Yeah — as a metaphor, MSTR (now “Strategy Inc.”) really is a Bitcoin refinery: it takes Wall Street capital as raw crude and “cracks” it into BTC on the balance sheet, then sells different “products” (common stock, preferreds, converts) back into the market. 

Here’s the refinery flow:

• Feedstock (input): equity issuance + ATM programs + convertibles/preferred stock
• Refining process: immediately convert dollars → bitcoin
• Finished product (output): more BTC held per share / per unit of capital raised (plus a public-market wrapper for BTC exposure)

A super concrete example: in a recent filing, Strategy disclosed it bought 10,624 BTC (Dec 1–7, 2025) at an average $90,615 and now holds 660,624 BTC total (avg cost $74,696), funded via ATM sales of its securities. 

Why the “refinery” can feel like a machine:

• When the stock trades at a premium to the underlying BTC value, issuing shares can be accretive (raise $1 of market value, buy >$1 of BTC exposure over time).
• When that premium compresses, the “refining margin” gets thinner and the game becomes harder (capital costs matter a lot more).

And yep, the byproducts are real: volatility, dilution risk, financing costs, and premium/discount swings — this isn’t a sleepy ETF wrapper. 

Net-net: Strategy is trying to be the industrial-scale conduit that turns capital markets into satoshis. It’s a wild concept — and when the machine is humming, it’s loud.