Strategy, formerly known as MicroStrategy, was originally a business intelligence software company before becoming known primarily for holding a very large corporate treasury position in bitcoin, a strategy the company has pursued aggressively since 2020. The company continues to sell business analytics software to enterprise customers, though that software business has become a smaller part of the overall investment story compared to its bitcoin holdings. Strategy has raised debt and issued additional shares specifically to purchase more bitcoin, making its balance sheet and stock price highly sensitive to swings in the cryptocurrency's price in a way that's unusual for a company with an underlying enterprise software business. Because of this bitcoin treasury strategy, Strategy's stock has often traded less like a traditional software company and more like a leveraged proxy for bitcoin price movements.