Market research platform Bull Theory noted optimism around Strategy Inc.'s new capital allocation strategy, which treats Bitcoin as a capital asset that can be tactically sold to fund operations.

For years, investors had valued the firm well above its bitcoin holdings, giving Strategy massive flexibility to raise capital as needed — a situation Michael Saylor and team took…

The Bitcoin bull said in 2025 that Strategy’s newest stock offering had no “downside,” but investors beg to differ.