Once a cash-burning enterprise software firm, Strategy Inc. (NASDAQ:MSTR) – previously known as MicroStrategy Inc. – became the most extreme expression of the Bitcoin age.

Under the vision of Michael Saylor, the company reinvented itself as a publicly listed Bitcoin accumulation vehicle — part software, part crypto treasury, part financial engineering experiment.

For a while, it worked brilliantly.

Between February and November 2024, Strategy shares — still trading under the MicroStrategy name at the time — surged more than 1,000%, marking a 10x increase.

The playbook was simple: issue equity and convertibles, buy Bitcoin (CRYPTO: BTC), let rising prices do the rest.

Investors…

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