MicroStrategy Cash Flow Raises Some Eyebrows Amid Bitcoin Rally

Analysts are starting to pay closer-than-usual attention to the underlying enterprise software business of Bitcoin-proxy MicroStrategy Inc.

How to best invest the cash kicked off from the operations was what originally caused co-founder and Chairman Michael Saylor to turn to Bitcoin four years ago. Since then, the Tysons Corner, Virginia-based company has adopted a two-track strategy of investing in the cryptocurrency rather than traditional assets such as short-term Treasuries, and growing the software operations.

While MicroStrategy’s Bitcoin stockpile has surged to almost $15 billion over the past few years to make it the largest corporate holder of the digital asset, ...