Microstrategy Inc. - Ordinary Shares - Class A

**Bitcoin Holdings and Strategy**: MicroStrategy continues to be the largest corporate holder of Bitcoin, now owning 252,220 Bitcoins valued at approximately $18 billion. The company has acquired an additional 25,889 Bitcoins for a total cost of $1.6 billion in Q3 2024 at an average price of $60,839. They emphasize their role as "the world's first and largest Bitcoin treasury company," signaling a commitment to adopting Bitcoin as their primary treasury reserve asset.

**Capital Markets and Fundraising**: For 2025-2027, MicroStrategy is targeting to raise $42 billion in total capital ($21 billion in equity and $21 billion in fixed income) to fund Bitcoin acquisitions. They filed for a new $21 billion ATM equity program, which would be the largest of its kind in history, demonstrating an aggressive approach to capital raising despite rising interest costs.

**Financial Results of Software Business**: In Q3 2024, MicroStrategy's software revenues amounted to $116 million, a 10% decline YOY. The shift to cloud services led to a notable growth of 93% in non-GAAP subscription billings, reflecting the company's strategy to transition to cloud computing. However, the decline in product license revenues is a concerning trend that may impact overall revenue in the short term.