Core Viewpoint - Strategy (MSTR) has experienced a significant decline of -26.4% over the past month, contrasting with the S&P 500's increase of +2.1% and the Zacks Financial - Miscellaneous Services industry's loss of -3.8% [1] Earnings Estimate Revisions - The consensus estimate for Strategy's current quarter is a loss of $0.08 per share, reflecting a year-over-year change of +97.5% [4] - For the current fiscal year, the consensus earnings estimate is -$15.73, indicating a change of -134.1% from the previous year [4] - The next fiscal year's consensus earnings estimate is $0.4, showing a change of +97.5% from the prior year [5] - The Zacks Rank for Strategy is 3 (Hold), based on the recent changes in earnings estimates and other related factors [6] Projected Revenue Growth - The consensus sales estimate for the current quarter is $123.3 million, representing a year-over-year change of +2.2% [10] - The sales estimates for the current and next fiscal years are $466.75 million and $485.05 million, indicating changes of +0.7% and +3.9%, respectively [10] Last Reported Results and Surprise History - In the last reported quarter, Strategy achieved revenues of $128.69 million, a year-over-year increase of +10.9% [11] - The EPS for the same period was $8.42, compared to -$1.56 a year ago, with a revenue surprise of +9.9% and an EPS surprise of +7754.55% [11] - Over the last four quarters, Strategy has surpassed consensus EPS estimates twice and revenue estimates twice [12] Valuation - Strategy is graded F in the Zacks Value Style Score, indicating it is trading at a premium compared to its peers [16]

Core Insights - MicroStrategy Incorporated (NASDAQ:MSTR) is identified as a strong investment opportunity with over 50% upside potential, despite a revised price target of $425 from $515 by Maxim Group analyst Matthew Galinko [1][2]. Company Performance - The company has successfully increased its bitcoin holdings by 5.2% sequentially in fiscal Q3 2025, demonstrating effective treasury operations [2]. - MicroStrategy's software business has shown significant growth, with cloud revenue increasing by 65.4% and a year-over-year revenue increase of 10.9% [3]. - The company maintains a strong balance sheet, bolstered by substantial digital assets, and is recognized as the world's largest corporate holder of Bitcoin [3].

Core Insights - Strategy (MSTR) has launched a new euro-denominated perpetual preferred security named Stream (STRE) shortly after reporting Q3 earnings and indicating plans for an international perpetual preferred stock [1] Group 1: Security Details - STRE will be issued at 100 euros ($115) per share with a 10% annual dividend payable quarterly in cash, targeting professional and institutional investors in the European Economic Area (EEA) [2] - If dividends are unpaid, they will compound quarterly, with the rate increasing by 100 basis points per period up to a maximum of 18% [3] - STRE ranks senior to STRK, STRD, and MSTR common stock but junior to STRF, STRC, and debt, and is non-callable except under adverse tax circumstances or if less than 25% of shares remain outstanding [4] Group 2: Financial Implications - Proceeds from the issuance will support bitcoin (BTC) acquisitions and general corporate purposes, and the security carries no voting rights [5]

RT Strategy (@Strategy)$STRE ("Stream") is our Perpetual Preferred Stock offering a fixed 10% Euro dividend. $MSTR https://t.co/caH2tmc7Og ...

Strategy & Vision - MicroStrategy (MSTR) 提出了“BTC refinery”模型，旨在利用比特币进行融资和价值创造 [1] - MicroStrategy 设想了数字信贷的未来，可能涉及比特币支持的信贷利差 [1] - MicroStrategy 旨在通过投资者教育和优先股机制来管理比特币的波动性 [1] - MicroStrategy 正在创建一个 (M)on(ST)e(R)，可能指一种新的金融工具或策略 [1] Financial & Credit Rating - 标普 (S&P) 首次对 MicroStrategy 的比特币国债评级为 B- [1] - 讨论了可转换债券与优先股，以及重新思考杠杆和回报顺序 [1] Q3 Highlights - 第三季度亮点包括提高股息、市场反应和营销策略 [1] - 讨论了股票回购和 MicroStrategy 的风险 [1]

RT Bitcoin For Corporations (@BitcoinForCorps)JUST IN: @Strategy ($MSTR) announces $STRE, their first ever Euro-Denominated Perpetual Preferred Stock, to European and global institutional investors.📹Full Presentation via @Saylor: https://t.co/AXJZKouXVY ...

BREAKING: 🇪🇺Michael Saylor’s STRATEGY launches first ever Euro-Denominated Perpetual Preferred Stock “Stream” $STRE to buy more Bitcoin.Michael Saylor (@saylor):Strategy is offering $STRE (“Stream”), our first ever Euro-Denominated Perpetual Preferred Stock, to European and global institutional investors. $MSTR https://t.co/tCectc2uA2 ...

Strategy is offering $STRE (“Stream”), our first ever Euro-Denominated Perpetual Preferred Stock, to European and global institutional investors. $MSTR https://t.co/tCectc2uA2 ...

Bitcoin Holdings and Strategy - The company held approximately 641,167 bitcoins as of October 30, 2025, with an aggregate market value of $68.28 billion based on a market price of $106,490 per bitcoin[186]. - The total bitcoin holdings increased from 447,470 bitcoins at December 31, 2024, to 640,031 bitcoins by September 30, 2025, reflecting a growth of 43%[179]. - The company purchased bitcoin using $4.37 billion from common stock sales, $1.99 billion from convertible notes, and $710 million from initial public offerings in the first quarter of 2025[179]. - The company’s treasury strategy involves accumulating bitcoin as a primary reserve asset, with no specific target for the amount to hold[171]. - The company plans to fund further bitcoin acquisitions primarily through issuances of common stock and various fixed-income instruments[171]. - The company aims to increase its Bitcoin holdings faster than the Assumed Diluted Shares Outstanding to enhance shareholder value[201]. - The company acquired 42,705 bitcoin in Q3 2025, raising total holdings to 640,031 bitcoin, compared to 25,889 bitcoin acquired in Q3 2024[204]. - The company expects changes in bitcoin market value to materially impact financial results due to its substantial bitcoin holdings[210]. - The company plans to continue pursuing its bitcoin strategy, incurring additional costs related to bitcoin advocacy and custodial fees[255]. - Total Bitcoin Holdings increased from 226,331 BTC as of June 30, 2024, to 640,031 BTC by September 30, 2025, representing a growth of 182%[265]. - Bitcoin Price increased from $61,927 on June 30, 2024, to $114,378 by September 30, 2025, reflecting an increase of 84.5%[265]. - The company has adopted ASU 2023-08, requiring measurement of bitcoin at fair value, which may lead to unrealized gains or losses not reflected in traditional KPIs[273]. Financial Performance - Unrealized gains on digital assets for the three months ended September 30, 2025, amounted to $3.89 billion, while for the nine months, it was $12.03 billion[182]. - The unrealized loss on digital assets was reported at $5.91 billion as of June 30, 2025[179]. - Total revenues for the three months ended September 30, 2025, increased by 10.9% to $128.7 million compared to $116.1 million in the same period of 2024[213]. - Subscription services revenues rose by 65.4% to $46.0 million for the three months ended September 30, 2025, compared to $27.8 million in 2024[213]. - Gross profit for the three months ended September 30, 2025, was $90.7 million, an increase of 11.0% from $81.7 million in the same period of 2024[213]. - The company recorded an unrealized loss on digital assets of $(3.9) billion for the three months ended September 30, 2025, compared to no unrealized gains in 2024[214]. - The provision for income taxes for the nine months ended September 30, 2025, was $3.35 billion on a pretax income of $11.93 billion, resulting in an effective tax rate of 28.0%[222]. - BTC Gain for the three months ended September 30, 2025, was $31,058, representing a 169% increase from the previous year[202]. - BTC Gain for the nine months ended September 30, 2025, was 115,956 BTC, translating to a BTC $ Gain of $13,263 million[267]. Capital and Financing Activities - Total net proceeds from equity offerings for the nine months ended September 30, 2025, amounted to $17,633,587, a significant increase from $1,242,293 in the same period of 2024[194]. - The company issued 1,881,542 shares of STRF Stock in the three months ended September 30, 2025, generating net proceeds of $217,434,000[197]. - Approximately $5.1 billion was raised from capital markets in Q3 2025, with $2.3 billion from STRK ATM and Common Stock ATMs, increasing Assumed Diluted Shares Outstanding by 5.8 million to approximately 320.0 million[205]. - For the nine months ended September 30, 2025, the company raised approximately $19.7 billion from capital markets, resulting in an increase of 38.3 million shares in Assumed Diluted Shares Outstanding[207]. - The company announced a capital plan to raise $84 billion in the medium-to-long term, including $42 billion of equity capital and $42 billion of fixed-income instruments[242]. - The company has long-term debt obligations totaling $8.24 billion, with semi-annual coupon interest payments of $17.3 million due for outstanding convertible notes[251]. Operating Expenses and Cash Flow - Total operating expenses for the three months ended September 30, 2025, were $(3.8) billion, compared to $4.0 million in 2024, indicating a significant increase in expenses[213]. - Net cash used in operating activities for the nine months ended September 30, 2025, was $(45,612) thousand, a 27.7% increase from $(35,708) thousand in the same period of 2024[254]. - Net cash used in investing activities increased by 384.1% to $(19,417,576) thousand for the nine months ended September 30, 2025, primarily due to a $15.4 billion increase in bitcoin purchases[254][257]. - Net cash provided by financing activities rose by 381.4% to $19,476,842 thousand for the nine months ended September 30, 2025, driven by a $10.6 billion increase in net proceeds from the sale of class A common stock[254][258]. - Cash and cash equivalents as of September 30, 2025, totaled $54.3 million, with $17.8 million held by U.S. entities and $36.5 million by non-U.S. entities[232]. - Cash, cash equivalents, and restricted cash at the end of the period increased by 16.6% to $56,200 thousand from $48,205 thousand in the prior year[254]. Market Risks and Currency Exposure - The company is exposed to market risks including fluctuations in bitcoin prices, foreign currency, and interest rates[281]. - A 10% adverse change in foreign currency exchange rates would have decreased reported cash and cash equivalents by 4.4% as of September 30, 2025[286]. - If average exchange rates had changed unfavorably by 10%, revenues for the nine months ended September 30, 2025 would have decreased by 3.8%[286]. - The company attempts to minimize foreign currency risk by converting excess foreign currency to U.S. dollar-denominated cash[285]. - The interest rate risk exposure via STRC Stock is not considered material as of October 30, 2025[288]. Dividends and Shareholder Returns - Total dividends paid for the three months ended September 30, 2025, amounted to $139.8 million, with no dividends paid during the same period in 2024[249]. - The board of directors increased the monthly regular dividend rate on STRC Stock from 10.00% to 10.25%, effective October 1, 2025, with a cash dividend of $0.854166667 per share payable on October 31, 2025[252]. - The regular dividend rate on STRC Stock was increased from 10.25% to 10.50% per annum effective November 1, 2025[287]. - An increase of 0.50% in the regular dividend rate on STRC Stock would result in an additional monthly dividend accrual of approximately $1.2 million[288]. - The company has not historically paid dividends on Class A common stock and does not intend to do so in the future[278].

Core Viewpoint - H.C. Wainwright analyst Mike Colonnese maintains a "Buy" rating on MicroStrategy (MSTR) following strong third-quarter results, despite lowering the price target from $521 to $475, a decrease of 8.83% [1] Financial Performance - MicroStrategy reported strong financial performance in the third quarter, with notable net income and full-year guidance for Bitcoin (BTC) holdings [1] - The company is expected to expand its Bitcoin purchases in the fourth quarter, supported by additional preferred equity sales [2] Market Valuation - MSTR is currently trading at approximately 1.3 times its market net asset value (mNAV), representing a 35% discount to its historical average, indicating it is undervalued [2] S&P 500 Inclusion - MicroStrategy narrowly missed inclusion in the S&P 500 during the September rebalance, but now meets all criteria for inclusion, which could act as a major catalyst for the stock [3][4] - S&P Global Ratings assigned MicroStrategy a "B-" issuer credit rating, indicating higher credit risk, but maintained a stable outlook [4] Future Outlook - Analysts expect higher Bitcoin prices, improved capital access, and potential S&P 500 inclusion to drive further upside for MicroStrategy's shares [5] - Other analysts have also revised their outlooks on MSTR, maintaining bullish ratings while adjusting price targets downward [6][7]