Strategy $MSTR - Q1 2025 Earnings Call
This was interesting. Watched the whole thing yesterday. Yes, the complete two hours. Not only that, I think I'll have to rewatch it because it was packed with so much info it was a lot to take in. Especially if you were doing something else at the same time.
The company is doing exactly what it should be doing: finding fiat money wherever it can in order to buy bitcoin. All fine and dandy. I don't really care if they show a profit or loss in the short term, new FASB accounting standards.or not. Even though the software part of Strategy is more or less a side business these days. I would have liked the software revenues to not decline 3.6% year over year as they did. No biggie though.
I say this as a shareholder of Strategy. Where it gets a little more worrying is the concentration of bitcoin within one entity and with such a fierce pace. From an ideological perspective I'd prefer less concentration.
How are they even able to buy such large amounts pf bitcoin outside of the open market (I'm guessing here), who are these people selling it to them and why? I sure ain't.
When I bought the stock for the first time I could never have imagined the company would have acquired over 550 000 bitcoin some years later. It's truly astonishing how many they have now.
During the last quarter Strategy have mostly been diluting shares in order to raise funds, taking on debt not so much. All things being equal I'd prefer more of a balance between the two. I'm guessing raising debt to buy more bitcoin is harder than anticipated.
All in all I'm very happy with the company's performance. It has grown to become my largest stock holding by far. It passed Hermès $RMS.PA October last year. Hats of to Saylor and the rest of the company.
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