Saylor recently made a pointed clarification about Strategy's business model. Contrary to some misconceptions, he emphasized that Strategy isn't just another investment fund sitting on digital assets. The reality? It's actually a functioning operating company with two distinct engines driving its growth.

First up, there's a legitimate software division pulling in around $500 million in revenue. That's real business, not just paper gains. Then you've got the Bitcoin-backed financing arm, which has basically become their signature move in corporate treasury management.

This dual-structure setup separates them from pure-play crypto funds. They're generating traditional software revenue while simultaneously leveraging their BTC holdings to access capital markets in creative ways. Pretty different from your typical hodler, right?