Retail Investors Say Strategy Is No Longer a Software Company—Just a Bitcoin Bet
A Stocktwits poll shows that most retail investors dismissed Strategy’s software business as irrelevant to its valuation, reinforcing its identity as a leveraged Bitcoin vehicle.
FollowStrategy Inc. (MSTR), formerly known as MicroStrategy, has seen its identity among retail investors shift almost entirely to that of a leveraged Bitcoin vehicle rather than an enterprise software firm.
An ongoing Stocktwits poll found that 76% of respondents believe the company’s core software business no longer plays a meaningful role in its valuation. Instead, its market perception is almost entirely tied to its extensive Bitcoin holdings.
Founded in 1989, Strategy originally built its reputation on enterprise analytics software.
However, since 2020, under the leadership of Executive Chairman Michael Saylor, the company has aggressively pivoted toward Bitcoin.
Strategy now holds over 471,107 BTC, valued at more than $46 billion at current market prices — an asset base far exceeding the company's traditional revenue streams.
The firm’s recent rebranding from "MicroStrategy" to "Strategy Inc." has only reinforced the perception that its software business is no longer central to its valuation. The stock moves more in line with Bitcoin’s price swings than its earnings performance.
The Stocktwits poll highlights how deeply this shift has taken hold among retail traders.
Just 14% of respondents believe the software business still contributes value, while 10% remain undecided.
This suggests that investors’ interest in Strategy is now primarily speculative — betting on Bitcoin’s future rather than the company’s operational performance.
Strategy’s stock has been one of the most volatile Bitcoin-related equities, surging during bull markets and suffering sharp pullbacks in crypto downturns.
While Saylor has positioned the firm as a pioneer in corporate Bitcoin adoption, the reliance on BTC introduces significant risk. A sustained decline in Bitcoin prices could pressure Strategy’s balance sheet, especially given its use of debt to accumulate more holdings.
So far in 2025, Strategy’s stock has climbed 11%, outperforming Bitcoin’s roughly 4.5% gain year-to-date.
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Read also: Strategy Rebounds As BlackRock Boosts Stake, Keefe Bruyette Initiates ‘Outperform’ Rating But Retail Isn’t Impressed
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