Photo: Michael Saylor, chairman and CEO of MicroStrategy, on April 7, 2022. Michael Saylor, chairman and CEO of MicroStrategy, on April 7, 2022.

MicroStrategy Inc. is two things: a publicly listed enterprise-software company whose annual revenue has barely budged in five years, and a publicly listed bitcoin trading vehicle that has borrowed money to buy volatile cryptocurrency and lost a cumulative $2 billion in the process.

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