Published 13 July 2026 / Version 1.0
MSTR 2026–2030:
Beyond the Bitcoin Proxy
This research evaluates Strategy Inc.’s common equity as a path-dependent residual claim on Bitcoin assets after debt, preferred securities, reserve policy, financing costs, and dilution. A favorable Bitcoin thesis does not automatically make MSTR attractive; valuation, liquidity, financing quality, and per-share accretion must improve together.
