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Equity · Technology
MicroStrategy Incorporated (MSTR) perpetual futures
MSTR perpetual futures on 31 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade MSTRUSDT.
Strategy Inc provides Bitcoin treasury services, enterprise analytics software, and AI-powered intelligence solutions for decision-making across global markets.
$110.62-4.2%NASDAQ open
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Trading data
Perpetual market activity
31/31 live markets
Trading data
Perpetual market activity
Venues
31
Live markets
31/31
24h volume
$569.4MCoverage: 24/31 marketsExchange-reported volume: $733.3M
Open interest
$207.1MCoverage: 27/31 markets
Best liquidity
$26.4M
MEXC
Tightest spread
+0.9 bps
Bitget
Highest volume
$332.2M
Binance
Settlement mix
USDT · 18/31
Perp/spot vol.
0.26x
Spot volume $2.2B
OI / float
+0.47%
Float $44.4B
Spot performance
1D-6.49%
5D-10.50%
1M-24.82%
6M-35.74%
YTD-24.71%
1Y-45.14%
Venue matrix
31 markets
Some venue links are sponsored. We may receive a commission, and eligible users may occasionally receive trading-fee discounts, at no additional cost to you.
| Trade | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
 Binance | Trade | MSTR/USDT | Trading | $110.65 | +1.5% APR +0.00133% every 8h | +0.9 bps | - | $332.2M | $70.4M | USDT | - | |
 OKX | Trade | MSTR/USDT | Trading | $110.65 | +1.7% APR +0.00151% every 8h | +0.9 bps | $2M | $71.6M | $17.6M | USDT | 50x | |
 Bitget | Trade | MSTR/USDT | Trading | $110.65 | +9.1% APR +0.00830% every 8h | +0.9 bps | $13.3M | $51.7M | $24.1M | USDT | 50x | |
 Bybit | Trade | MSTR/USDT | Trading | $110.67 | 0.0% APR 0.000% every 8h | +1.8 bps | $2M | $33.5M | $18.9M | USDT | 50x | |
 Hyperliquid HIP-3 | Trade | xyz:MSTR | Trading | $110.49 | +5.5% APR +0.00063% every 1h | +4.6 bps | - | $24.4M | $33.8M | USDC | 10x | |
 MEXC | Trade | MSTR/USDT | Trading | $110.62 | +1.2% APR +0.00110% every 8h | +0.9 bps | $26.4M14 min | $18.6M | $8.2M | USDT | 100x | |
 Gate.io | Trade | MSTR/USDT | Trading | $110.70 | 0.0% APR 0.000% every 8h | +8.2 bps | $1.1M | $15.9M | $20.2M | USDT | 50x | |
 KuCoin | Trade | MSTR/USDT | Trading | $110.61 | +13.7% APR +0.013% every 8h | +6.4 bps | $38.8K | $2.9M | $3.2M | USDT | 20x | |
 Kraken | Trade | PF_MSTRXUSD | Trading | $110.56 | +30.6% APR +0.00350% every 1h | +6.4 bps | $1.5M | $2.4M | $1.2M | USD | - | |
 Lighter | Trade | MSTR | Trading | $110.49 | +17.5% APR +0.00200% every 1h | +2.7 bps | $2.5M | $2.2M | $807.6K | USDC | - | |
 Aster | Trade | MSTRUSDT | Trading | $110.56 | 0.0% APR 0.000% every 8h | +4.6 bps | $399.1K | $2.2M | $718.8K | USDT | - | |
 Deribit | Trade | MSTR/USDC | Trading | $110.51 | -1.7% APR -0.00157% every 8h | +4.6 bps | $1.2M | $2M | $954.4K | USDC | 10x | |
 Phemex | Trade | MSTR / USDT | Trading | $110.57 | 0.0% APR 0.000% every 4h | +18.3 bps | - | $1.3M | $1.3M | USDT | 10x | |
 BloFin | Trade | MSTR/USDT | Trading | $110.64 | +1.4% APR +0.00129% every 8h | +2.7 bps | $7.9M | $773.3K | $1.5M | USDT | 20x | |
 Vest | Trade | MSTR/USDC | Trading | $110.56 | +5.0% APR +0.00057% every 1h | +12.8 bps | - | $469.3K | - | USDC | 25x | |
 HTX | Trade | MSTRX/USDT | Trading | $110.69 | +9.3% APR +0.00847% every 8h | +12.8 bps | $528.9K | $293.2K | $895.1K | USDT | - | |
 Orderly Network | Trade | MSTR/USDC | Trading | $110.55 | +11.0% APR +0.010% every 8h | - | no public depth feed | $255.4K | $16.5K | USDC | - | |
 Helix (Injective) | Trade | MSTR/USDC | Trading | $110.45 | +3.6% APR +0.00042% every 1h | +71.4 bps | $99.5K | $132.5K | - | USDC | 30x | |
 Pacifica | Trade | MSTR/USDC | Trading | $110.58 | +11.0% APR +0.00125% every 1h | +7.1 bps | - | $111.1K | $163.8K | USDC | 10x | |
 Crypto.com Exchange | Trade | MSTR/USD | Trading | $110.49 | -22.6% APR -0.00258% every 1h | +6.4 bps | $14.2K | $110.2K | $24.4K | USD | 50x | |
 XT.com | Trade | MSTR/USDT | Trading | $110.64 | +1.5% APR +0.00136% every 8h | +30.2 bps | $507.9K | $18.4K | - | USDT | 50x | |
 Aevo | Trade | MSTR/USDC | Trading | $110.56 | +11.4% APR +0.00130% every 1h | +15.1 bps | $204K | $0 | $91.8 | USDC | 10x | |
 Paradex | Trade | MSTR/USD | Trading | $110.48 | +10.2% APR +0.00931% every 8h | +11,893.9 bps | $0 | $0 | $486.1 | USDC | 5x | |
 BingX | Trade | MSTR-USDT | Trading | $110.70 | +8.9% APR +0.00810% every 8h | +1.8 bps | $10M | $6.4M | - | USDT | - | |
 Deepcoin | Trade | MSTR/USDT | Trading | $110.66 | - | +1.8 bps | $1.5M | $72.5M⚠ | $9.6K | USDT | 20x | |
 LBank | Trade | MSTR/USDT | Trading | $110.66 | +1.5% APR +0.00133% every 8h | +1.8 bps | $12.3M | $52.1M⚠ | $147.7K | USDT | 50x | |
 Bitunix | Trade | MSTR/USDT | Trading | $110.61 | +1.3% APR +0.00115% every 8h | +0.9 bps | $18.7M | $21.6M⚠ | $1.5M | USDT | 100x | |
 Ondo Perps | Trade | MSTR/USD | Trading | $110.52 | - | +1.8 bps | $1.8M | $7.5M⚠ | $728.4K | USDC | 10x | |
 Ourbit | Trade | MSTR/USDT | Trading | $110.64 | +1.2% APR +0.00110% every 8h | +1.8 bps | $6.6M | $3.9M⚠ | $133.2K | USDT | 100x | |
 GRVT | Trade | MSTR/USDT | Trading | $110.70 | +3.0% APR +0.00270% every 8h | +4.6 bps | $409.4K | $3.7M⚠ | $115.5K | USDT | - | |
 Extended | Trade | MSTR/USD | Trading | $110.42 | +10.5% APR +0.00120% every 1h | +1.8 bps | $311.3K | $2.6M⚠ | $251.5K | USD | 10x |
Unverified volume: implausibly high against open interest, a typical sign of wash trading. These venues are listed last.
Tokenized wrappers of the real stock, tradable on-chain and on crypto exchanges around the clock. Premium/discount compares the token price to our stock reference price. Data: CoinMarketCap · Robinhood · DexScreener · GeckoTerminal.
| Product | Price | Premium vs stock | 24h Vol. | Market Cap | Chains |
|---|---|---|---|---|---|
| MSTRBbStocks | $108.60 | -1.82% | $27.8M | $90.9M | BNB Smart Chain (BEP20) |
| MSTRXxStocks | $108.64 | -1.79% | $15.1M | $108.8M | Solana · Arbitrum · BNB Smart Chain (BEP20) · Ink |
| MSTRonOndo GM | $108.59 | -1.84% | $3.6M | $18.4M | Ethereum · BNB Smart Chain (BEP20) · Solana · HyperEVM |
| rMSTRTokenized | $108.50 | -1.91% | $1.3M | $9.2M | Arbitrum |
| MSTRRobinhood | $111.65 | +0.93% | $341k | $7.4M | Robinhood Chain |
| WMSTRXxStocks | $113.70 | +2.79% | $4 | $266k | X Layer · Arbitrum |
| Exchange | Pair | Price | 24h Vol. | Liquidity |
|---|---|---|---|---|
 uniswapDEX · robinhood | MSTR/USDG ↗ | – | – | – |
 raydiumDEX · solana | MSTRx/SOL ↗ | $108.83 | $482k | $631k |
| gateioCEX | MSTRON/USDT ↗ | $108.88 | $453k | – |
| gateioCEX | MSTRX/USDT ↗ | $108.99 | $449k | – |
| raydiumDEX · solana | MSTRx/USDC ↗ | – | – | – |
| uniswapDEX · robinhood | MSTR/WETH ↗ | $111.65 | $341k | $777k |
 pancakeswapDEX · bsc | MSTRB/USDT ↗ | $108.80 | $102k | $215k |
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100k
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100kBroad liquidity · 25 of 31 venues absorb $10k · Typical cost: +6.2 bps – +14.0 bps
Cheapest execution: Ondo Perps · +3.3 bps
Too thin: Crypto.com Exchange
No fresh book data: Hyperliquid HIP-3, Vest, Orderly Network, Pacifica, Paradex
Taker execution estimate incl. approx. fees - maker fills are not guaranteed.
Best venues for this underlying
Best liquidity
MSTRTightest spread
MSTRHighest volume
MSTRFunding history
Stored venue snapshots by market
Funding history
Stored venue snapshots by marketNext catalyst
Catalysts
Next catalyst
Catalysts
Earnings
2027-02-04
Revenue est. $129M · Updated 3h ago
No unusual perp activity right now.
Reference data
Market context
Reference data
Market context
NASDAQ
Extended-hours reference
Bid109.45
Ask110.2
Volume7,501,963
Research data
Analysts, filings and peer context
Research data
Analysts, filings and peer context
Estimates
6DateEPS estimateRevenue estimateGrowthAnalysts
FY 2026-6.75$503.9M+6%6
FY 202731.31$527.1M+5%6
FY 202817.34$577.4M+10%3
FY 2029100.57$476.4M-17%1
Q1 20271.39$128.8M+4%1
Q2 20274.47$131.1M+6%3
Source: FMP · Consensus
Company events
62027-02-04EarningsActual - / Estimate 4.15-
2026-10-29Earnings · After market closeActual 44.75 / Estimate 20.19Beat
2026-07-30EarningsActual -24.45 / Estimate -2.19Miss
2026-05-05EarningsActual -38.25 / Estimate -0.862Miss
2026-02-05EarningsActual -42.93 / Estimate -0.08Miss
2025-10-30EarningsActual 8.42 / Estimate -0.102Beat
Peer comparison
Similar listed perpsRevenue mix
Latest annualNorth AmericaGeographic$272.2M
E M E AGeographic$162.7M
Other RegionsGeographic$42.4M
Analysts
Price targets in USD| Consensus rating | Buy |
|---|---|
| Average 12-month price target | $240.90 |
| 12-month target range (low – high) | $165 – $435 |
| Ratings in the provider's consensus | 29 |
Price targets as of 2026-11-13
Analyst rating history
Ratings| Month | Strong buy | Buy | Hold | Sell | Strong sell |
|---|---|---|---|---|---|
| Nov 2026 | 2 | 13 | 1 | 0 | 0 |
| Oct 2026 | 2 | 13 | 1 | 0 | 0 |
| Sep 2026 | 2 | 13 | 1 | 0 | 0 |
| Aug 2026 | 2 | 12 | 1 | 0 | 0 |
| Jul 2026 | 2 | 12 | 1 | 0 | 0 |
| Jun 2026 | 2 | 12 | 1 | 0 | 0 |
| May 2026 | 2 | 12 | 1 | 0 | 0 |
| Apr 2026 | 2 | 12 | 1 | 0 | 0 |
| Mar 2026 | 2 | 12 | 1 | 0 | 0 |
| Feb 2026 | 2 | 11 | 1 | 0 | 0 |
| Jan 2026 | 2 | 11 | 1 | 0 | 0 |
| Dec 2025 | 2 | 11 | 1 | 1 | 0 |
Ownership
Institutional · 2026-Q3Free float95.1%401.6M shares
Shares outstanding (all classes)422.4M sharesSEC filing, Oct 25, 2026
Listed class only (data provider)402.7M shares
Institutional31.1%802 investors
Investor count change-219
Reference market activity
MSTR-PERPDay range (Nov 12)$112.32$119.65
52 week$81.81$226
Spot volume19.5M
Average volume-
Price performance
111D-6.5%
5D-10.5%
1M-24.8%
3M+17.8%
6M-35.7%
YTD-24.7%
1Y-45.1%
3Y+126.6%
5Y+43.9%
10Y+495.6%
MAX+2,066.9%
Insider activity
FY2026 Q4Acquisitions4 transactions8,450 shares
Dispositions15 transactions16,900 shares
Purchases0Ratio 0.27
Sales11
Insider transactions
25DateReporting persontransactionssharesPriceFilings
Initial Form 3 filing by officer Khanna Shelley (VP, CAO) of MicroStrategy: initial statement of holdings, not a purchase or sale. No open-market transactions; discloses RSUs (3,040 and 459 held) and 279 Class A common shares.
MicroStrategy director Patten Jarrod M exercised 4,750 options into Class A common stock at $18.236 and sold the same 4,750 shares in five open-market sales at $137-$145, leaving 28,406 shares owned.
Director Jarrod M Patten exercised 950 options into Class A shares at $18.236 and sold the same 950 shares on the open market at $136.04, leaving 28,406 shares owned.
MicroStrategy director Patten Jarrod M exercised options on 2,750 shares at $18.236 and sold 2,750 Class A shares at $150.54–$158 across Oct 8–9, 2026.
Director Patten Jarrod M exercised options on 475 Class A shares at $18.236 and sold the same 475 shares at $171, leaving 28,406 shares directly owned.
Filings
100 · Latest SEC filings2026-11-103Initial insider ownership statement (Form 3)
Initial Form 3 filing by officer Khanna Shelley (VP, CAO) of MicroStrategy: initial statement of holdings, not a purchase or sale. No open-market transactions; discloses RSUs (3,040 and 459 held) and 279 Class A common shares.
2026-11-064Insider transaction report (Form 4)
MicroStrategy director Patten Jarrod M exercised 4,750 options into Class A common stock at $18.236 and sold the same 4,750 shares in five open-market sales at $137-$145, leaving 28,406 shares owned.
2026-11-044Insider transaction report (Form 4)
Director Jarrod M Patten exercised 950 options into Class A shares at $18.236 and sold the same 950 shares on the open market at $136.04, leaving 28,406 shares owned.
2026-10-134Insider transaction report (Form 4)
MicroStrategy director Patten Jarrod M exercised options on 2,750 shares at $18.236 and sold 2,750 Class A shares at $150.54–$158 across Oct 8–9, 2026.
2026-09-234Insider transaction report (Form 4)
Director Patten Jarrod M exercised options on 475 Class A shares at $18.236 and sold the same 475 shares at $171, leaving 28,406 shares directly owned.
2026-09-224Insider transaction report (Form 4)
MicroStrategy director Patten Jarrod M exercised 1,425 options at $18.236 and sold the same 1,425 Class A shares in three sales at $165.984-$169. He retained 28,406 shares.
2026-09-084Insider transaction report (Form 4)
On September 4, 2026, EVP & General Counsel Thomas C. Chow sold 106 Class A common shares of MicroStrategy at $138.75 per share.
2026-08-314Insider transaction report (Form 4)
Director Patten exercised options for 1,850 Class A shares at $18.236 each and immediately sold all of them in two open-market sales at $129 and $131 per share.
2026-08-264Insider transaction report (Form 4)
Director Jarrod Patten exercised options on 3,700 shares at $18.236 and sold 3,700 Class A shares in four open-market sales at $122.34–$127.
2026-08-104Insider transaction report (Form 4)
MicroStrategy director Jarrod M. Patten exercised options on 3,800 shares at $18.236 and sold 3,800 Class A shares at $101.50-$104.035 on 2026-08-07.
2026-07-284Insider transaction report (Form 4)
MicroStrategy director Patten Jarrod M exercised options for 1,950 Class A shares and sold 3,900 Class A shares in two open-market sales at $92.455–$98.48.
2026-07-234Insider transaction report (Form 4)
Director Patten Jarrod M exercised options (M-Exempt) on 1,250 shares at $18.236 and sold 1,250 Class A Common shares at $100 on 2026-07-22.
2026-06-244Insider transaction report (Form 4)
Director Patten Jarrod M exercised options on 1,500 shares at $18.236 and sold 1,500 Class A shares at $106.08, leaving 28,406 shares. Not a purchase.
2026-06-224Insider transaction report (Form 4)
Le Phong, President & CEO of MicroStrategy, purchased 11,000 shares of Series A Perpetual Stretch Preferred Stock on the open market at $90.796 per share, bringing total holdings to 11,000 shares.
2026-06-184Insider transaction report (Form 4)
Director Jarrod M. Patten exercised options on 1,500 shares at $18.236, converting them into 1,500 Class A shares, then sold all 1,500 shares at $121.31.
2026-06-174Insider transaction report (Form 4)
MicroStrategy director Jarrod M. Patten exercised options on 1,500 shares at $18.236 and sold 1,500 Class A common shares at $133.967 on June 15, 2026, leaving 28,406 shares held directly.
2026-06-174Insider transaction report (Form 4)
EVP & General Counsel Thomas C. Chow purchased 100 shares of Series A Perpetual Stretch Preferred Stock at $92.71 and 11 shares of Series A Perpetual Strike Preferred Stock at $66.10 on the open market.
2026-06-094Insider transaction report (Form 4)
Jeanine Montgomery (VP & CAO) converted 1,140 RSUs into 1,140 MSTR Class A shares, then sold 354 shares at $123.38-$124.88.
2026-06-094Insider transaction report (Form 4)
Le Phong, President & CEO, converted 11,920 RSUs into 11,920 Class A shares, then sold 5,522 Class A shares across 3 trades at $123.384-$124.878.
2026-06-094Insider transaction report (Form 4)
MicroStrategy CFO Andrew Kang converted 4,260 RSUs into 4,260 Class A shares, then sold 1,949 Class A shares across 3 trades at $123.38-$124.88.
2026-06-054Insider transaction report (Form 4)
President & CEO Le Phong converted 190,740 performance stock units into 190,740 Class A shares, then sold 93,738 of those shares in 12 trades at prices from $114.79 to $125.14.
2026-06-054Insider transaction report (Form 4)
Andrew Kang (EVP & CFO) converted 68,120 performance stock units into 68,120 Class A shares, then sold 33,062 Class A shares across 12 trades at prices from $114.79 to $125.14.
2026-06-024Insider transaction report (Form 4)
Director Brian P. Brooks received grants of 1,221 stock options at $159.09 and 943 RSUs, and converted 406 RSUs into 406 Class A common shares.
2026-06-024Insider transaction report (Form 4)
Director Jane A. Dietze was awarded 1,221 stock options at $159.09 and 943 RSUs as compensation. Separately, 406 RSUs were converted into 406 Class A common shares.
2026-06-024Insider transaction report (Form 4)
Director Carl J. Rickertsen converted 406 RSUs into 406 Class A common shares, and received grants of 943 RSUs and a director stock option for 1,221 shares at $159.09.
2026-06-024Insider transaction report (Form 4)
Director Peter L. Briger Jr. was granted 1,221 director stock options at $159.09 and 943 restricted stock units as compensation on 2026-05-31.
2026-06-024Insider transaction report (Form 4)
Director Jarrod Patten converted 406 RSUs into 406 Class A shares, and received new grants of 1,221 stock options (at $159.09) and 943 RSUs as compensation.
Transcripts
Earnings callsFY2026 Q12026-05-05
Earnings calls
AI summary
positiveMicroStrategy achieved record capital raises of $11.7 billion YTD 2026, with Stretch digital credit growing to $8.5 billion in notional value and $375 million daily trading volume in just 9 months. Bitcoin per share increased 18% year-over-year to 213,371 BTC per share, with the company holding 3.9% of all Bitcoin that will ever exist valued at $64 billion. Management outlined expanded capital optionality including potential Bitcoin sales for dividends and debt reduction when advantageous to shareholders.
Key takeaways
- 818,334 Bitcoin holdings (3.9% of total supply) valued at ~$64 billion with average cost basis of $76,000 per BTC
- Stretch achieved $8.5 billion AUM in 9 months with 11.5% dividend yield, 3% volatility, and 2.53 Sharpe ratio, becoming largest tradable preferred globally
- Bitcoin per share accretion of 9.4% YTD 2026 versus 22.8% for full year 2025, with 63,410 BTC gain YTD versus 101,873 BTC for full 2025
- Proposed amendment to shift Stretch from monthly to semimonthly dividends to improve product stability and liquidity
- Company positioned to be debt-free with optionality to sell Bitcoin for dividends, retire convertible debt, or fund USD reserves when accretive to Bitcoin per share
Financial highlights
- Q1 2026 operating loss of $14.5 billion and net loss of $12.8 billion primarily from Bitcoin fair value decline
- Digital assets on balance sheet decreased to $51.6 billion at Q1 end from $58.9 billion at year-end 2025 due to lower Bitcoin price
- Cash and equivalents of $2.2 billion, long-term debt unchanged at $8.2 billion, preferred equity increased to $9 billion
- YTD 2026 capital raises of $11.7 billion: approximately 50% from common equity issuances and 50% from preferred (primarily Stretch), with zero convertible debt issuances
Guidance
- Company executing on objective to double Bitcoin per share in 7 years, requiring approximately 10% annualized BTC yield; on track with 9.4% YTD
- Bitcoin breakeven ARR of 2.27% means if Bitcoin appreciates above this rate, company can fund all dividends in perpetuity from Bitcoin reserves alone
- Targeting 10-20% of Bitcoin reserves annually in digital credit volume sales through Stretch issuances
- Conservative case model shows 10.6% BTC yield achievable even at 1x mNAV; scenarios at 1.22x-2.0x mNAV show 12.2%-14.6% BTC yield
Q&A themes
- Management signaling clear willingness to sell Bitcoin when accretive to Bitcoin per share and to optimize capital structure proactively, contrary to past market skepticism
- Bitcoin volatility compression from current 40% to lower levels would enable increased leverage and amplification while maintaining investment-grade credit quality
- Digital credit ecosystem showing Cambrian explosion with dozens of third-party initiatives building digital money and yield products on Stretch in both DeFi and traditional finance
- Company not dependent on regulatory clarity to scale 100x; clarity would be positive for sentiment but not necessary for business model success
Risks
- Fair value losses on Bitcoin holdings ($14.5 billion in Q1) create volatile earnings despite stable operational strategy; balance sheet marks Bitcoin to market quarterly
- Digital credit product success and Stretch demand dependent on continued Bitcoin price appreciation and market sentiment; lower than expected mNAV expansion could reduce optionality and slow capital raising
- Deferred tax asset of $1.9 billion subject to full valuation allowance, creating contingent tax liability if company returns to profitability or realizes gains
FY2025 Q42026-02-05
Earnings calls
AI summary
mixedMicroStrategy ended 2025 as the world's largest corporate Bitcoin holder with 713,502 BTC despite Q4 fair value losses from Bitcoin price declines. The company raised over $25 billion in capital through equity and five digital credit instruments, with Stretch emerging as the flagship product offering 11.25% monthly dividends. Management emphasized balance sheet durability with a $2.25 billion USD reserve providing 30 months of dividend coverage and stated the company can withstand Bitcoin prices down to $8,000 before facing debt service issues.
Key takeaways
- Achieved 713,502 Bitcoin holdings (up from 447,000 at end-2024) representing 3.4% of all Bitcoin in existence, with 22.8% BTC yield for 2025 despite Q4 price volatility
- Launched Stretch (STRC) digital credit instrument now trading near $100 with 11.25% dividend yield, 7% volatility, and $118M daily trading volume, establishing new preferred equity market
- Established $2.25 billion USD cash reserve in Q4 providing 2.5+ years of interest and dividend coverage, strengthening credit profile and risk management
- Raised $25+ billion total capital in 2025 (33% of preferred equity market) through five digital credit IPOs and equity ATM programs, with $3.9 billion raised in January 2026 despite market downturn
- Management projects 1.4x to 2.5x Bitcoin per share growth over 7 years depending on digital credit sales and execution, targeting 5-14% annual BTC yield through Stretch issuance and amplification
Financial highlights
- Q4 2025: Operating loss of $17.4 billion, net loss of $12.6 billion driven by mark-to-market fair value decline in Bitcoin holdings
- FY2025: Operating loss of $5.4 billion, net loss of $4.2 billion; digital assets increased from $23.9 billion (end-2024) to $58.9 billion (end-2025)
- Balance sheet: Total equity rose to $51.1 billion (from $22.8 billion year-ago); long-term debt $8.2 billion; net leverage 10% (13% at current Bitcoin prices), compared to 23% for AAA-rated and 32% for high-yield companies
- Annual interest and dividend obligations: $888 million ($35M interest on converts at 42 basis points, $713M cumulative preferred dividends, $140M noncumulative preferred dividends)
Guidance
- Management targets doubling Bitcoin per share over 7 years with mid-case scenario of 10% annual BTC yield, contingent on $6-10 billion digital credit sales and execution on Stretch product
- Stretch dividend rate will adjust monthly based on full-month VWAP (changed from 5-day VWAP methodology) with minimum 25 basis point monthly adjustment limit; rate not expected to fall below 7% given Bitcoin collateral appreciation assumptions
- No plans to issue new convertible debt; intends to reduce leverage over time through strategic liability management and will evaluate refinancing convertible notes approximately 1 year before maturity events
- USD reserve target maintained at 2-3 years of dividend coverage; expects Stretch to continue seasoning and volatility compression to approach single-digit levels over 2-4 years
Q&A themes
- Dilutive Bitcoin acquisitions: Management stated equity issuances resulting in negative Bitcoin per share yields occurred only when building USD reserve to defend credit quality; not expected to recur given current reserve adequacy
- Quantum computing risks: Company initiating Bitcoin security program coordinating with global cybersecurity and crypto communities but views quantum threat as 10+ years away, emphasizing need for consensus before protocol changes to avoid iatrogenic harm
- Competitive landscape: Expects thousands of digital asset treasury companies will emerge with different models; Management focused on Stretch as core strategic differentiator and skeptical of dilutive acquisitions
- Institutional adoption catalysts: Cited regulatory support from Bitcoin President and constructive SEC/Treasury/Fed leadership, bank adoption of Bitcoin-backed credit lines and volatility income products, and ETF expansion as fundamental drivers of Bitcoin adoption
Risks
- Bitcoin price volatility remains core risk: Q4 saw $17.4 billion unrealized loss from price decline; company stressed 45% volatility is inherent to asset class but emphasized 2.5+ year dividend coverage and ability to operate with Bitcoin at $8,000 for extended periods
- Digital credit instrument seasoning risk: Stretch is only 5-7 months into deployment with management acknowledging credit instruments typically require 2-3 years of performance history before broad institutional acceptance, and early leverage products being built on top of Stretch could introduce stability concerns
- Capital markets access dependency: Business model relies on continuous equity and digital credit issuance to fund Bitcoin accumulation and dividend payments; management acknowledged market access could tighten and emphasized ATM programs allow flexibility to pause issuance if valuations become unattractive
FY2025 Q32025-10-30
Earnings calls
AI summary
positiveMicroStrategy held 640,808 Bitcoin (3.1% of all Bitcoin ever to exist) worth $71 billion as of Q3 2025, generating $3.9 billion in operating income and $2.8 billion in net income for the quarter. The company raised $19.8 billion year-to-date through preferred equity offerings (STRF, STRC, STRD, STRK) and convertible debt, achieving 26% Bitcoin yield year-to-date toward a 30% full-year target. Management introduced four digital credit instruments with tax-deferred returns of capital dividends, positioning the company as a structured finance vehicle converting Bitcoin volatility into yield for credit investors.
Key takeaways
- Bitcoin holdings grew to 640,808 BTC ($71 billion) at average cost of $74,000 per Bitcoin; Bitcoin per share increased to 200,197 Satoshis, up 3.5x since 2020 strategy adoption
- Preferred equity issuances raised $6 billion year-to-date, representing 30% of total capital raised; STRC (Stretch) IPO largest U.S. IPO of 2025 with retail participation reaching 23%
- Digital credit instruments (Strike, Stride, Strife, Stretch) offer tax-equivalent yields of 9.1% to 16.5% versus traditional credit alternatives at 4% to 7%
- Received S&P B- issuer credit rating, opening access to $3 trillion high-yield rated credit market; company meets all S&P 500 inclusion criteria but not yet added
- IRS issued interim guidance excluding unrealized Bitcoin gains from adjusted financial statement income for Corporate Alternative Minimum Tax, benefiting Bitcoin treasury companies
Financial highlights
- Q3 2025 GAAP operating income: $3.9 billion; net income: $2.8 billion; EPS: $8.43
- Year-to-date (9M 2025) GAAP operating income: $12 billion; net income: $8.6 billion; EPS: $27.80
- Total equity: $58.1 billion; digital assets: $73.2 billion (up from $64.4 billion in Q2)
- Annual dividend and interest obligations: $689 million (0.96% of total Bitcoin holdings); convertible debt: $8.2 billion at 42 bps average cost
Guidance
- 2025 Bitcoin yield target: 30% (versus 26% year-to-date); assumes $150,000 Bitcoin price at year-end based on consensus analyst targets
- 2025 Bitcoin dollar gain target: $20 billion (versus $12.9 billion year-to-date)
- 2025 earnings guidance: $34 billion operating income, $24 billion net income, $80 EPS (all assuming $150,000 Bitcoin year-end price)
- Stretch preferred dividend: 10.5% effective November 1 (increased from 10.25%); ROC dividend treatment expected to continue for 10+ years
Q&A themes
- Dividend funding strategy: Primary method is ATM equity issuances; if below 1x NAV, company would consider selling Bitcoin derivatives or high-basis Bitcoin while preserving ROC treatment rather than selling software business
- International expansion: Plans to create currency-native instruments (CAD, EUR, JPY, etc.) on local exchanges to access global capital markets; European and British investors already purchasing U.S. dollar instruments globally
- M&A strategy: No current plans for Bitcoin treasury company acquisitions despite potential accretion; focus remains on transparent digital transactions, credit instrument sales, and balance sheet improvement
- Preferred ratings: Separate instrument ratings for preferreds likely to follow company rating; S&P rating opens doors to pension funds and insurance companies previously unable to invest in unrated instruments
Risks
- Bitcoin price volatility: Guidance assumes $150,000 year-end Bitcoin price; significant deviation would impact earnings guidance, BTC yield targets, and balance sheet valuations
- mNAV compression risk: If market NAV multiple compresses below 1x, equity issuances become dilutive; company would need to access alternative funding sources (derivatives, Bitcoin sales) while maintaining ROC tax treatment
- Credit market adoption: Digital credit instruments are new market with uncertain investor adoption trajectory; company competing against established traditional credit markets; preferred equity IPOs depend on continued market enthusiasm and retail broker distribution
FY2025 Q22025-07-31
Earnings calls
AI summary
positiveMicroStrategy delivered transformational Q2 results with record $14B GAAP operating income and $10B net income ($32.60 EPS), achieving 628,791 Bitcoin holdings (3% of all Bitcoin). The company raised 2025 guidance to $34B operating income and $80 EPS assuming $150,000 year-end Bitcoin price, while introducing disciplined ATM utilization tied to 2.5x-4x mNAV thresholds and Stretch variable dividend guidance.
Key takeaways
- Holds 628,791 BTC (3% of circulating supply) worth $74B at cost basis of $73K/BTC; #1 corporate Bitcoin holder globally
- Raised $18.3B year-to-date (81% of all 2024 capital raised) through 4 preferred IPOs including record $5.6B from preferred equity; Stretch IPO was largest U.S. IPO in 2025
- Achieved 25% BTC Yield year-to-date ($13.2B BTC $ Gain) with $20B full-year target; 111,894 BTC net gain through disciplined treasury operations
- Introduced transparent capital deployment guidelines: no ATM equity issuance below 1.0x mNAV; opportunistic issuance 2.5x-4x mNAV; aggressive issuance above 4x mNAV
- Created innovative Bitcoin-backed preferred stack (Stretch, Stride, Strife, Strike) with 3x-9x overcollateralization, 9.5%-11.9% yields, and superior liquidity vs. traditional instruments
Financial highlights
- Q2 2025: $14B GAAP operating income, $10B net income, $32.60 EPS (company record); H1 2025: $8.1B operating income, $5.7B net income, $19.43 EPS
- 2025 guidance (at $150K BTC price): $34B operating income, $24B net income, $80 EPS; 30% BTC Yield, $20B BTC $ Gain
- Balance sheet: $74B Bitcoin holdings, $47.5B stockholders' equity, $6.3B preferred equity outstanding (perpetual), $8.2B convertible debt; 100% Bitcoin unencumbered
- Capital raised: $22.6B in 2024; $18.3B year-to-date 2025; annualized obligations $614M (1.6% of capital raised, 2.3% of equity raised)
Guidance
- 2025 full-year guidance assuming $150,000 Bitcoin price: $34B operating income, $24B net income, $80 EPS, 30% BTC Yield, $20B BTC $ Gain
- BTC Yield percentage and BTC $ Gain targets doubled from initial 15% yield/$10B gain targets based on 7-month performance
- MSTR ATM utilization: opportunistic 2.5x-4x mNAV ($600-$1,000 price range); aggressive above 4x mNAV/$1,000; equity-backed debt repurchases below 1.0x mNAV
- Stretch dividend guidance: monthly rate adjustments tied to 5-day VWAP; +50bps if <$95; +25bps if $95-$99; hold if $99-$101; decrease or follow-on if >$101
Q&A themes
- Bitcoin concentration risk: 3% holdings not viewed as impediment to adoption; as holdings increase, Bitcoin price appreciation and ecosystem decentralization offset concentration concerns
- Competitive positioning from other Bitcoin Treasury Companies viewed as positive; cooperative rather than competitive dynamic given $100T+ addressable credit market vs. $2.3T Bitcoin market
- Bear market resilience: perpetual preferred structure with no principal repayment enables survival of 80%+ Bitcoin drawdowns; far superior to 2022 capital structure with convertible debt and margin loans
- Education of investors, regulators, and credit rating agencies identified as primary driver of value realization; Stretch IPO success demonstrates market acceptance of innovative Bitcoin-backed securities
Risks
- Bitcoin price assumption of $150,000 year-end 2025 drives all guidance; material variance could significantly impact GAAP results and BTC metrics
- Perpetual preferred dividend obligations total $614M annually; while non-repayable, suspension risk exists in extreme bear markets (90%+ drawdown scenarios)
- Regulatory uncertainty remains despite current pro-Bitcoin administration; changes to digital asset taxation, securities classification, or collateral treatment could impact credit product viability
FY2025 Q12025-05-01
Earnings calls
FY2024 Q42025-02-05
Earnings calls
Company news
Reuters, WSJ, Bloomberg and FT first, as far as our news provider delivers them; other publishers behind the second filter. Headlines link to the publisher.Company data
Company intelligence
Updated: Nov 13, 2026, 01:47 PM UTC
Company data
Company intelligence
Company profile
- Sector
- Technology
- Industry
- Software - Application
- Chief executive
- Phong Q. Le
- Employees
- 1,539
- IPO date
- Jun 11, 1998
- Country
- US
- Exchange
- NASDAQ
Altman Z-scorei2.67
Piotroski scorei3/9
Overall ratingiC+
Owner earningsi-$7.24B-$21.67 per share
ESG risk ratingiBIndustry rank: 233/321
Rating factors
- Return on equityi
- 1/5
- Return on assetsi
- 1/5
- Debt to equityi
- 3/5
- Price to earningsi
- 1/5
- Price to booki
- 5/5
Company press releases
Tuttle Capital and Strive Asset Management Launch the First US Digital Credit ETF (DCAP)Newsfile CorpVerifiedX Joins Bitcoin For Corporations, the Strategy-Backed Network of Corporate Bitcoin HoldersGlobeNewsWireStrategy and Google Cloud Announce Seven-City AI Transformation Forum SeriesBusiness WireMicroCloud Hologram Inc. Announces Acquisition of 140,268 MSTR Shares Through Structured Note Investment Product, Continuing Its Strategic Investment in Bitcoin-Related AssetsGlobeNewsWireMSTR Investors Have Opportunity to Join Strategy Inc Fraud Investigation with the Schall Law FirmBusiness WireStrategy Inc. Investor News: If You Have Suffered Losses in Strategy Inc. (NASDAQ: MSTR, STRF, STRC, STRK, STRD), You Are Encouraged to Contact The Rosen Law Firm About Your RightsGlobeNewsWire
Congressional disclosures
House
Gilbert Ray CisnerosPurchase · $15,001 - $50,000Disclosed: Jul 3, 2026Gilbert Ray CisnerosPurchase · $15,001 - $50,000Disclosed: Jul 3, 2026Gilbert CisnerosPurchase · $15,001 - $50,000Disclosed: Jul 3, 2026Gilbert Ray CisnerosPurchase · $15,001 - $50,000Disclosed: Jul 3, 2026Shri ThanedarSale (Full) · $15,001 - $50,000Disclosed: Aug 14, 2026
Market cap history
$45.78B-18.2%Oct 2026 – Nov 2026
Latest: $45.78B · 2026-11-12High: $55.95B · 2026-10-26Low: $45.78B · 2026-11-12
Not comparable with the headline: the provider's history counts about 400.15M shares, the headline 422.35M. Shown as the provider reports it. Shown from Oct 26, 2026: earlier points count a different number of shares and are left out.
Largest fund holders
| Fund | Weight | Shares held |
|---|---|---|
| ANNPX | 0.88% | 14.7M |
| VTI | 0.06% | 10.5M |
| QQQ | 0.26% | 7.5M |
| VO | 0.42% | 7.2M |
| VXF | 0.52% | 3.8M |
| ACV | 0.83% | 3.4M |
| NCV | 0.53% | 3.4M |
| VTV | 0.16% | 3.2M |
| NFJ | 0.18% | 2.9M |
| NCZ | 0.53% | 2.6M |
| NIE | 0.31% | 2.6M |
| CGGR | 1.15% | 2.2M |
Analyst track record
How the analysts covering MSTR have done: ratings, price-target accuracy and the measured reaction after their calls.
| 12 months | 3 years | |
|---|---|---|
| Ratings | 108 | 303 |
| Analysts | 19 | 23 |
| Buy / hold / sell | 104 / 4 / 0 | 288 / 7 / 8 |
| Upgrades / downgrades / initiations | 0 / 0 / 4 | 2 / 1 / 17 |
| Price targets hit / missed | 1 / 105 (1%) | 23 / 273 (8%) |
| Avg. return after a rating (TipRanks) | -53.7% | -53.4% |
| Best / worst call | +14.4% / -83.8% | +104.3% / -93.8% |
After buy calls on this stock: median 21-day move -2.6% vs S&P 500 -6.3% (n = 275)
Most accurate on this stock
Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.
- Gustavo GalaMonness100% hit rate on this stock · 8 targets measuredHoldtarget $100Oct 12, 2026
- Joseph VafiCanaccord Genuity76% hit rate on this stock · 17 targets measuredBuytarget $179Oct 30, 2026
- Andrew HarteBTIG68% hit rate on this stock · 28 targets measuredBuytarget $250Oct 29, 2026
Latest ratings
| Date | Analyst | Call | Target | |
|---|---|---|---|---|
| Nov 3, 2026 | Fedor ShabalinB. Riley SecuritiesNov 3, 2026 | BuyMaintained | $180↗ | article ↗ |
| Nov 2, 2026 | Matthew GalinkoMaxim GroupNov 2, 2026 | BuyMaintained | $215↗ | article ↗ |
| Nov 2, 2026 | Nik CremoBarclaysNov 2, 2026 | BuyMaintained | $175↗ | article ↗ |
| Oct 30, 2026 | Peter ChristiansenCitiOct 30, 2026 | BuyMaintained | $240↗ | article ↗ |
| Oct 30, 2026 | Joseph VafiCanaccord GenuityOct 30, 2026 | BuyMaintained | $179↗ | article ↗ |
Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.
TipRanks data · computed Nov 13, 2026 · 108 ratings
Frequently asked questions
Where can I trade MSTR perpetual futures?
MicroStrategy Incorporated (MSTR) perpetual futures trade on 31 crypto venues, including Binance, Deepcoin, OKX. PerpEquities compares them by live price, funding rate, open interest and liquidity.
Can I trade MSTR around the clock?
Yes. Unlike the underlying stock, MSTR perpetuals trade 24/7 — including weekends and outside regular market hours.
What is the funding rate on MSTR perpetuals?
Right now the MSTR perp funding rate is +1.5% annualized (venue median), ranging from 0.0% to +30.6% across 31 venues. A positive rate means longs pay shorts. PerpEquities shows the live rate and its history for every venue.
How does the MSTR perp price compare to the MicroStrategy Incorporated stock?
The venue-median MSTR perp mark is $110.6 versus a reference stock price of $110.6, a basis of 0.0%. Perps follow the stock through an index price; the gap widens when funding or liquidity diverge between venues.
What is a MSTR perpetual future?
A MSTR perpetual is a derivative that tracks the price of MicroStrategy Incorporated with no expiry date. It lets you take long or short exposure to MicroStrategy Incorporated on crypto venues, around the clock.
What is MSTRUSDT perpetual?
MSTRUSDT is the symbol most crypto exchanges use for the MicroStrategy Incorporated perpetual settled in USDT (Tether). It tracks the MSTR share price through an index, trades 24/7 with leverage and never expires.
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