Strategy (MSTR) has written a formal letter in response to MSCI's proposal to exclude companies whose digital asset holdings represent 50% or more of total assets from MSCI Global Investable Market Indexes. Led by Executive Chairman Michael Saylor, Strategy argued that digital asset treasury companies (DATs), including Strategy itself, are operating businesses that use digital assets as productive capital, not passive vehicles for tracking price movements. Strategy builds bitcoin backed credit instruments ...

Core Insights - TB Alternative Assets Ltd. disclosed a new position in Strategy, acquiring 126,000 shares valued at $40.6 million as of September 30, 2025 [2][3] - This investment represents 6.1% of TB Alternative Assets' reportable U.S. equity AUM [3] - Strategy's stock price increased by 34.3% over the past year, outperforming the S&P 500 by 32.8 percentage points [3] Company Overview - Strategy reported a revenue of $462.32 million and a net income of $4.73 billion for the trailing twelve months (TTM) [4] - The stock price was $283.84 as of October 16, 2025, reflecting a one-year price change of 34.3% [4] Business Model - Strategy provides enterprise analytics solutions, enabling organizations to derive insights from large-scale data [5] - The company generates revenue primarily through software licensing, support services, consulting, and education offerings for enterprise clients [6] Investment Context - TB Alternative Assets' investment in Strategy is significant as it represents an initial position and places Strategy among its top five holdings [7] - Strategy has transitioned from a data analytics software platform to a major player in cryptocurrency, being the first publicly-traded company to buy Bitcoin as part of its capital allocation strategy [8] - As of July 29, 2025, Strategy holds 3% of all Bitcoin in existence, with total assets reaching $64.8 billion, predominantly in digital assets [9] Market Position - The stock is currently down from its 52-week high of $543, suggesting a potential buying opportunity for investors seeking exposure to Bitcoin [10]

Company Overview - MicroStrategy Incorporated (NASDAQ:MSTR) has transitioned from a business intelligence software provider to a Bitcoin investment entity, utilizing Bitcoin as its main treasury reserve asset since 2020 [2][3] - The company's stock has increased 45% year-to-date in 2025, correlating with Bitcoin prices exceeding $120,000 [2] Bitcoin Holdings and Yield - MicroStrategy currently holds approximately 597,000 BTC, valued at over $65 billion, with unrealized gains exceeding $22 billion [3] - The company achieved a Bitcoin Yield of 13.7% year-to-date in 2025, which is appealing to investors seeking greater Bitcoin exposure [3] Capital Acquisition Strategy - The company has raised capital through both debt and equity, including a $21 billion stock-sale initiative announced in March [4] - MicroStrategy enhances its Bitcoin yield by using capital generated from issuing new shares to acquire more Bitcoin, particularly when its stock trades at a premium to the underlying Bitcoin [3] Market Outlook - Institutional interest and ETF inflows into Bitcoin are increasing, supported by the current U.S. administration, which may benefit Bitcoin prices [4] - The potential for lower or stable interest rates and reduced geopolitical tensions could also favor risky assets like Bitcoin [4] Financial Performance - MicroStrategy's stock has outperformed Bitcoin, climbing 650% compared to Bitcoin's 180% increase over the past year [5] - The company's Operating Income over the last four quarters was -$66 million, with an Operating Margin of -14.5% [5] - Operating Cash Flow (OCF) for the same period was -$84 million, indicating a low OCF Margin of -18.3% [5] Debt Obligations - As of March 2025, MicroStrategy had over $8.1 billion in long-term debt, an increase from approximately $7.1 billion in the same quarter the previous year [5]