MicroStrategy is no longer a true business; it’s primarily a leveraged bet on Bitcoin. Soon, ETF investors will have to buy at least $2.1 billion worth of its shares.

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While MicroStrategy technically still conducts some data analytics business, it’s now such a small part of its operations that I consider it no longer a true business. The primary focus has shifted to being a leveraged bet on Bitcoin, and this strategy has become a significant part of its operations and financial framework.