MicroStrategy is now called “Strategy”

Michael Saylor, the Executive Chairman of Strategy (formerly MicroStrategy), explained that the purpose of the rebranding was to emphasize the company’s transformation into a Bitcoin-centric enterprise. He described the name “Strategy” as representing a simplification and focus on the company’s “most important, strategic core.” The rebrand reflects its evolution from a software company into the world’s first and largest Bitcoin Treasury Company, with a commitment to Bitcoin as a long-term asset and strategic reserve.

Saylor highlighted that this shift aligns with the company’s broader vision of leveraging Bitcoin’s properties, such as scarcity and its potential as a hedge against inflation and economic uncertainty. He also emphasized that the rebranding symbolizes perfection through simplicity, quoting Antoine de Saint-Exupéry: “Perfection is achieved, not when there is nothing more to add, but when there is nothing left to take away”. This move underscores Strategy’s focus on Bitcoin and its ambition to lead in the blockchain and cryptocurrency sectors.

Website Overview

The rebranding of MicroStrategy to Strategy is accompanied by the launch of the Strategy Bitcoin Dashboard, which provides a comprehensive overview of the company’s Bitcoin holdings, financial metrics, and performance. Below we will breakdown each tab for the new Bitcoin Treasury dashboard helping to better understand how they built the entire strategy that Saylor employs.

  1. MSTR

    • Displays key metrics for Strategy’s stock performance (MSTR ticker).
      • Current stock price ($336.70, down 3.33%).
      • Market cap ($84.97 billion).
      • Enterprise value ($92.94 billion).
      • 3-month return (48%) and 1-year return (586%).
      • Trading volume ($3.58 million, down 31.02%).
      • Implied volatility (92%) and historic volatility (109%).

  2. BTC

    • Highlights Bitcoin-related statistics:
      • Bitcoin price ($97,446).
      • Total Bitcoin holdings (471,107 BTC).
      • Bitcoin NAV (Net Asset Value): $45.91 billion.
      • mNAV (Market NAV): 2.02 (+6.57%).
      • Debt + Preferred/Bitcoin NAV ratio: 17%.

  3. Debt

    • Provides details on Strategy’s debt structure:
      • Total debt: $7.27 billion.
      • Preferred equity: $730 million.
      • Debt as a percentage of market cap: 9%.

  4. Assets

    • This tab provides an overview of various assets, including Strategy’s Bitcoin holdings (BTC), its stock (MSTR), and other major assets like the “Magnificent 7” tech stocks and indices.
      • Price: Current trading price of each asset.
      • 3-Month and 1-Year Returns: Performance over short- and long-term periods.
      • BSE Return: Benchmark Strategy Efficiency return.
      • Market Cap: Total market capitalization of each asset.
      • Average Trading Volume (30D): Average daily trading volume over the past 30 days.
      • Historic Volatility (30D): Price volatility over the last 30 days.
      • Open Interest ($M): Total value of outstanding options contracts.
      • Sharpe Ratio: Risk-adjusted return metric.
      • Open Interest/Market Cap Ratio: Proportion of open interest relative to market cap.
      • Avg Trading Vol/Market Cap Ratio: Proportion of trading volume relative to market cap.

  5. Options

    • This tab focuses on options trading data for MSTR, Bitcoin, and other major assets.
      • Put Open Interest ($M): Value of outstanding put options.
      • Call Open Interest ($M): Value of outstanding call options.
      • Total Open Interest ($M): Combined value of all outstanding options contracts.
      • Historic Volatility (30D): Price volatility over the past month.
      • Implied Volatility: Market expectations for future volatility.
      • Put-to-Call Ratio: Ratio of put option interest to call option interest, indicating market sentiment.
      • Duration (Days): Average time to expiration for options contracts.

  6. Charts

    • This tab visually represents many different performance metrics, particularly focusing on returns.
      • This example focuses on visualizing the BSE Return (Benchmark Strategy Efficiency Return) across various assets, comparing MSTR’s performance to other prominent stocks and indices.
      • A bar chart showing returns for MSTR, Bitcoin (BTC), and other assets like NVDA, TSLA, META, GOOG, and indices like SPY and QQQ.
      • MSTR leads with an extraordinary return of 2,594%, followed by NVDA (1,036%) and BTC (720%).
      • Traditional indices like SPY (80%) and QQQ (95%) show significantly lower returns compared to MSTR.
      • Some assets, like bonds (BND), show negative returns (-19%).

  7. History

    • This tab provides a timeline of Strategy’s Bitcoin acquisitions alongside Bitcoin’s price history.
      • A chart with:
        • Yellow dots representing each Bitcoin acquisition by Strategy.
        • An orange line showing Bitcoin’s price fluctuations over time.
      • The timeline spans from July 2020 to February 2025, highlighting acquisitions during both bullish and bearish market phases.

  8. Purchases

    • Details all Bitcoin acquisitions made by Strategy:
      • Total BTC acquired: 471,107 BTC.
      • Average BTC cost: $64,511.
      • Total acquisition cost

  9. Notes

    • This tab serves as a glossary and provides important contextual information about the dashboard.