A software company that became the largest corporate holder of bitcoin, and what that means for the share price.
MicroStrategy was founded in 1989 by Michael Saylor and sold business-intelligence software for three decades — a slow-growing, unremarkable business. In August 2020 it began converting its cash reserves into bitcoin, then kept going, raising debt and issuing shares specifically to buy more.
The result is that the software business is now almost irrelevant to the share price. The stock trades as a leveraged proxy for bitcoin: it tends to rise more than bitcoin in a rally and fall further in a decline, because the debt amplifies both directions.
Anyone buying MSTR expecting a technology stock is buying something else entirely. Three risks stack on top of bitcoin's own volatility: the debt raised to buy it, the dilution from shares issued to fund purchases, and a premium to the underlying bitcoin that expands and collapses with sentiment. It is possible for bitcoin to rise while MSTR falls, if that premium compresses.
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