TechFlame reports that Andy Constan (Andy Constan), CEO and chief investment officer of Damped Spring Advisors, said Strategy (formerly MicroStrategy) misled investors when comparing itself to S&P 500 companies last month. The Wall Street veteran said the Bitcoin buying company compared its price-earnings ratio to companies such as Apple and Nvidia in a slide in its second-quarter earnings presentation, which was a “100% fraud.” According to Constance, this slide suggests that Strategy's earnings are recurring, when in fact its growth in performance is driven by a “one-time, market-capitalization” increase in the value of its Bitcoin holdings. He added, “They're marketing [this revenue] to investors and touting it as recurring revenue worthy of a high price-earnings ratio. This is deceptive.”