MicroStrategy (MSTR) is leveraging a massive capital-raising strategy to aggressively bolster its Bitcoin holdings, aiming to solidify its position as the world's largest corporate holder of the cryptocurrency.
Here are the key details regarding MicroStrategy's revenue, capital raises, and bitcoin strategy as of early 2026:
1. The 21/21 Plan & $42 Billion Goal
Massive Capital Influx: MicroStrategy has outlined a "21/21 plan" designed to raise $42 billion in capital over the next three years ($10 billion in 2025, $14 billion in 2026, and $18 billion in 2027).
Fund Allocation: This funding consists of $21 billion in equity and $21 billion in fixed-income securities, with the express purpose of purchasing more Bitcoin.
Recent Activity: In early January 2026, the company announced a $2 billion capital raise through perpetual preferred stock, following a January 2025 announcement to raise up to $2 billion.
2. Bitcoin Holdings & Performance
Record Holdings: As of early 2026, MicroStrategy holds over 640,000 bitcoins, representing a substantial portion of all available supply.
Profitability Drive: The company's strategy has shifted from purely organic software revenue to using that revenue—combined with debt and equity financing—to accumulate Bitcoin, which acts as a primary treasury reserve asset.
BTC Yield Metric: MicroStrategy uses a "BTC Yield" metric to track the effectiveness of its strategy, targeting an annual yield of 6% to 10% between 2025 and 2027.
3. Software Business & Revenue
Stable Core: While focused on Bitcoin, the company's legacy business—enterprise analytics software—continues to provide cash flow.
Revenue Growth: In Q3 2025, the software business reported approximately $128.7 million in revenue, showing roughly 10.9% year-over-year growth.
AI Integration: The company is pushing forward with "Strategy Mosaic," an AI-powered analytics platform to enhance its software offerings.
4. Financial Outlook
Leverage for Growth: The company uses "intelligent leverage" to buy Bitcoin, a strategy that has been well-supported by investors, notes IG.
Market Position: Despite experiencing volatility and some unrealized losses (e.g., a reported $750 million unrealized loss in early Feb 2026), the company's long-term outlook remains bullish on Bitcoin's appreciation.
In summary, MicroStrategy is utilizing its revenue from operations to service debt, while using equity and convertible debt financing to purchase Bitcoin, aiming to multiply shareholder value through the long-term appreciation of its massive BTC treasury.
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