Core Insights - Michael Saylor, the executive chairman of Strategy, is repositioning the company as a "capital markets platform" to attract new investors and revive its stock, which has fallen over 45% year-to-date [3][4][9] Company Performance - Strategy's stock has underperformed compared to Bitcoin, which has only dropped about 6% in the same period [3][9] - The company has raised approximately $2.5 billion through variable rate series A perpetual stretch preferred shares to buy Bitcoin, and its cash reserves have reached $2.2 billion [5][8] Market Context - The rise of spot Bitcoin ETFs and options has provided investors with alternative ways to invest in Bitcoin, diminishing Strategy's unique position in the market [7] - MSCI has indicated potential removal of companies like Strategy from its indexes, which could lead to significant outflows estimated at $2.8 billion [6] Investor Strategy - Strategy aims to increase outreach to institutional investors and wealth management firms, with Citi analysts maintaining a buy rating and a price target of $485, suggesting a potential upside of about 200% [10]