For years, institutions have treated crypto as an asset class , not an infrastructure . They’re pouring billions into Bitcoin ETFs and tokenized treasuries, but almost none of that activity actually happens on-chain. Wall Street still runs on ultra-fast matching engines, co-located servers, and fiber routes measured in nanoseconds: technologies that make even the best blockchains look like dial-up. The truth is simple: Crypto won’t win institutional order flow until blockchai

Executive Summary Strategy Inc. has effectively transformed from a software and analytics company into a leveraged Bitcoin holding vehicle . Its core operations now revolve around accumulating Bitcoin through a mix of debt, perpetual preferred stock, and recurring equity issuance. The legacy software business generates roughly $114M in quarterly revenue , an amount that is insignificant relative to the firm’s ~$8B in debt obligations , expanding preferred stock base, and ong