Bad day to be a company whose business revolves around BTC

Strategy Inc. describes itself as the "world's first and largest Bitcoin Treasury Company."

The core business strategy is buying bitcoin all the time, at any price, often using borrowed money.

The company also makes money through a single business analytics software brand, Strategy One. Here's how they describe their software in their latest annual report:

"We provide software and services designed to turn complex, chaotic data environments into rich, reliable, and convenient information feeds for our customers. Our vision is to drive growth and competitive advantage for our customers by delivering Intelligence Everywhere™.

The company has sold software since 1989, but it's clear bitcoin is the play moving forward.

The annual report admits attrition in the software segment:

"As our customers increasingly shift from a product license model to a cloud subscription model, we could face higher future rates of attrition, and such a shift could continue to affect the timing of revenue recognition or reduce product licenses and product support revenues;"

Today, the company is essentially a publicly-traded proxy for the price of BTC. Strategy reportedly holds over 581,000 BTC as of mid-2025. To little surprise, the company's 5 year chart closely tracks the price of bitcoin.

I know crypto is a long way away from value investing and doesn't belong on Flank, but it's interesting to read the 10-K of a public company that revolves around bitcoin (especially on a day where BTC fell 12% and MSTR fell 17%).