Enterprise-software company Strategy is facing at least five copy-and-paste securities-fraud class actions that accuse it of misleading investors about the profitability and risks of its aggressive Bitcoin strategy, according to court filings reviewed on 27 June. The complaints, lodged separately in U.S. federal courts, cite roughly $6 billion in unrealized losses on the firm’s BTC holdings as evidence that prior public statements were “materially false and misleading.” The alleged misconduct covers the period from 30 April 2024 to 4 April 2025. The suits were filed by Pomerantz LLP, Gross Law Firm, Bronstein Gewirtz & Grossman, Kessler Topaz Meltzer & Check, and Levi & Korsinsky—each seeking to be appointed lead counsel in a consolidated action that could yield tens of millions of dollars in fees. Under the Private Securities Litigation Reform Act, a judge is expected to select a lead plaintiff after a 15 July deadline, typically favoring the investor with the largest claimed loss. Strategy spent about $7.7 billion in the first quarter to raise its stash to 592,345 BTC at an average cost of roughly $95,000 per coin. When Bitcoin later slid to about $82,000, the company warned in an SEC filing that it might not regain profitability and ultimately reported a first-quarter loss of $16.49 per share. Bitcoin has since rebounded to about $107,000, valuing the firm’s trove near $63 billion, but the unrealized first-quarter shortfall remains central to the litigation. In repeated 8-K filings, Strategy said it “intends to vigorously defend” against the claims and cannot yet estimate potential liabilities. The company has not commented further on the lawsuits.