MicroStrategy MSTR, doing business as “Strategy,” shares closed at $369.70 on Friday, 32% below the 52-week high of $543 it hit on Nov. 21, 2024. Strategy shares have appreciated 27.6% year to date (YTD), while the Zacks Computer – Software industry and Zacks Computer and Technology sector have returned 10.4% and 0.9%, respectively.
Strategy is the world’s largest bitcoin treasury company, holding 592,100 bitcoins as of June 15, 2025. In early June, Strategy acquired 10,100 bitcoins for $1.05 billion. MARA Holdings MARA, Riot Platform RIOT and Tesla TSLA are other well-known companies that hold bitcoins in their respective balance sheets. As of March 31, MARA Holdings and Riot Platforms had 47,531 and 19,223 bitcoins, respectively, while Tesla had 11,509 bitcoins at the end of the first quarter of 2025.
Strategy shares have outperformed MARA Holdings, Riot Platform and Tesla, shares of which have dropped 14.6%, 6.4% and 20.3%, YTD.
Image Source: Zacks Investment Research
MSTR stock is currently trading above the 200-day moving average, indicating a bullish trend.
Image Source: Zacks Investment Research
Strategy benefits from the Trump administration’s announcement of the establishment of a strategic bitcoin reserve. Bitcoin, the most popular cryptocurrency, has been soaring due to increasing acceptance as a non-sovereign asset, as well as higher institutional and corporate adoption. However, bitcoin’s volatility is a headwind for MSTR. Bitcoin is now trading above $101K, much lower than the $111K it registered in May.
MSTR benefits from increasing bitcoin yield, 13.7% year to date (as of April 28, 2025), keeping the company on track to reach full year target of 15%, which is now raised to 25% and bitcoin dollar gain target to $15 billion (up from initial target of $10 billion). Bitcoin gains in dollar terms were $4.1 billion in the first quarter of 2025 and $5.8 billion as of April 28, 2025.
The company’s disciplined approach to capital raising through preferred equity offerings — Strike (8% convertible preferred is trading with an effective yield of roughly 9%) and Strife (10% fixed coupon perpetual preferred) — is a key catalyst. As of April 28, 2025, MSTR raised $6.6 billion through equity offerings and $3.4 billion through fixed income ($2 billion from convertible notes, $0.7 billion each through Strike and Strife).
Strategy has issued $20.9 billion in equities and $6.4 billion in fixed income securities as part of its 21/21 plan since Oct. 30, 2024. The company has $14.6 million remaining under fixed income securities and $0.1 million under equities as part of the existing plan. Strategy currently plans to raise $42 billion through equity issuance and $42 billion through fixed income securities by the end of 2027. Under the current plan, the company has $21.1 billion in equity and $35.6 billion in fixed income securities remaining to be issued.
