Strategy Inc

• A blockchain token designed to track the price of Strategy Inc. (NASDAQ: MSTR).

• It is not a share. Holding the token does not confer ownership of the company, voting rights, or a direct claim against it.

• It offers fractional, round-the-clock price exposure without opening a foreign brokerage account.

• Founded: 1989, as MicroStrategy

• Headquarters: Tysons, Virginia, United States

• CEO: Phong Le

• Executive chairman: Michael Saylor (co-founder)

• Listed on: Nasdaq (MSTR)

• Sector: Bitcoin treasury and enterprise software

• Formerly MicroStrategy, the company holds a very large corporate bitcoin treasury alongside a legacy enterprise analytics software business.

• It has funded bitcoin purchases through convertible debt and equity issuance, which introduces leverage to its bitcoin exposure.

• The share price has historically traded at a premium or discount to the value of its bitcoin holdings, so it is not a clean one-to-one proxy.

• Its value rests mainly on a very large bitcoin treasury.

• A legacy analytics software business generates modest revenue.

• Bitcoin purchases are funded through common stock, preferred stock and convertible debt.

• You get price exposure to the underlying instrument.

• You do not get shareholder voting rights.

• Dividend or distribution treatment depends on the issuer's structure and is often not passed through.

• You take on issuer and custodian risk in addition to the price risk of the underlying.

Pros:

• It is the largest corporate holder of bitcoin.

• It has repeatedly raised capital at scale.

• It is a member of the Nasdaq-100.

Cons:

• The premium to its bitcoin holdings can shrink or turn negative.

• Preferred dividends create fixed payment obligations.

• Results depend on bitcoin's price.

• Counterparty risk: if the issuer or custodian fails, the backing may not be recoverable.

• Tracking risk: the token price can diverge from the underlying, particularly outside US market hours when the underlying does not trade.

• Liquidity risk: on-chain liquidity is thinner than the underlying market, so spreads can widen sharply.

• Regulatory risk: India does not yet have a settled framework for tokenised equities, and tax treatment remains unclear.

• Price risk specific to the underlying instrument.