Here are 1-3 brief analogies for MicroStrategy (MSTR):

• It's like Berkshire Hathaway, but almost exclusively for Bitcoin.
• It's like a gold mining company, but for Bitcoin.
• It's like Fidelity or Vanguard, but primarily as a publicly traded vehicle for Bitcoin.

• MicroStrategy ONE Platform: An enterprise analytics and business intelligence software platform designed for data discovery, reporting, and mobile intelligence.
• Professional Services: Consulting, training, and technical support services to assist customers with the implementation, optimization, and maintenance of their MicroStrategy software solutions.

MicroStrategy (symbol: MSTR) sells its business intelligence and enterprise analytics software primarily to other companies (B2B).

Based on their public financial filings (e.g., 10-K reports), MicroStrategy does not disclose specific major customers by name that account for a significant portion of its revenue (e.g., 10% or more). This indicates that MicroStrategy serves a diversified customer base rather than relying on a few dominant clients.

Therefore, while specific major customer names are not publicly available, MicroStrategy serves a broad range of enterprise customers across various industries globally. These typically include, but are not limited to, companies within the following sectors:

• Financial Services: Banks, investment firms, and insurance companies that utilize MicroStrategy's analytics for risk management, customer insights, and regulatory compliance.
• Retail and E-commerce: Large retail chains and online businesses leveraging data for sales performance, inventory optimization, supply chain management, and enhanced customer experience.
• Healthcare and Life Sciences: Hospitals, pharmaceutical companies, and other healthcare providers employing data for operational efficiency, patient care improvements, and research.
• Telecommunications: Providers analyzing network performance, subscriber behavior, and service delivery to optimize operations and offerings.
• Government and Public Sector: Various government agencies using data for operational efficiency, resource allocation, and improved public service delivery.

• Amazon Web Services (part of Amazon): AMZN
• Microsoft Azure (part of Microsoft): MSFT
• Coinbase Global, Inc.: COIN

Michael Saylor, Executive Chairman

Michael Saylor co-founded MicroStrategy in 1989 and served as its CEO from 1989 to 2022. He is currently the Executive Chairman, a role he assumed in August 2022. Saylor founded Alarm.com, which was sold to venture fund ABS Capital Partners in 2009. He also founded Angel.com, which was sold to Genesys Telecommunications Laboratories for $110 million in 2013.

Phong Le, President & Chief Executive Officer

Phong Le joined MicroStrategy in August 2015. He served as President and CFO before being appointed President & CEO in August 2022. Prior to MicroStrategy, Mr. Le was the CFO of XO Communications, a private telecommunications company. He also held senior positions at NII Holdings, a publicly held telecommunications company, and spent 12 years in the consulting practice at Deloitte.

Andrew Kang, Senior Executive Vice President & Chief Financial Officer

Andrew Kang joined MicroStrategy as Senior Executive Vice President and CFO in May 2022. Before MicroStrategy, he served as Executive Vice President and CFO of GreenSky Inc., a publicly listed financial technology firm that was acquired by Goldman Sachs in April 2022. His prior experience includes roles as Corporate Treasurer at Santander Holdings USA, and leadership positions at Exeter Finance, HSBC Finance, Capital One Financial Corp., and Thomson Reuters.

Joty Paparello, Executive Vice President & Chief Human Resource Officer

Joty Paparello has served as MicroStrategy's Executive Vice President and Chief Human Resource Officer since October 2020. She has held various leadership positions within MicroStrategy since October 2002 and began her career in Human Resources at AOL.

Saurabh Abhyankar, Executive Vice President & Chief Product Officer

Saurabh Abhyankar is the Executive Vice President & Chief Product Officer at MicroStrategy, responsible for leading the company's product strategy and development. His professional background includes significant roles at MRI Software, SAP, and Business Objects.

The emergence of spot Bitcoin Exchange-Traded Funds (ETFs) in major markets provides investors with a direct, regulated, and often more liquid and cost-effective method to gain exposure to Bitcoin. MicroStrategy's stock has increasingly been viewed as a proxy for Bitcoin exposure, particularly for institutional investors who previously lacked direct access to the cryptocurrency through traditional financial instruments. With the availability and rapid adoption of these ETFs, MSTR's unique appeal as a Bitcoin proxy may diminish, potentially reducing demand for its stock and impacting its valuation premium relative to its underlying Bitcoin holdings.

MicroStrategy (MSTR) primarily operates in the Business Intelligence (BI) and Data Analytics markets.

The global addressable market for Business Intelligence (BI) software is projected to be approximately $72.1 billion in the next 12 months, as of March 2025. More broadly, the global Business Intelligence market is estimated to be USD 38.15 billion in 2025 and is expected to reach USD 56.28 billion by 2030.

For the wider global Data Analytics market, the size was estimated at USD 69.54 billion in 2024 and is projected to reach USD 302.01 billion by 2030. Another estimate places the global data analytics market size at USD 64.99 billion in 2024, growing to USD 402.70 billion by 2032.

Considering the combined scope of Big Data and Business Analytics, the global market was valued at USD 225.3 billion in 2023 and is projected to reach USD 665.7 billion by 2033.

1. Growth in Subscription Services for AI-powered Enterprise Analytics Software: Strategy continues to focus on its core enterprise analytics software business, which includes AI-powered offerings like Strategy One and Strategy Mosaic. The company has shown steady growth in its subscription services revenue, with a 32.5% increase year-over-year in Q3 2024 for this segment, indicating continued expansion and adoption of its software solutions.
2. Expansion and Monetization of its Capital Markets Platform through Bitcoin-backed Financial Products: Strategy actively leverages its capital markets platform to raise capital, including through preferred equity offerings and at-the-market programs, which are used primarily to acquire Bitcoin. The company is also preparing for the issuance of credit securities in international markets, aiming to solidify its position as a major global credit issuer. These activities, including the creation, issuance, and management of various Bitcoin-backed financial products, are expected to generate revenue through associated fees or other financial services income.
3. Leveraging its "Bitcoin Treasury Company" Expertise to Provide Advisory or Related Services: Having established itself as the world's leading "Bitcoin Treasury Company" with substantial Bitcoin holdings, Strategy possesses unique expertise in corporate Bitcoin strategy, acquisition, and management. This specialized knowledge and prominent market position could enable the company to offer consulting or advisory services to other corporations interested in adopting similar Bitcoin treasury strategies or integrating digital assets into their financial operations, thereby creating new revenue streams.

Share Repurchases

• MicroStrategy has not made any share repurchases over the last 3-5 years.
• The company's policy indicates it would consider repurchasing shares if its market-to-net asset value (mNAV) falls below 1.0x.

Share Issuance

• Since 2020, MicroStrategy has aggressively issued common stock, convertible notes, and preferred stock to fund its Bitcoin acquisition strategy, leading to approximately 260% shareholder dilution.
• In October 2024, the company announced its "21/21 Plan," aiming to raise $42 billion between 2025 and 2027 through equity offerings and fixed-income securities to acquire more Bitcoin.
• Significant recent issuances include approximately $5.2 billion from common stock sales in the second quarter of 2025 and a $2.5 billion preferred stock offering in July 2025.

Capital Expenditures

• MicroStrategy's capital expenditures averaged $5.052 million from fiscal years ending December 2020 to 2024.
• Capital expenditures peaked at $38.041 million for the latest twelve months ending June 2025.
• After decreasing from 2020 to 2022, capital expenditures increased in 2023 ($2.938 million) and 2024 ($13.478 million).