I disagree with your conclusion, although I do think I could have clarified this better.

Instead of:

“Strategy is still a real operating company.”

something like:

“I actually agree Bitcoin is now the dominant driver of valuation and identity for the company.”

would have been more precise.

My point was more that Strategy still has an underlying operating business and cash flow layer supporting the broader capital structure.

(they are not ONLY a bitcoin holding company, though that is their major focus)

Thanks for the feedback.