Andy Constan, chief executive and chief investment officer of Damped Spring Advisors, said Strategy (formerly MicroStrategy) misled investors last month when it compared itself to companies in the Standard & Poor's 500 index.
The Wall Street veteran described the bitcoin-buying company's comparison of its price-to-earnings ratio to the likes of Apple and Nvidia in a PowerPoint slide of its second-quarter earnings as "100 per cent fraudulent".
Constant argued that the slide implied that Strategy's earnings were recurring, when in fact its growth was driven by a "one-off, mark-to-market" increase in the value of its bitcoin holdings.
He added: "They are marketing [this income] to investors as a recurring gain worthy of a high price-to-earnings ratio. It is deceptive."
Wall Street veteran: Strategy's comparison to Apple and Nvidia is "100% fraudulent"
2025-08-15 03:21:37
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