Strategy (formerly MicroStrategy) just posted a jaw-dropping $10 billion in net income and raised its full-year guidance. But how much of that is due to new accounting rules, and how sustainable is this growth?
Steven Ehrlich sits down with TD Cowen’s Lance Vitanza to dissect the results. They discuss:
- How fair value accounting changed the game
- Why Strategy is shifting from convertible debt to preferred equity
- What the STRC IPO signals about demand for Bitcoin-adjacent financial products
- Whether Strategy’s massive BTC accumulation could become a systemic issue
- And what it means for other public Bitcoin treasury companies trying to follow suit
