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Fortune

Marco Quiroz-Gutierrez

Experts warn MicroStrategy's high-flying valuation has 'no rational explanation'—and investors face a double whammy of risk

Strategy Bitcoin Michael Saylor MicroStrategy Fortune Cryptocurrency

(Credit: Liam Kennedy—Bloomberg via Getty Images)

MicroStrategy lost money in each of the last four quarters, yet the company has never been worth more.

On Wednesday, the company announced its fourth-quarter earnings for 2024, posting a 3% decrease in revenue and a $671 million net loss that helped it dodge a multibillion-dollar tax bill. Yet, the company has doubled down on its Bitcoin strategy, in part by adding more Bitcoin to its coffers than ever before and by rebranding from MicroStrategy to “Strategy,” with a new logo incorporating the Bitcoin symbol.

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