Strategy (formerly MicroStrategy) operates two businesses: a Bitcoin treasury operation and an enterprise analytics software platform. The Bitcoin treasury is the dominant driver of Strategy's value. As of early 2026, Strategy held approximately 717,000 Bitcoin acquired at a total cost of ~$54.5B (~$76,000 average cost per coin), making it the world's largest corporate Bitcoin holder. Strategy's core model is to continuously accumulate Bitcoin by raising capital through equity and fixed-income securities, then holding Bitcoin as a long-term treasury reserve asset. Management's primary KPI is "BTC Yield" — the accretion of Bitcoin per diluted share — which was 22.8% in FY25. Strategy has issued five classes of preferred stock targeting different investor profiles, ranging from fixed-rate senior instruments to a variable-rate perpetual preferred (STRC, branded "Stretch") designed to trade at a stable ~$100 par value. Total annual dividend and interest obligations were ~$888M as of early 2026. Strategy's secondary business is Strategy One, an AI-powered cloud business intelligence platform serving medium-to-large enterprises across retail, banking, healthcare, and government. The software business generated ~$477M in FY25 revenue, with cloud subscriptions growing ~65% YoY as Strategy phases out legacy on-premises licenses. Software is sold through a direct enterprise sales force and channel partners. The software business is operationally secondary but provides cash flow and a base of 3,000+ enterprise customers.