Internal Strategy Paradox: Tech company or Bitcoin vault?

Strategy Inc. (NASDAQ: MSTR) has a dual identity, both a provider of enterprise AI analytics software and the most active corporate Bitcoin holder in the world, and its cryptocurrency reserves make up most of its market capitalization. Despite its steady growth in core software business, S&P excludes MSTR from the S&P 500 index because its Bitcoin-based pool is considered an investment fund. This model inspired HYLQ Strategy Corp, who focused on HyperLiquid’s HYPE tokens rather than Bitcoin, highlighting the growing interest in pure Bitcoin strategies amid the ongoing debate on the sustainability of corporate cryptocurrency fund pools.