Strategy Inc. (MSTR): A Leveraged Bitcoin Treasury Vehicle Analysis

Strategy Inc. (MSTR) has transformed from a software company into a publicly traded, actively managed, leveraged Bitcoin treasury vehicle. Its core objective is to maximize Bitcoin per common share over time, employing a unique capital structure, a market premium over its "modified NAV" (mNAV), and a reflexive capital-raising and Bitcoin-buying flywheel. The company's performance hinges on Bitcoin's price, the mNAV premium, and continuous access to capital markets.