Strategy Incorporated (MSTR): A Bear Case Theory

We came across a bearish thesis on Strategy Incorporated on The Small Cap Strategist’s Substack by Strategist and Architect. In this article, we will summarize the bears’ thesis on MSTR. Strategy Incorporated's share was trading at $442.31 as of July 15^th. MSTR’s trailing and forward P/E were 4.12k and 1.25k, respectively according to Yahoo Finance.

MicroStrategy (MSTR) is portrayed as a structurally flawed, financially unsustainable vehicle masquerading as a Bitcoin development company. At its core, it is a decaying, unprofitable software business repackaged into a leveraged...