---
id: "entity-microstrategy"
type: "entity"
entityType: "organization"
canonicalName: "MicroStrategy"
aliases: ["Strategy", "MSTR"]
source_timestamps: ["00:00:38", "00:23:15"]
tags: ["company", "public-company", "bitcoin-treasury"]
related: ["entity-michael-saylor", "framework-microstrategy-playbook", "entity-bitcoin"]
sources: ["saylor"]
sourceVaultSlug: "saylor-bitcoin-digital-capital-cardone-2026Jun25"
originDay: 1
---
# MicroStrategy (Strategy)

## Profile

A publicly traded business intelligence software company (ticker **MSTR**) — now rebranded as **Strategy** — that gained global prominence by adopting [[entity-bitcoin]] as its primary treasury reserve asset.

Under [[entity-michael-saylor]]'s leadership, it has effectively transformed into a **"Bitcoin development company"**, using capital markets to acquire massive amounts of BTC and pioneering the new [[concept-digital-credit]] market.

## Role in this source

The corporate vehicle through which Saylor's thesis is operationalized. The interview repeatedly references MicroStrategy's mechanics:

- WKSI status — see [[concept-wksi-advantage]].
- ATM equity offerings — see [[concept-atm-offering]].
- Convertible bond issuance (largest globally) — see [[concept-convertible-bond-arbitrage]].
- BTC-backed preferreds (e.g., STRC, STRK) creating the digital credit market.
- The seven-step [[framework-microstrategy-playbook]].

## The 2020 origin

The pivot was framed as existential. See [[quote-fight-or-die]]: facing $500M in cash yielding zero in a high-monetary-expansion regime, MicroStrategy chose to "fight" by deploying treasury into BTC.

## Risk vectors

- Reclassification under the Investment Company Act — see [[question-regulatory-response]].
- Multi-year BTC bear market stressing the convertible playbook — see [[question-bear-market-stress-test]].