Filing Risk Score
92A
Regulatory filing quality and event signal from SEC disclosures
Key inputs: Recent Form 4 insider transactions · Recent Form 4 insider transactions
BTC treasury holder
Strategy Inc
$MSTROperating company with a Bitcoin treasury strategy, where financing, filings, and BTC holdings shape equity risk.
TechnologySoftware / BTC treasuryBitcoin treasury strategy
Signal summary
Sawse research signals
Scores summarize filing, market, ownership, and exposure records for research prioritization.
BTC Exposure Score
85A
Degree of Bitcoin exposure relative to entity type
Key inputs: Bitcoin treasury strategy
Insider Activity Signal
50C
Net insider buying/selling pattern and cluster activity
Key inputs: 3 insider transaction clusters · 20 Form 4 transactions
Event Momentum Score
100A
Directional signal from recent SEC event categorizations
Key inputs: 23 recent SEC filings · 6 fresh source updates
Quote & Trading
Delayed quote
$129.37
+$2.83 (2.23%)
Session timestamp: Jun 5, 2026, 9:31 PM
- Range
- 1M
- Start
- $186.9
- Latest
- $129.37
- Latest date
- Jun 4, 2026
Fundamentals
Showing the latest source-confirmed income statement values. The bar scale compares magnitude within this statement only; it is not a trend line and does not indicate positive or negative quality.
3 metrics · latest period Sep 30, 2025. 3 metrics include a prior-period comparison.
Revenue
354.25M USD
Net income
-12.54B USD
Operating income
-14.47B USD
| Metric | Value | Period | Prior | Change |
|---|---|---|---|---|
| Revenue | 354.25M USD | Sep 30, 2025 | 225.55M USD | +128.69M USD (57.1%) |
| Net income | -12.54B USD | Mar 31, 2026 | -3.85B USD | -8.69B USD (-225.9%) |
| Operating income | -14.47B USD | Mar 31, 2026 | -5.44B USD | -9.03B USD (-165.8%) |
Revenue
Sep 30, 2025
- Value
- 354.25M USD
- Change
- +128.69M USD (57.1%)
- Prior
- 225.55M USD
Net income
Mar 31, 2026
- Value
- -12.54B USD
- Change
- -8.69B USD (-225.9%)
- Prior
- -3.85B USD
Operating income
Mar 31, 2026
- Value
- -14.47B USD
- Change
- -9.03B USD (-165.8%)
- Prior
- -5.44B USD
SEC Filings
Risk Factor Watch
18 source-confirmed changes detected
Compared 10-K 2026-02-19 with 10-K 2025-02-18.
8 Added2 Changed8 Removed
New / expanded language
Risk Factors You should carefully consider the risks described below before making an investment decision.
The risks and uncertainties described below are not the only ones we face.
Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also impact us, our business, our bitcoin holdings, or our securities.
Materially changed
Risk Factors has been retroactively adjusted to reflect the stock split for all periods presented.
Many of our expenses, such as dividend obligations on our outstanding Preferred Stock, interest expense on our debt, tax liabilities, office leases and certain personnel costs, are relatively fixed in the short term.
8 removed risk-factor candidates
” Actual results and timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under “Part I.
Business Overview Strategy is the world's first and largest Bitcoin Treasury Company.
We are a publicly traded company that has adopted Bitcoin as our primary treasury reserve asset.
By using proceeds from equity and debt financings, as well as cash flows from our operations, we strategically accumulate Bitcoin and advocate for its role as digital capital.
Source-extracted Item 1A comparison.
Jun 5, 2026View on SEC
Jun 5, 2026View on SEC
Jun 4, 2026View on SEC
Jun 3, 2026View on SEC
Jun 2, 2026View on SEC
Insider Activity
Form 4 context
Recent insider transaction activity
The 30, 90, and 365 day windows are measured backward from the newest Form 4 row loaded for this ticker. “Acquired” and “Disposed” are the Form 4 share-direction fields; they are not a Sawse conclusion about insider intent.
A cluster groups related Form 4 rows with the same transaction direction and code inside a weekly date window. Sawse flags a group as a cluster when it has multiple rows, multiple reporting owners, or at least 100,000 reported shares.
Loaded Form 4 rows20
90-day net activity+10,820Net acquired
90-day net value$0From 15 priced rows
Detected clusters3
Last 30 days
- Rows
- 20
- Acquired
- 12,850
- Disposed
- 2,030
- Net shares
- +10,820
- Net value
- $0
Last 90 days
- Rows
- 20
- Acquired
- 12,850
- Disposed
- 2,030
- Net shares
- +10,820
- Net value
- $0
Last 365 days
- Rows
- 20
- Acquired
- 12,850
- Disposed
- 2,030
- Net shares
- +10,820
- Net value
- $0
Cluster filter
Use clusters to inspect grouped Form 4 activity without scrolling through the full table.
Unclustered single rows remain in the table when All groups is selected.
20 transaction rows match the active filters; 12 rows are shown.
| Insider | Role | Group | Direction | Shares | Dollar value | Date |
|---|---|---|---|---|---|---|
| Patten Jarrod M | director | Cluster 1 | Acquired | 1,221 | $0 | May 31, 2026 |
| GRAHAM STEPHEN X | director | Cluster 1 | Acquired | 1,221 | $0 | May 31, 2026 |
| Dietze Jane A | director | Cluster 1 | Acquired | 943 | $0 | May 31, 2026 |
| Patten Jarrod M | director | Cluster 2 | Disposed | 406 | $0 | May 31, 2026 |
| Patten Jarrod M | director | Cluster 1 | Acquired | 943 | $0 | May 31, 2026 |
| GRAHAM STEPHEN X | director | Cluster 2 | Disposed | 406 | $0 | May 31, 2026 |
| Dietze Jane A | director | Cluster 2 | Disposed | 406 | $0 | May 31, 2026 |
| Dietze Jane A | director | Cluster 1 | Acquired | 1,221 | $0 | May 31, 2026 |
| WINIARSKI GREGG | director | Cluster 3 | Acquired | 406 | — | May 31, 2026 |
| Patten Jarrod M | director | Cluster 3 | Acquired | 406 | — | May 31, 2026 |
| WINIARSKI GREGG | director | Cluster 1 | Acquired | 1,221 | $0 | May 31, 2026 |
| Dietze Jane A | director | Cluster 3 | Acquired | 406 | — | May 31, 2026 |
Patten Jarrod M
director
Cluster 1
- Direction
- Acquired
- Shares
- 1,221
- Dollar value
- $0
- Date
- May 31, 2026
GRAHAM STEPHEN X
director
Cluster 1
- Direction
- Acquired
- Shares
- 1,221
- Dollar value
- $0
- Date
- May 31, 2026
Dietze Jane A
director
Cluster 1
- Direction
- Acquired
- Shares
- 943
- Dollar value
- $0
- Date
- May 31, 2026
Patten Jarrod M
director
Cluster 2
- Direction
- Disposed
- Shares
- 406
- Dollar value
- $0
- Date
- May 31, 2026
Patten Jarrod M
director
Cluster 1
- Direction
- Acquired
- Shares
- 943
- Dollar value
- $0
- Date
- May 31, 2026
GRAHAM STEPHEN X
director
Cluster 2
- Direction
- Disposed
- Shares
- 406
- Dollar value
- $0
- Date
- May 31, 2026
Dietze Jane A
director
Cluster 2
- Direction
- Disposed
- Shares
- 406
- Dollar value
- $0
- Date
- May 31, 2026
Dietze Jane A
director
Cluster 1
- Direction
- Acquired
- Shares
- 1,221
- Dollar value
- $0
- Date
- May 31, 2026
WINIARSKI GREGG
director
Cluster 3
- Direction
- Acquired
- Shares
- 406
- Dollar value
- —
- Date
- May 31, 2026
Patten Jarrod M
director
Cluster 3
- Direction
- Acquired
- Shares
- 406
- Dollar value
- —
- Date
- May 31, 2026
WINIARSKI GREGG
director
Cluster 1
- Direction
- Acquired
- Shares
- 1,221
- Dollar value
- $0
- Date
- May 31, 2026
Dietze Jane A
director
Cluster 3
- Direction
- Acquired
- Shares
- 406
- Dollar value
- —
- Date
- May 31, 2026
Institutional Ownership
This is a partial 13F manager view, not a full shareholder register. Concentration percentages describe the manager positions currently loaded in this table. The shares-outstanding percentage divides each manager's reported shares by the latest public share-count record when available.
Observed 13F managers8
Loaded filings
Largest loaded manager0.0%
Of loaded 13F shares
Top 10 loaded share—
Only 8 loaded
Top 25 loaded share—
Only 8 loaded
Rows with movement8
Position or value
Source: SEC 13F filings. 13F reports can arrive up to 45 days after quarter end and do not represent every shareholder. Position change is the reported share-count change versus the prior available filing. Value change is the reported market-value change and can move even when the share count is unchanged.
| Manager | Period | Shares | % Shares out. | Value | Movement |
|---|---|---|---|---|---|
| AQR Capital Management, LLCPosition and value moved | Mar 2026 | 122 | 0.00% | $14.95M | Position+99Value+$11.45M |
| AQR Capital Management, LLCLarge position move | Mar 2026 | 69 | 0.00% | $8.45M | Position+46Value+$4.96M |
| AQR Capital Management, LLCPosition and value moved | Mar 2026 | 145.54K | 0.04% | $17.83B | Position+145.52KValue+$17.83B |
| AQR Capital Management, LLCLarge position move | Mar 2026 | 3 | 0.00% | $368K | Position-20Value-$3.13M |
| AQR Capital Management, LLCLarge position move | Mar 2026 | 3 | 0.00% | $368K | Position-20Value-$3.13M |
| AQR Capital Management, LLCPosition and value moved | Mar 2026 | 180 | 0.00% | $22.1M | Position+157Value+$18.61M |
| Bank of America CorpPosition and value moved | Mar 2026 | 386.37K | 0.12% | $48.22B | Position+386.06KValue+$48.17B |
| AQR Capital Management, LLCLarge position move | Mar 2026 | 11 | 0.00% | $1.35M | Position-12Value-$2.15M |
AQR Capital Management, LLCPosition and value moved
Mar 2026
- Shares
- 122
- % Shares out.
- 0.00%
- Value
- $14.95M
- Movement
- Position+99Value+$11.45M
AQR Capital Management, LLCLarge position move
Mar 2026
- Shares
- 69
- % Shares out.
- 0.00%
- Value
- $8.45M
- Movement
- Position+46Value+$4.96M
AQR Capital Management, LLCPosition and value moved
Mar 2026
- Shares
- 145.54K
- % Shares out.
- 0.04%
- Value
- $17.83B
- Movement
- Position+145.52KValue+$17.83B
AQR Capital Management, LLCLarge position move
Mar 2026
- Shares
- 3
- % Shares out.
- 0.00%
- Value
- $368K
- Movement
- Position-20Value-$3.13M
AQR Capital Management, LLCLarge position move
Mar 2026
- Shares
- 3
- % Shares out.
- 0.00%
- Value
- $368K
- Movement
- Position-20Value-$3.13M
AQR Capital Management, LLCPosition and value moved
Mar 2026
- Shares
- 180
- % Shares out.
- 0.00%
- Value
- $22.1M
- Movement
- Position+157Value+$18.61M
Bank of America CorpPosition and value moved
Mar 2026
- Shares
- 386.37K
- % Shares out.
- 0.12%
- Value
- $48.22B
- Movement
- Position+386.06KValue+$48.17B
AQR Capital Management, LLCLarge position move
Mar 2026
- Shares
- 11
- % Shares out.
- 0.00%
- Value
- $1.35M
- Movement
- Position-12Value-$2.15M
Crypto Context
Bitcoin treasury strategy
MSTR crypto exposure readout
Latest filing8-K · May 15, 2026
Filed BTC position818.3K BTCFrom filed value and BTC price in the filing
Filed Bitcoin value$64.04BFiling reference: Apr 26, 2026
Current Bitcoin value$50BAt $61,102 BTC/USD
BTC value / equity value115.7%Current Bitcoin value versus equity market cap
Cost basis disclosed$2.42B10-Q filed May 5, 2026
Recent purchase89.6K BTC10-Q filed May 5, 2026
Accounting treatmentIndefinite-lived intangible asset10-Q filed May 5, 2026
At the latest Bitcoin reference price, MSTR's filed Bitcoin position is worth about $50B, equal to roughly 115.7% of its equity value. The remaining spread is where financing, dilution, taxes, operating assets, and capital-allocation risk matter.
Editorial Coverage
Peer Comparison
| Ticker | Category | Latest revenue | Filing Risk0-100 | BTC Exposure0-100 | Insider Signal0-100 | Event Momentum0-100 |
|---|---|---|---|---|---|---|
| $MSTRStrategy Inc | BTC treasury holder | 354.25M | 92 | 85 | 50 | 100 |
| $COINCoinbase Global | Crypto exchange | 1.41B | 100 | 70 | 50 | 100 |
| $MARAMARA Holdings | Bitcoin miner | 174.61M | 100 | 80 | 30 | 100 |
| $RIOTRiot Platforms | Bitcoin miner | 167.22M | 100 | 80 | 25 | 100 |
| $CLSKCleanSpark | Bitcoin miner | 766.31M | 100 | 80 | 50 | 100 |
$MSTRStrategy Inc
BTC treasury holder
354.25M
- Filing Risk
- 92
- BTC Exposure
- 85
- Insider Signal
- 50
- Event Momentum
- 100
$COINCoinbase Global
Crypto exchange
1.41B
- Filing Risk
- 100
- BTC Exposure
- 70
- Insider Signal
- 50
- Event Momentum
- 100
$MARAMARA Holdings
Bitcoin miner
174.61M
- Filing Risk
- 100
- BTC Exposure
- 80
- Insider Signal
- 30
- Event Momentum
- 100
$RIOTRiot Platforms
Bitcoin miner
167.22M
- Filing Risk
- 100
- BTC Exposure
- 80
- Insider Signal
- 25
- Event Momentum
- 100
$CLSKCleanSpark
Bitcoin miner
766.31M
- Filing Risk
- 100
- BTC Exposure
- 80
- Insider Signal
- 50
- Event Momentum
- 100
- Filing Risk
- Measures the intensity of SEC filing patterns.
- BTC Exposure
- Measures direct and operating exposure to bitcoin.
- Insider Signal
- Measures unusual Form 4 activity patterns.
- Event Momentum
- Measures recent material disclosure activity.
Scores run 0-100: higher means a stronger signal for that dimension, not a buy/sell rating. Market cap, YTD return, and P/E appear when quote history and share-count data are complete.