MicroStrategy is a software company in the same way that a Bitcoin ATM is a piece of office equipment. As of early February, the company held 713,502 bitcoins with a cost basis of approximately $54.26 billion. The legacy analytics business booked $122.99 million in Q4 2025 revenue, which is rounding error against a balance sheet that lives or dies with Bitcoin. So when Bitcoin moves, MSTR moves more, and MSTX moves more than that. The problem is what the wrapper does over a week of one-way selling. MSTR fel ...