Strategy Inc. (MSTR) perpetual market

Strategy, formerly known as MicroStrategy, is an enterprise software company that reinvented itself as the largest corporate holder of Bitcoin. Founded in 1989 by Michael Saylor, it originally sold business intelligence and analytics software, but in 2020 Saylor began using the company's cash, and then repeated debt and equity raises, to accumulate Bitcoin as its primary treasury reserve asset. That strategy transformed the stock into a highly leveraged, publicly traded proxy for Bitcoin, with its share price moving far more dramatically than the underlying coin as the company borrows to buy more. Strategy holds a very large Bitcoin position, and its financing model, issuing convertible notes and shares to fund purchases, has been widely studied and imitated. The software business now takes a back seat to the Bitcoin thesis championed by Saylor, making the company one of the most closely watched vehicles for equity investors seeking Bitcoin exposure.