Strategy Has Accumulated So Much Bitcoin That Wall Street Has to Decide What It Is

Strategy has spent the past six years turning a software company into something the market has never had to classify with much precision.Its original business still exists, but it no longer explains most of the company’s economic identity. Since it began buying Bitcoin in 2020, Strategy has used equity, debt and other financial instruments to continuously expand its BTC holdings.The result is a public company that still operates a business but whose value is increasingly tied to the assets