Strategy (NASDAQ: MSTR) stock is down a little over 2% after the company reported its fourth-quarter earnings following market close on Feb. 5. The report underscored a familiar theme for MSTR investors: quarterly results are now driven far more by Bitcoin accounting than by the company’s underlying software operations.
While Strategy continues to grow its analytics revenue at a steady, modest pace, the headline numbers remain volatile due to changes in the value of its massive Bitcoin holdings. This dynamic caused the report to look weak at a surface level, even as the company doubled down on its long-term Bitcoin-focused strategy.
