What is Strategy?

Strategy is a corporate entity that holds a large Bitcoin position and is managed in a centralized manner. The material tracks its market impact and governance concerns.

• Jun 2026 - Ryan Sean Adams said Strategy’s structure is not a Ponzi because Ponzis are guaranteed to fail, and these are not.
• Jul 2026 - Jeff Dorman described Strategy as effectively a monarchy, where input may be disregarded.
• Jul 2026 - Jeff Dorman said the authorization to sell $1.25 billion in Bitcoin likely keeps a lid on Bitcoin until the sale occurs, after which both Bitcoin and Strategy’s stock may bottom.
• Jul 2026 - Jeff Dorman said the worst outcome is that Strategy stops paying dividends and languishes at 30-40 cents on the dollar forever.
• Jul 2026 - Matt Walsh said such entities will probably end up looking like actively managed hedge funds unless they staple on operating businesses.