HIGHBuilt-inCommodity
bitcoin
“10-K Item 1A: 'Our assets are concentrated in bitcoin. The vast bulk of our assets are concentrated in our bitcoin holdings.'”
MSTR · Concentration risk · 10-K extracted
Strategy (MSTR) concentration risks
Updated
The most significant concentration Strategy discloses is bitcoin, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Strategy’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH1
MEDIUM1
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMOutside partyCounterparty
Coinbase Custody Trust Company
“10-K Item 1: 'Coinbase Custody Trust Company, LLC| | 287,322 | | | 40 | %'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's disclosed concentration profile is defined by a singular and explicitly stated asset concentration: the vast bulk of the company's assets are concentrated in its bitcoin holdings — a high share by disclosed size with a structural character. The filing states directly that assets are concentrated in bitcoin, signaling that this is the company's deliberate strategic orientation rather than an inadvertent accumulation. For investors, this means the company's balance sheet and enterprise value are substantially coterminous with bitcoin price dynamics, and the traditional financial analysis frameworks for operating businesses have limited applicability. Layered on the asset concentration is a custodial dependency: Coinbase Custody Trust Company holds a portion of the company's bitcoin — a moderate share by disclosed size with a dependency character. The custodial relationship appears in a pipe-delimited table format in the filing, so the specific percentage disclosed in that table is described qualitatively here rather than cited as a number. The dependency character is relevant because the company's ability to access, transfer, or liquidate that portion of its holdings depends on the operational continuity, regulatory status, and solvency of a third-party custodian. Together, these two disclosures describe a concentration profile unlike a traditional operating company: almost entirely asset-level concentration in a single digital commodity, with a meaningful custody relationship adding a counterparty dimension. Bitcoin price volatility and custodial counterparty risk are the two primary variables in the disclosed profile.
For the engine’s reasoning on MSTR’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Software - Application
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ADSK | Autodesk, Inc. | 1 | 1 | 1 | 3 |
| MSTR● | Strategy Inc | 1 | 1 | 0 | 2 |
| ADEA | Adeia Inc. | 1 | 0 | 0 | 1 |
| AGYS | Agilysys, Inc. | 0 | 2 | 0 | 2 |
| ADBE | Adobe Inc. | 0 | 0 | 0 | 0 |
| ADP | Automatic Data Processing, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.