MSTR Archives - Profit Pencil

MicroStrategy (MSTR) – Bitcoin Leverage and Software Core Business

profitpencil1 month ago1 month ago09 mins

Executive summary Summary fundamentals Detailed fundamental analysis Business model split: treasury company vs software vendor MicroStrategy’s public identity shifted in 2025 when it formally rebranded to Strategy Inc.; the business now publicly describes itself as a Bitcoin Treasury Company while continuing to operate its long-standing enterprise-software business (product licenses, subscriptions, support). The two cash engines…

Peer Comparison: MicroStrategy (MSTR) – Software Business vs Bitcoin Treasury Strategy

profitpencil2 months ago2 months ago08 mins

Executive summary Summary fundamentals Detailed fundamental analysis Revenue trends MicroStrategy’s software business is small relative to its bitcoin treasury. Q2 2025 consolidated revenue was $114.5 million, up 2.7% YoY, with subscription services expanding strongly (+69.5% YoY) but product support and other services declining. The software business is growing modestly and remains margin-rich but not scale-dominant…