statistics
Year to date −19.0% · Average volume (30d) 21.8M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 26, 2026 | Bernstein | Reiterate | Outperform | $450 | $350 |
| Aug 25, 2026 | Canaccord Genuity | Reiterate | Buy | $130 | $175 |
| Aug 10, 2026 | Mizuho Securities | Target | $213 | $165 | |
| Aug 3, 2026 | Cantor Fitzgerald | Reiterate | Overweight | $212 | $186 |
| Aug 3, 2026 | H.C. Wainwright | Target | $325 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | −$2.19 | −$24.45 | −1,016.4% | $123.0M | $122.4M | −0.5% | −4.56% |
| May 5, 2026Q1 FY26 | −$0.86 | −$38.25 | −4,337.4% | $120.8M | $124.3M | +2.9% | −0.04% |
| Feb 5, 2026Q4 FY25 | −$0.08 | −$42.93 | −53,562.5% | $119.1M | $123.0M | +3.2% | +26.11% |
| Oct 30, 2025Q3 FY25 | −$0.10 | $8.42 | +8,354.9% | $116.6M | $128.7M | +10.3% | +5.87% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $111.1M | $114.5M | $128.7M | $123.0M | $124.3M | $122.4M | |
| Gross profit | $77.1M | $78.7M | $90.7M | $81.3M | $83.4M | $81.6M | |
| Operating income | −$15.4M | −$15.5M | −$5.0K | −$10.0M | −$14.9M | −$8.33B | |
| Net income | −$4.22B | $10.02B | $2.79B | −$12.44B | −$12.54B | −$8.22B | |
| Diluted EPS | −$16.49 | $32.60 | $8.42 | −$42.93 | −$38.25 | −$24.07 | |
| Gross margin | 69.4% | 68.8% | 70.5% | 66.1% | 67.1% | 66.6% | |
| Operating margin | -13.9% | -13.6% | -0.0% | -8.1% | -12.0% | -6,808.1% |
Fiscal years (4-quarter sums)FY21 $510.8M · FY22 $499.3M · FY23 $496.3M · FY24 $463.5M · FY25 $477.2M
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $2.45B · Total debt $6.77B · Total assets $52.56B · Shareholders' equity $45.33B
Dividends
No dividends on record.
Ownership
Shares outstanding 330.81M · Float 330.04M · 99.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Capital International Investors | 34.90M | 10.55% | 13F | Aug 12, 2026 |
| BlackRock, Inc. | 19.39M | 5.86% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 15.35M | 4.64% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 14.94M | 4.52% | 13F | Aug 13, 2026 |
| G1 Execution Services, LLC | 11.61M | 5.10% | 13G | Feb 6, 2025 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 25, 2026 | Jarrod M. Patten | director | −2,775 | $125.33 |
| Aug 24, 2026 | Jarrod M. Patten | director | −925 | $122.34 |
| Aug 7, 2026 | Jarrod M. Patten | director | −3,800 | $102.41 |
| Jul 27, 2026 | Jarrod M. Patten | director | −1,950 | $98.48 |
| Jul 24, 2026 | Jarrod M. Patten | director | −1,950 | $92.46 |
Peers
- Microsoft
Head-to-head in enterprise BI, where Power BI holds dominant market share.
- Twenty One Capital
Rival pure-play public Bitcoin treasury backed by Tether and SoftBank.
- Salesforce
Contests advanced data visualization through Salesforce-owned Tableau.
- MARA
Rival public Bitcoin equity, accumulating BTC via mining and holding.
- SAP (ADR)
Competes in enterprise BI reporting via BusinessObjects and Crystal Reports.
- Coinbase
Alternative public equity exposure to Bitcoin via an exchange model.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Strategy | $127.88 | +0.46% | $42.12B | — | 3.7 | 84.5 | +6.9% |
| Microsoft | $513.06 | −0.06% | $3.81T | 28.6 | 26.2 | 11.5 | +17.8% |
| Twenty One Capital | $6.12 | +1.83% | $61.9M | — | — | — | — |
| Salesforce | $256.48 | +0.16% | $209.66B | 23.4 | 17.6 | 4.8 | +10.8% |
| MARA | $10.68 | +0.19% | $4.07B | — | — | 5.1 | −26.7% |
| SAP (ADR) | $220.80 | −0.39% | $258.15B | 28.1 | 23.9 | 5.8 | +5.8% |
| Coinbase | $178.50 | −0.02% | $47.13B | — | 206.3 | 8.5 | −18.5% |
| Median | 28.1 | 25.1 | 5.8 | +5.8% |