"Strategy holds 738,731 BTC, making it the largest corporate Bitcoin holder in the world. CEO Phong Le has repeatedly demonstrated capital markets execution, raising $25.3 billion in 2025 alone-the largest U.S. equity issuer for two consecutive years. Analysts remain overwhelmingly bullish, with 14 Buy ratings and a consensus price target of $378.71 against a current price of $138.46."
"Strategy's FY2025 guidance was built on Bitcoin reaching $150,000 by year-end. It didn't come close. Bitcoin is currently trading around $69,498, or down 20.12% year-to-date. That miss produced a $17.44 billion unrealized loss in Q4 2025 and a net loss of $12.44 billion for the quarter. EPS came in at −$42.93 versus the consensus estimate of −$15.66, which is a miss of over 174%."
"Authorized shares were expanded from 330 million to 10.33 billion class A common shares. As of early February 2026, over $29 billion remained available across preferred ATM programs. Every Bitcoin purchase is funded by issuing equity above book-which works until sentiment turns."
"Strategy ( NASDAQ: STRC) dividends are now running at 11.5% annualized, escalating from 9% just months earlier. These perpetual obligations rank above common equity, creating a structural drag that compounds as the preferred stack grows."
MicroStrategy holds 738,731 Bitcoin as the world's largest corporate holder, funded through $25.3 billion in equity raises during 2025. However, the bull case faces significant headwinds. Bitcoin's failure to reach the $150,000 guidance assumption resulted in a $17.44 billion unrealized loss and $12.44 billion net loss in Q4 2025. Authorized shares expanded dramatically from 330 million to 10.33 billion, with over $29 billion remaining in ATM programs, creating relentless dilution. Preferred shareholders receive 11.5% annualized dividends ranking above common equity, compounding structural drag. Meanwhile, the core software business deteriorates, with product support revenue declining 16.9% year-over-year, indicating hollowing fundamentals beneath the Bitcoin narrative.
#microstrategy-bitcoin-strategy #equity-dilution #short-interest #preferred-dividends #software-business-decline
Read at 24/7 Wall St.
Unable to calculate read time
Collection
[
|
...
]