Strategy Inc has had a wild few years, with the share price up 234.0% over three years and closely tied to its large Bitcoin holdings. These holdings now sit alongside buybacks, preferred dividends and index eligibility questions. With all of that affecting the ticker, the key question for investors is whether the current market value still lines up with the company's book value. A 234.0% gain over three years puts a lot of weight on whether the balance sheet, and especially the equity base, can support today's valuation.
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