Strategy
40 named things its latest annual report says its results depend on, each in the company's own words. 21 of them are also named by other companies we've read.
Customers
Suppliers
Coinbase Custody Trust Company, LLC
depends on · 287,322 bitcoin; 40%named as a riskThe primary counterparty risk we are exposed to with respect to our bitcoin relates to these custodians’ performance of their obligations under our custody arrangements.Business (Item 1)
Anchorage Digital Bank N.A.
depends on · 262,194 bitcoin; 37%named as a riskOur current custodians are Anchorage Digital Bank N.A. (“Anchorage”), Coinbase Custody Trust Company, LLC (“Coinbase”), and Fidelity Digital Assets, NA (f/k/a Fidelity Digital Asset Services, LLC) (“Fidelity”).Business (Item 1)
Fidelity Digital Assets, NA
depends on · 167,615 bitcoin; 23%named as a riskOur current custodians are Anchorage Digital Bank N.A. (“Anchorage”), Coinbase Custody Trust Company, LLC (“Coinbase”), and Fidelity Digital Assets, NA (f/k/a Fidelity Digital Asset Services, LLC) (“Fidelity”).Business (Item 1)
Partners and platforms
Amazon Web Services (AWS)
depends onnamed as a riskIn addition, we serve our customers and manage certain critical internal processes using a third-party data center hosting facility located in the United States and other third-party services, including AWS, Azure, Google, and other cloud services.Risk factors (Item 1A)
Also named by AAON, ABNB, ADSK, AIOT, BLK, CARR, CG, COF and 56 more
Microsoft Azure
depends onnamed as a riskIn addition, we serve our customers and manage certain critical internal processes using a third-party data center hosting facility located in the United States and other third-party services, including AWS, Azure, Google, and other cloud services.Risk factors (Item 1A)
Also named by AIOT, AKAM, BLK, DDOG, DOCN, DOCU, EXTR, FFIV and 14 more
Google Cloud
depends onnamed as a riskIn addition, we serve our customers and manage certain critical internal processes using a third-party data center hosting facility located in the United States and other third-party services, including AWS, Azure, Google, and other cloud services.Risk factors (Item 1A)
Also named by AAON, CME, DGX, ETSY, FTNT, GTLB, LBTYA, NTAP and 4 more
Coinbase exchange
depends onnamed as a riskWe determine the fair value of our bitcoin based on quoted (unadjusted) prices on the Coinbase exchange (our principal market for bitcoin).Risk factors (Item 1A)
Luxembourg Stock Exchange Euro MTF
operates innamed as a riskSTRE Stock is admitted to trading on the Luxembourg Stock Exchange’s Euro MTF, an exchange with limited trading volumes in equity securities compared to our other securities listed on Nasdaq.Risk factors (Item 1A)
Euroclear and Clearstream
depends onnamed as a riskThis restriction may limit the ability of certain investors to hold or transfer STRE Stock unless they can access a non-U.S. custody provider, which may have a negative impact on trading activity and limit liquidity in the STRE Stock.Risk factors (Item 1A)
Other companies
S&P Global Ratings
‘B-’named as a riskWe are currently assigned a corporate credit rating of ‘B-’ from S&P Global Ratings based on its evaluation of our creditworthiness.Risk factors (Item 1A)
MSCI Global Investable Market Indexes
50% or more of their total assetsnamed as a riskIf MSCI or any other publisher of major market indices were to exclude us from their indices, or adopt other changes, such as deferring additions or limiting index-related adjustments, index funds, institutional investors, and other holders attempting to track the composition of that index may be required to sell our class A common stock, or acquire less of our class A common stock than they otherwise would, which could materially and adversely impact the price and liquidity of our class A common stock and other listed securities.Risk factors (Item 1A)
Michael J. Saylor
depends on · 40.1% of the total voting powernamed as a riskIf we were unable to attract, train, assimilate, and retain the highly skilled personnel we need, or we were to lose the services of Mr. Saylor, our business, operating results, and financial condition could be materially adversely affected.Risk factors (Item 1A)
Mt. Gox
exposed to its pricenamed as a riskOur business, financial results, financial condition, and the market price of our listed securities, would be adversely affected, if the price of bitcoin declined substantially (as it has in the past, including during the fiscal year ended December 31, 2025), including as a result of:Risk factors (Item 1A)
HSBC InvestDirect
named as a riskFor example, an affiliate of HSBC Holdings has prohibited customers of its HSBC InvestDirect retail investment platform from buying shares of our class A common stock after determining that the value of our stock is related to the performance of bitcoin, indicating that it did not want to facilitate exposure to virtual currencies.Risk factors (Item 1A)
Competitors
Spot bitcoin exchange-traded products (ETPs)
competes withnamed as a riskAlthough we are an operating company, and we believe we offer a different value proposition than a bitcoin investment vehicle such as a spot bitcoin ETP, investors may nevertheless view our class A common stock or other listed securities as an alternative to an investment in an ETP, and choose to purchase shares of a spot bitcoin ETP instead of our class A common stock or other listed securities.Risk factors (Item 1A)
IBM, Microsoft, Oracle, Salesforce, and SAP
competes withnamed as a riskFor enterprise analytics, Strategy competes with global ISVs, such as IBM, Microsoft, Oracle, Salesforce, and SAP.Business (Item 1)
Places
International markets (non-U.S. revenues)
earns from · 43.0%named as a riskInternational revenues accounted for 43.0%, 44.0%, and 42.7% of our total revenues for the years ended December 31, 2025, 2024, and 2023, respectively.Market risk (Item 7A)
Also named by ABNB, ADSK, BSX, CROX, CRWD, DOCU, DXCM, EFX and 18 more
China
concentrated innamed as a riskA significant portion of our research and development activities or certain other critical business operations are concentrated in facilities in Northern Virginia, China, Argentina, and Poland.Risk factors (Item 1A)
Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more
Argentina
concentrated innamed as a riskA significant portion of our research and development activities or certain other critical business operations are concentrated in facilities in Northern Virginia, China, Argentina, and Poland.Risk factors (Item 1A)
Also named by BALL, C, ECL, FISV, GMED, INGR, JNJ, KMB and 6 more
Poland
concentrated innamed as a riskA significant portion of our research and development activities or certain other critical business operations are concentrated in facilities in Northern Virginia, China, Argentina, and Poland.Risk factors (Item 1A)
Commodities and inputs
Bitcoin
exposed to its price · approximately 717,131 bitcoins that were acquired at an aggregate purchase price of $54.5 billionnamed as a riskAs of February 13, 2026, we held approximately 717,131 bitcoins that were acquired at an aggregate purchase price of $54.5 billion and we intend to purchase additional bitcoin and increase our overall holdings of bitcoin in the future.Risk factors (Item 1A)
Secured Overnight Financing Rate (SOFR)
exposed to its price · approximately $1.2 millionAs of December 31, 2025, if we determined to increase the regular dividend rate on our STRC Stock by 50 basis points, STRC Stock’s monthly dividend accrual would increase by approximately $1.2 million.Market risk (Item 7A)
Also named by ABR, ADBE, AGM, AMG, ARCC, BCSF, BRO, CAT and 21 more
Euro
exposed to its pricenamed as a riskAn appreciation of the Euro against the U.S. dollar could significantly increase the cost of making payments on the STRE Stock and may limit our ability to declare and pay dividends in full.Risk factors (Item 1A)
Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more
Regulators
U.S. Securities and Exchange Commission (SEC)
subject tonamed as a riskWhile senior SEC officials have stated their view that bitcoin is not a “security” for purposes of the federal securities laws, a contrary determination by the SEC could lead to our classification as an “investment company” under the Investment Company Act of 1940, as amended, which would subject us to significant additional regulatory controls that could have a material adverse effect on our ability to execute on our bitcoin strategy, and our business and operations, and may also require us to substantially change the manner in which we conduct our business.Risk factors (Item 1A)
Also named by AB, ADSK, AMG, AMP, ARCC, ARES, BAM, BCSF and 44 more
Commodity Futures Trading Commission (CFTC)
subject tonamed as a riskFor example, the proposed CLARITY Act discussed above could, if it became law, grant the CFTC additional regulatory and supervisory powers with respect to spot digital assets, including bitcoin, as “digital commodities” and potentially impose additional registration, disclosure, reporting, and business conduct requirements on us.Risk factors (Item 1A)
Also named by AB, ADM, AGNC, AMG, BAC, BGC, BMNR, C and 35 more
Laws and programs
General Data Protection Regulation (GDPR)
subject to · €20,000,000 or 4% of global annual revenuenamed as a riskThere are similar laws in other countries, including the General Data Protection Regulation (“GDPR”) in the European Union which imposes requirements regarding the handling and security of personal data, requires disclosure of data breaches to individuals, customers, and data protection authorities in certain circumstances, requires companies to honor data subjects’ requests relating to their personal data, permits regulators to impose fines of up to €20,000,000 or 4% of global annual revenue, whichever is higher, and establishes a private right of action.Business (Item 1)
Also named by A, AB, ABNB, ADBE, ADP, AGX, AIOT, AJG and 100 more
Inflation Reduction Act of 2022 corporate alternative minimum tax (CAMT)
subject to · 15%named as a riskHowever, if the Interim Guidance is revoked or if the proposed or final regulations, when published or adopted, do not provide for this or similar relief, we could become subject to the CAMT in the future if we have significant unrealized gains on our bitcoin holdings.Risk factors (Item 1A)
Also named by WELL
Omnibus Sales Agreement (at-the-market offering program)
depends on · $7.9 billion of class A common stocknamed as a riskAs of February 13, 2026, we may issue and sell up to the following amounts under the Omnibus Sales Agreement: $1.6 billion of STRF Stock; $3.5 billion of STRC Stock; $20.3 billion of STRK Stock; $4.0 billion of STRD Stock; and $7.9 billion of class A common stock.Risk factors (Item 1A)
ASU 2023-08
subject to · unrealized loss on digital assets of $5.40 billionnamed as a riskDue in particular to the volatility in the price of bitcoin, the adoption of ASU 2023-08 has materially impacted our financial results, increased the volatility of our financial results, and materially affected the carrying value of our bitcoin on our balance sheet, and we expect these impacts to continue.Risk factors (Item 1A)
Net CFC Tested Income regime (One Big Beautiful Bill Act of 2025)
subject to · from 50% to 40%named as a riskBeginning in fiscal year 2026, the deduction allowable under the Net CFC Tested Income regime will decrease from 50% to 40%, which will increase the effective tax rate imposed on our income.Risk factors (Item 1A)
Investment Company Act of 1940
subject tonamed as a riskWe are not registered as an investment company under the Investment Company Act of 1940, as amended, and stockholders do not have the protections associated with ownership of shares in a registered investment company, nor the protections afforded by the Commodity Exchange Act of 1936.Business (Item 1)
Also named by ABR, AMG, AMP, ARCC, ARES, BAM, BCSF, BEN and 28 more
EU Artificial Intelligence Act
subject tonamed as a riskAdditionally, in March 2024, the European Commission passed the Artificial Intelligence Act with several of its provisions now in force.Risk factors (Item 1A)
Also named by ABNB, ADP, AIOT, AKAM, ALAB, AMG, APP, AVAV and 24 more
GENIUS Act
named as a riskStablecoins have grown rapidly as an alternative to bitcoin and other digital assets as a medium of exchange and store of value, particularly on digital asset trading platforms, and their use as an alternative to bitcoin could expand further as a result of the GENIUS Act being enacted.Risk factors (Item 1A)
Also named by AUB, C, CFR, COF, COIN, CUBI, EWBC, FCNCA and 15 more
Digital Asset Market Clarity Act of 2025 (CLARITY Act)
subject tonamed as a riskin July 2025, the U.S. House of Representatives passed the Digital Asset Market Clarity Act of 2025 (“CLARITY Act”), a comprehensive digital asset market structure and regulation bill.Risk factors (Item 1A)
Delaware General Corporation Law
subject tonamed as a riskWe may not have sufficient surplus or net profits to declare and pay dividends on our Preferred Stock in cash, even if we have cash available in our USD Reserve.Risk factors (Item 1A)
Fast-Pay Stock Regulations (Section 7701(l) of the Internal Revenue Code)
subject tonamed as a riskNotwithstanding our intent not to issue Additional Shares that would be fast-pay stock, the rules regarding the definition of fast-pay stock are unclear in certain respects and, therefore, the IRS could disagree with our determination and treat such Additional Shares as fast-pay stock.Risk factors (Item 1A)
Data Security Program Rule (Executive Order 14117)
subject tonamed as a riskFailure to comply with the Data Security Program Rule could result in civil or criminal penalties, reputational harm, and restrictions on our ability to engage in certain business activities.Risk factors (Item 1A)
FedRAMP
subject toStrategy’s cloud solution for government is authorized to operate under the Federal Risk and Authorization Management Program (“FedRAMP”) guidelines, which certifies compliance with essential cloud security and data protection standards set by the U.S. Federal government.Business (Item 1)
Also named by ADSK, CRWD, DDOG, DOCU, FTNT, GTLB, NET, OKTA and 9 more