"Strip away the bitcoin accounting and there is barely a company underneath. Q4 2025 produced a $12.44 billion net loss and diluted EPS of -$42.93, driven almost entirely by a $17.44 billion unrealized loss on digital assets under ASU 2023-08. Quarterly software revenue was just $122.99M against a market cap north of $61 billion. The price-to-sales ratio sits at 134.95, operating margin is -44.02%, and beta is 3.595."
"CEO Phong Le openly described the model as raising "$25.3 billion of capital in 2025" to buy more bitcoin, with another $8.1 billion in common ATM and $29+ billion in preferred ATM capacity still queued. The STRC preferred carries an 11.25% dividend rate. Polymarket traders price a 41.5% chance MSTR sells some bitcoin by year-end and a 27.5% chance of MSCI delisting. This is a leveraged bitcoin proxy wearing a software ticker."
"Three reasons CME stands out versus MSTR for long-horizon investors 1. Records across every asset class, not just crypto. Q1 2026 delivered revenue of $1.88 billion (up 14.5% YoY), GAAP net income up 20% to $1.15 billion, and a record 36.2 million contracts in average daily volume, up 22% YoY. All six asset classes, interest rates, equity indexes, FX, energy, agricultural commodities and metals, hit quarterly highs. Crypto exposure flows through 24/7 cryptocurrency futures and options, keeping the asset off CME's balance sheet."
"2. Cash returns instead of dilution. CME paid roughly $3.9 billion in 2025 dividends and has returned about $30 billion to shareholders since 2012 under its variabl"
MicroStrategy’s recent gains follow bitcoin treasury announcements, but underlying fundamentals show large losses tied mainly to unrealized digital-asset accounting. Quarterly software revenue remains small relative to its market value, with very high price-to-sales, negative operating margin, and high volatility. Management describes plans to raise substantial capital in 2025 through common and preferred ATM capacity to buy more bitcoin, and preferred shares carry an 11.25% dividend rate. Market pricing reflects meaningful odds of bitcoin sales and potential index or listing outcomes. CME Group stands out for long-horizon investors by delivering records across multiple asset classes, including crypto derivatives, while keeping crypto exposure off its balance sheet and returning substantial cash to shareholders through dividends and buybacks.
Read at 24/7 Wall St.
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