MSTR US🌎MicroStrategy pioneered the use of Bitcoin as a corporate reserve asset. This strategy transformed MSTR from a traditional technology company into a unique hybrid: a provider of analytics solutions and a publicly traded instrument for indirect exposure to Bitcoin.
As of September 2025, the company's reserves totaled 636,505 BTC, equivalent to approximately $70 billion and representing approximately 2.6% of the total Bitcoin supply globally. This makes it the largest corporate holder of Bitcoin.
To accumulate this amount, the company employed an aggressive financial strategy, including issuing convertible debt and, more recently, issuing preferred shares.
mNAV Premium. One of the most important metrics for MSTR's valuation is mNAV (Multiple on Net Asset Value). It is calculated as the ratio of a company's market capitalization to the dollar value of Bitcoin on its balance sheet. A high mNAV means the market values the company significantly above the value of its Bitcoin reserves, allowing it to attract cheap capital for further acquisitions.
Operating revenue remains relatively stable at approximately $463 million.
Gross margin over the past 12 months has remained at approximately 70%.
Net income is highly volatile due to adjustments for Bitcoin price fluctuations. In 2023, the company reported a net income of $429.1 million, but for 2024, it recorded a loss of -$1.17 billion.
OCF -$53.7 million
Debt 8.16 B
cash 0.05 B
Debt can be repaid by selling a portion of the Bitcoin held on the balance sheet.
