MicroStrategy has transformed into a "bitcoin treasury company," investing billions in bitcoin through debt and equity issuance, [1]driving its stock price up nearly 400% in 2024 despite declining software revenues and heightened financial risks. The Guardian reports:

> In the summer of 2020, as the Covid-19 pandemic upended economies around the world, an obscure U.S. software firm decided to diversify. MicroStrategy, whose head office is situated next to a shopping mall and metro station in Tysons Corner, Virginia, had decided the steady business of "software as a service" was not racy enough. Instead, it would branch out by investing up to $250 million in alternative assets -- "stocks, bonds, commodities such as gold, digital assets such as bitcoin or other asset types." Less than five years later, [2]that bitcoin side hustle has gone stratospheric. MicroStrategy's share price has swollen twentyfold, lifting its market capitalization to almost $75 billion and catapulting the stock into the Nasdaq 100 index of top technology shares.



[1] https://www.theguardian.com/technology/2024/dec/31/microstrategy-software-firm-big-bitcoin-bet

[2] https://slashdot.org/story/22/08/02/2341234/microstrategy-reports-1-billion-loss-ceo-steps-down-to-focus-on-bitcoin