Slide 1: Q3 2026 Marketing Deck
Q3 2026 Marketing Deck Copyright © 2026 Strategy. All Rights Reserved.
Slide 2: Disclaimers
Strategy Q3 2026 Marketing Deck Disclaimers FORWARD-LOOKING STATEMENTS Some of the information we provide in this presentation regarding our future expectations, plans, and prospects may constitute forward-looking statements. Actual results may differ materially from these forward-looking statements
Slide 3: Financial Results
Financial Results Copyright © 2026 Strategy. All Rights Reserved.
Slide 4: Strategy Highlights
Strategy Highlights Bitcoin Holdings Market Cap 843,775 $38 Billion ~4% of all BTC ever to be in existence Bitcoin Per Share (in Sats) YTD 2026 Capital Raised 203,683 $17 Billion Note: As of 8-K filed on July 27, 2026. Market capitalization as of July 27, 2026. 4
Slide 5: Growth in Bitcoin Treasury Reserve
Growth in Bitcoin Treasury Reserve Strategy has acquired bitcoin in every quarter since Q3 2020 – 113 acquisitions 843,775 $55B $64B $75K 4.0% BTC Holdings BTC Reserve(1) Total Acquisition Average BTC of all BTC ever to 846 844 Cost Purchase Price be in existence 762 Bitcoin Holdings (in ‘000s)(2) 6
Slide 6: Strategy is the Largest Institutional Holder of BTC
Strategy is the Largest Institutional Holder of BTC 843,775 Strategy ETFs Countries DeFi 735,827 329,693 190,000 172,279 133,456 116,152 97,141 87,668 65,301 Strategy IBIT United China FBTC GBTC WBTC Tether cbBTC BTCB States Custodied by Custodied by Custodied by BitGo & BiT Coinbase Binance Global
Slide 7: Q2 2026 Balance Sheet Snapshot
Q2 2026 Balance Sheet Snapshot 3/31/2026 6/30/2026 1 1 Acquired net 83,901 BTC during Q2. Digital Assets $51.6B $49.7B Digital Assets lower due to BTC price at Cash & Short-Term Investments $2.2B $2.4B quarter end. 2 (1) 2 USD Reserve of $2.4B at quarter end. Deferred Tax Asset / (Liability) $0.0B $
Slide 8: $2.0 Billion Decline in Digital Assets Value in Q2 2026
$2.0 Billion Decline in Digital Assets Value in Q2 2026 ($ in Billions) $51.6 $6.3 $49.7 -$1.4 -$6.9 Unrealized FMV loss = ~$8.3B 3/31/2026 BTC Price Net BTC Purchased BTC Price 6/30/2026 BTC Holdings Change (Q2/26 Purchases) Change BTC Holdings Market Value (Holdings as of Q1/26) (Q2/26 Net Purchas
Slide 9: $5.1 Billion Increase in Digital Assets Value in QTD Q3 2026
$5.1 Billion Increase in Digital Assets Value in QTD Q3 2026 ($ in Billions) $5.2 $54.8 $49.7 -$0.1 FMV gain = ~$5.2B 6/30/2026 BTC Sale Proceeds BTC Price Change 7/27/2026 BTC Holdings (QTD Q3/26) On Remaining Holdings BTC Holdings Market Value(1) Market Value(1) BTC Count 846,000 BTC Sold: 2,225 8
Slide 10: Strategy's Balance Sheet is Robust
Strategy’s Balance Sheet is Robust $58.5B 1.51x Amplification $36.3B 5.4% $15.4B Net Leverage $6.7B Reserve Net Reserve Preferred Equity Convertible Debt Note: Market data as of July 27, 2026. BTC and ATM data as of 8-K filed on July 27, 2026. Reserve is the sum of our BTC Reserve and USD Reserve. A
Slide 11: Converts Are Fully Covered Even After 95% BTC Price Decline
Converts Are Fully Covered Even After 95% BTC Price Decline Current Balance Sheet Extreme Downside $65K BTC Price 95% Decline: $4K BTC Price Convertible Debt Notes have $54.8B staggered maturities & put dates between 2027-2032. 95% price decline Strategy plans to equitize, repay, or refinance existi
Slide 12: Q2 2026 Financial Results
Q2 2026 Financial Results Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 (Prev. Year) (Prev. Quarter) Operating Income $14.0B $3.9B ($17.4B) ($14.5B) ($8.3B) Net Income(1) $10.0B $2.6B ($12.6B) ($12.8B) ($8.6B) EPS(2) $32.60/sh $8.42/sh ($42.93)/sh ($38.25)/sh ($24.45)/sh (1) Net Income attributable to com
Slide 13: BTC KPIs 2025 vs. 2026
BTC KPIs 2025 vs. 2026 Reflects the incremental value generated through Strategy’s treasury operations TC Per Share (in Sats) YoY TC Yield (%)(1) July 2025 191,904 FY 2025 22.8% July 2026 203,683 YTD 2026 4.5% TC Gain TC $ Gain ($ billion)(1) FY 2025 101,873 FY 2025 $8.9B YTD 2026 29,997 YTD 2026 $1
Slide 14: Strategy Has Consistently Delivered BTC Yield Since 2020
Strategy Has Consistently Delivered BTC Yield Since 2020 (Sats Per Share) 203,683 194,986 158,826 BTC Yield 91,097 83,353 84,872 56,598 2020 2021 2022 2023 2024 2025 7/26/2026 Note: Past performance is not indicative of future results. Actual results may vary materially. BTC Yield is not equivalent
Slide 15: Bitcoin Per Share Grew 5% in Q2 2026
Bitcoin Per Share Grew 5% in Q2 2026 (Sats Per Share) 210,824 BTC Yield 201,170 194,986 12/31/2025 3/31/2026 6/30/2026 Note: Past performance is not indicative of future results. Actual results may vary materially. BTC Yield is not equivalent to “yield” in the traditional financial context. BTC Yiel
Slide 16: Capital Markets Strategy & Programs
Capital Markets Strategy & Programs Copyright © 2026 Strategy. All Rights Reserved.
Slide 17: Strategy Continued to Deliver Value in Q2 2026
Strategy Continued to Deliver Value in Q2 2026 Increased BTC holdings and USD reserve and reduced debt outstanding 3/31/26 6/30/26 QoQ Change BTC Holdings 762,099 846,000 11% Debt Outstanding $8.2B $6.7B -18% USD Reserve $2.1B $2.4B 12% Bitcoin Per Share (BPS) 201,170 210,824 5% (in Sats) 17
Slide 18: From One-Way Capital Issuance to Active Capital Management
From One-Way Capital Issuance to Active Capital Management Sell MSTR Buy BTC Buy USD Buy Debt Buy Prefs Sell Prefs Buy BTC Buy USD Buy Debt Buy MSTR Sell BTC Buy USD Buy Debt Buy Prefs Buy MSTR For illustrative purposes only. Examples of potential capital raising and allocation pathways; execution s
Slide 19: We Continue to be a Net Buyer of BTC and Net Issuer of STRC
We Continue to be a Net Buyer of BTC and Net Issuer of STRC BTC STRC Net: +171,275 BTC Purchased YTD Net: +$7,495M Issued YTD 174,895 $7,520M -3,620 -$25M Purchased YTD Sold YTD Issued YTD Repurchased YTD Note: As of 8-K filed on July 27, 2026. STRC issued and repurchased reflects net proceeds. 19
Slide 20: Robust Access to Capital Markets
Robust Access to Capital Markets Raised $17B in <7 months YTD 2026 ($ in billions) Common Equity Preferred Equity Convertible Debt FY 2024 $16.3 $6.2 $22.6 72% 28% FY 2025 $16.3 $7.0 $2.0 $25.3 64% 28% 8% YTD 2026 $9.5 $7.5 $17.0 56% 44% Note: As of 8-K filed on July 27, 2026. Common equity issued v
Slide 21: Capital Raised Increased 14% QoQ in Q2 2026
Capital Raised Increased 14% QoQ in Q2 2026 Common Equity Preferred Equity Convertible Debt ($ in billions) $8.4 $7.7 $7.4 $6.9 $2.0 $2.1 $1.6 $5.5 $5.1 $5.5 $1.3 $1.1 $2.9 $5.2 $5.3 $4.4 $4.4 $2.9 $1.3 $2.2 $1.3 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 QTD Note: As of 8-K filed on Ju
Slide 22: Objective of Doubling BPS Through Digital Credit
Objective of Doubling BPS(1) in 7 Years Through Digital Credit Sell Digital Credit Generate Increase BPS Outperform Target selling Digital Amplification BTC Credit equal to 10-20% of BTC Reserves annually Enhanced by Flexing These Levers 1 2 3 Lower Cost Higher Digital Higher mNAV of Credit Credit S
Slide 23: Digital Credit Capital Framework
Digital Credit Capital Framework Copyright © 2026 Strategy. All Rights Reserved.
Slide 24: Our Corporate Objective is for STRC to Trade at $99-$100
Our Corporate Objective is for STRC to Trade at $99-$100 over time. 24
Slide 25: Pillars to Strengthen Our Digital Credit Securities
5 Pillars to Strengthen Our Digital Credit Securities Board-approved framework for stronger credit quality, enhanced liquidity & long-term BTC exposure Digital Credit Capital Framework USD BTC Digital Credit MSTR STRC Reserve Monetization Repurchase Repurchase Dividend $3.75B 3 Purposes $1.0B $1.0B
Slide 26: We Have Built an All-Time-High USD Reserve
We Have Built an All-Time-High USD Reserve Restricted to preferred dividends and interest expense, with a stated minimum 1 Year coverage(1) USD Reserve USD Duration 5-Jan-25 26-May-26 27-Jul-26 $2.25B $871M $3.75B $4B 4 yrs 2.7 yrs 0.5 yrs 2.1 yrs $3B 3 yrs $2B 2 yrs $1B 1 yrs $0B 0 yrs 1-Dec-25 1-F
Slide 27: BTC Monetization Program
BTC Monetization Program We can and will sell BTC when advantageous to the Company 1. Fund the USD Reserve up to $1.25B 2. Fund dividend & interest payments when advantageous or replenish USD Reserve used for dividends & interest payments (currently $1.76B annually) 3. Fund our repurchase programs (
Slide 28: BTC Monetization Program Activation
BTC Monetization Program Activation Potential Avg Cost Avg Sell Sale Realized Purpose Tax Cost Basis Price Proceeds Loss Asset(1) BTC Sale 32 Inoculate (May 31) $125,464 $4M $77,135 $2M ($1M) $0.4M the Market 0.004% of BTC Holding BTC Sale 3,588 Fund Pref (Jul 5) $116,629 $418M $60,196 $216M ($203M)
Slide 29: Bitcoin Holdings by Cost Basis Tier
Bitcoin Holdings by Cost Basis Tier Assuming $60K $18.5B $5.4B Unrealized Loss Tax Benefit(1) BTC Sale Price (potential) 324,450 $5.5B 194,102 Unrealized Gain 125,381 81,779 67,177 50,886 $0-$20K $20K-$40K $40K-$60K $60K-$80K $80K-$100K $100K+ Average Price ~$13K ~$30K ~$50K ~$71K ~$92K ~$108K Cost
Slide 30: Our BTC Sales Are a Rounding Error in BTC Liquidity
Our BTC Sales Are a Rounding Error in BTC Liquidity Sale as % of % Change in BTC Price BTC Liquidity(1) BTC Sale () BTC Sale ($) Week of Sale Week after Sale Week of Sale 32 $2M -4% -11% 0.001% 3,588 $216M 6% -1% 0.104% (1) Aggregate BTC traded volume for the week of the sale. 30
Slide 31: Our BTC Monetization Impact on Bitcoin's Market is Minimal
Our BTC Monetization Impact on Bitcoin’s Market is Minimal $26B % of BTC’s Avg Daily Trading Volume Daily Averages for Highlighted Period 1.42% 0.22% 0.08% 0.02% $363M $56M $19M $5M BTC Max Weekly LTM Net Max Weekly Dividend (1) (3) (4) (5) Liquidity Purchase (2) Purchase Sale Obligations Note: (1)
Slide 32: Strategy Can Repurchase up to $2B of Its Securities
Strategy Can Repurchase up to $2B of Its Securities Digital Securities MSTR Repurchase Program Repurchase Program Market Cap $13B $38B Authorization $1B(1)(US listed prefs; prioritize STRC) $1B (common stock) When Trading at a discount to par Trading at a discount to Net BPS (i) Reduce annual divide
Slide 33: Our Actions to Return STRC to Par & Manage it at Par
Our Actions to Return STRC to Par & Manage it at Par Manageable risk, low volatility, steady growth, predictable demand, high liquidity Climb Cruise Adjust USD Reserve Manage ATM Issuance Maintain STRC Rate Adjust STRC Rate Buyback STRC Manage BTC Reserve Manage USD Reserve Manage Capital Structure
Slide 34: STRC Rate is Adjusted by Observing Multiple Signals
STRC Rate is Adjusted by Observing Multiple Signals 12.00% annualized dividend rate will be maintained until STRC returns to health Trading Levels Market Yields BTC Market USD Reserve Capital Structure STRC vs $100 Par Credit Spreads & Rates Price & Volatility Coverage Debt, Equity & Preferred Mix Y
Slide 35: Our Capital Markets Principles
Our Capital Markets Principles 1 Create long-term value for MSTR 4 Monitor STRC demand & credit by increasing Bitcoin Per Share risk to determine size of USD (BPS) Reserve 2 Grow demand for STRC and 5 Adjust amplification based on continue to improve its trading market conditions characteristics 3 R
Slide 36: Digital Products & Business Model
Digital Products & Business Model Copyright © 2026 Strategy. All Rights Reserved.
Slide 37: Digital Capital
Digital Capital Copyright © 2026 Strategy. All Rights Reserved.
Slide 38: We Have Updated Bitcoin Metrics On Our Website
We Have Updated Bitcoin Metrics On Our Website 38
Slide 39: BTC Price vs. 200-Week Moving Average
BTC Price vs. 200-Week Moving Average BTC Price BTC 200W MA $120K $100K $80K 1% Premium $60K 92% of BTC history $40K spent above current premium(1) $20K $0K 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Note: As of July 27, 2026, from CoinGlass. (1) The percent of days when bitcoin’s premiu
Slide 40: BTC Weakness Reflects Macro Headwinds
BTC Weakness Reflects Macro Headwinds Today’s macro pressures could become future catalysts AI Capital Expansion Trade Tensions Gulf War Disruption Restrictive Fed Policy Delays in Regulatory Clarity 40
Slide 41: Sentiment Remains Near Cycle Lows
Sentiment Remains Near Cycle Lows Since BTC ATH price, fear has dominated BTC Price Fear and Greed Index $125K 100 $115K 80 $105K 60 $95K 29 $85K Fear 40 $75K 20 $65K $55K 0 Jul-25 Sep-25 Nov-25 Jan-26 Mar-26 May-26 Jul-26 Note: Fear and Greed Index data sourced from Alternative.me as of July 29, 20
Slide 42: BTC Dominance Increased from 2021 Low
BTC Dominance Increased 20 Points from 2021 Low Dominance is at 67%, up from 47% during the crypto ATH in November 2021 67% 70% 60% 50% 40% 2021 2022 2023 2024 2025 2026 Note: As of July 27, 2026. Bitcoin’s market cap as a percentage of total crypto market cap (Top 125 tokens), excluding stablecoins
Slide 43: Banks Are Embracing Bitcoin
Banks Are Embracing Bitcoin YoY % of top 25 global banks offering Bitcoin-related services 9% 14% 24% 32% Dec. 2023 Dec. 2024 Dec. 2025 Jul. 2026 Pre Year of Year of Year of U.S. Spot U.S. Spot Stablecoins & Tokenization BTC ETFs BTC ETFs Digital Credit Note: Bitcoin Banking Adoption Index: overall
Slide 44: Bitcoin Security Consortium
Bitcoin Security Consortium The Bitcoin Security Consortium consists of industry leaders committed to the long-term security and stability of the Bitcoin protocol. The Consortium intends to provide sustained support and funding for the global Bitcoin security community, as well as updates on the sta
Slide 45: Digital Credit
Digital Credit Copyright © 2026 Strategy. All Rights Reserved.
Slide 46: STRC is our Flagship Digital Credit Product
STRC is our Flagship Digital Credit Product We are laser focused on: Increasing Building an Decreasing Liquidity Ecosystem of Volatility Market Participants 46
Slide 47: STRC Notional Value Nearly Doubled in Q2 2026
STRC Notional Value Nearly Doubled in Q2 2026 Notional value outstanding (in $B) for last four quarters $10.5B STRC Notional Growth $5.3B $2.8B $3.0B 9/30/2025 12/31/2025 3/31/2026 6/30/2026 Note: Growth rates calculated from unrounded values; may not tie to rounded figures shown. Does not constitut
Slide 48: STRC Tax-Equivalent Yield vs. Other Credit Instruments
STRC Tax-Equivalent Yield vs. Other Credit Instruments 21.6% 13.6% 9.7% 7.4% 7.2% 5.4% 5.3% 3.8% 3.7% 3.6% 0.4% STRC STRC Private Bank Junk Bonds Investment Mortgage Treasury Commercial Money Bank Credit Preferreds Grade Backed Bills Paper Markets Accounts (Tax-Eq. Yield) (Eff. Yield) Provided for i
Slide 49: STRC is a Top Holding in Leading Preferred ETFs
STRC is a Top Holding in Leading Preferred ETFs Included in the largest preferred ETF platforms including BlackRock, Virtus, and VanEck #1 Largest #4 Largest #5 Largest Preferred Preferred Preferred ETF ($13B ETF ($2.4B ETF ($2.4B PFF AUM) PFFA AUM) PFXF AUM) iShares Preferred and Income Securities
Slide 50: Digital Credit is Designed for Every Investor Class
Digital Credit is Designed for Every Investor Class Corporate Treasuries Hybrid & Equity Institutional Investors Credit Investors STRC Digital Money/ Retail Crypto Native Investors 50
Slide 51: STRC Ownership Analysis
STRC Ownership Analysis Notional Value Outstanding ($B) Avg Size per Account (1) Retail Institutional Retail Institutional +105% % Split $10.5B % increase $3.5M $3.1B 29% $5.0B $1.7M $1.1B 22% $7.4B 71% $3.9B 78% +8% $44K $48K Mar-17 Jul-1 Mar-17 Jul-1 Note: Data from Broadridge as of July 1, 2026.
Slide 52: STRC Took Trading Days to Reach Par After IPO
STRC Took 70 Trading Days to Reach Par After IPO Our objective is to return STRC to par IPO Recovery Recent Recovery $105 May 28, 2026 November 5, 2025 $100 $95 September 8, 2026 (70 Trading Days) $90 July 29, 2025 July 27, 2026 $85 (40 Trading Days) $80 $75 $70 0 10 20 30 40 50 60 70 Note: As of Ju
Slide 53: Strategy Has the Means to Restore STRC to Par
Strategy Has the Means to Restore STRC to Par Repurchased $29M of STRC notional for $25M market value ($ in Billions) $58.5B 2% of our BTC Reserve $10.5B $9.2B $1.2B $975M STRC Notional STRC Market Cap STRC Dislocation Repurchase Reserve Program Strategy has authorized up to $1.0B to repurchase Digi
Slide 54: Strategy's Credit Tab Shows the BTC Floor of Each Instrument
Strategy’s Credit Tab Shows the BTC Floor of Each Instrument BTC Floor ARR represents the lowest constant BTC ARR over the weighted average duration of our credit structure that maintains 1.0x coverage of our Net Debt and Pref through our BTC Reserve, after funding interest expense and preferred div
Slide 55: Strategy Liabilities and Capital Structure Today (0% BTC ARR)
Investment Grade High Yield Strategy Liabilities and Capital Structure Today Distressed Risk Assuming $64,900 BTC price, $3.75B USD reserve, 40% BTC volatility, and 0% BTC ARR Cum. Market As of July 27, 2026 Notional Duration BTC BTC BTC Spread Notional Credit ($M) (Yrs)(1) Rating Risk(2) Credit(3)
Slide 56: Strategy Liabilities and Capital Structure Today (12.5% BTC ARR)
Investment Grade High Yield Strategy Liabilities and Capital Structure Today Distressed Risk Assuming $64,900 BTC price, $3.75B USD reserve, 40% BTC volatility, and 12.5% BTC ARR Cum. Market As of July 27, 2026 Notional Duration BTC BTC BTC Spread Notional Credit ($M) (Yrs)(1) Rating Risk(2) Credit(
Slide 57: Strategy Issues Digital Credit: STRC
Strategy Issues Digital Credit: STRC 13.6% $58.5B Effective Yield Reserves; 3.7x BTC Rating -11.5% $251M BTC Floor ARR Avg Trading Vol 30D Note: As of July 27,2026. BTC Rating does not represent a rating from any rating agency and is not equivalent to a “rating” in the traditional financial context.
Slide 58: Digital Equity
Digital Equity Copyright © 2026 Strategy. All Rights Reserved.
Slide 59: Long-Term BTC ARR Above the Hurdle Accrues Value to MSTR
Long-Term BTC ARR Above the Hurdle Accrues Value to MSTR BTC ARR Equity and Credit Both Thrive Equity captures positive spread over the cost of credit(1); credit can fund itself indefinitely through BTC sales 10.8% Hurdle ARR Equity May Underperform Bitcoin; Dividends Still Covered Equity no longer
Slide 60: Markets Are Pricing in Extreme Fear
Markets Are Pricing in Extreme Fear Capital Investor BTC is trading at a 0.6% premium to its 200W MA price Credit Investor Digital Credit yields an 8.7% premium(1) Equity Investor MSTR is trading at a 5.5% premium to Net BPS Note: Bitcoin Market Data as of July 27, 2026. (1) Digital Credit premium c
Slide 61: MSTR Price Implies Near Zero Value for our Credit Business
MSTR Price Implies Near Zero Value for our Credit Business ($ in Billions) $58.5B Digital Credit Business is Valued at $2.0B $2.0B $38.3B $36.3B ($22.2B) Reserves Debt + Prefs Net Premium Market Cap Reserves (Fully Diluted) Presented for illustrative purposes only. Not a live or complete view of Str
Slide 62: MSTR is Built to Outperform Bitcoin over Long Periods
MSTR is Built to Outperform Bitcoin over Long Periods % of windows MSTR outperformed bitcoin across different holding periods (since BSE) 100% 87% 54% 64% 48% 52% 47% 1M 3M 6M 1Y 2Y 3Y 4Y # of 1,477 1,435 1,373 1,246 997 746 495 Windows Note: The Bitcoin Standard Era began on August 10, 2020, when S
Slide 63: MSTR Common Equity is Amplified Bitcoin
MSTR Common Equity is Amplified Bitcoin Annualized asset performance since we adopted a bitcoin standard, August 10, 2020(1) 698% 429% 383% 121% 101% 56% 19% -20% 42% Total performance 32% 23% 14% 12% 8% 3% -4% MSTR Bitcoin Magnificent S&P 500 Gold Real Estate(2) Money(3) Bonds(4) 7 Source: FactSet
Slide 64: The Strategy Digital Credit Franchise is Built on Four Pillars
The Strategy Digital Credit Franchise is Built on Four Pillars Capital $55B BTC, $3.75B USD, WKSI Status Technology 35+ Years of Leadership Experience & Proven Capital Markets Execution MSTR Brand Millions of Followers, Strong Brand in the Digital Assets Space Network Millions of Investors, Deep Liq
Slide 65: Strategy's Ambition is to be the World's Largest Company
Strategy’s Ambition is to be the World’s Largest Company In terms of market cap Own The Most Capital BTC 30% BTC ARR Expands BTC Accumulation Ability Supports Digital Credit Create The Issue The Best Equity Strongest Credit MSTR STRC Beneficiary of Digital Credit business, Target selling Digital Cre
Slide 66: Our BTC Principles
5 Our BTC Principles Acquire BTC continually while achieving positive BTC Yield. 1 6 Buy and Hold BTC indefinitely, Grow rapidly & responsibly exclusively, securely. subject to market dynamics. 2 7 Prioritize MSTR common stock Issue innovative fixed income long-term value creation. securities backed
Slide 67: Appendix
Appendix Copyright © 2026 Strategy. All Rights Reserved.
Slide 68: Return of Capital Dividend Guidance
Return of Capital (“ROC”) Dividend Guidance Strategy Expects US ROC Treatment for 10 Years or More, Resulting in Tax-Deferred Dividends(1) US Dividend Tax Dividend Tax Typical • Strategy has become the world’s / Income Type Characterization Rate(2) Instruments most scalable, tax-efficient generator
Slide 69: Basic, Assumed Diluted, and Fully Diluted Shares Outstanding
Basic, Assumed Diluted, and Fully Diluted Shares Outstanding (1) Reflects retroactive adjustment for the Company’s 10-for-1 stock split effected by means of a stock dividend distributed after the close of trading on August 7, 2024. (2) Basic Shares Outstanding reflects the actual classA common stock
Slide 70: Important Information about KPIs used in this Presentation
Important Information about KPIs used in this Presentation The Company seeks to acquire bitcoin in a manner it believes to be accretive to common stockholders. To assess achievement of this strategy, the Company monitors and reviews the following Key Performance Indicators (“KPIs”): • Bitcoin Per Sh
Slide 71: Important Information about KPIs used in this Presentation (Cont'd)
Important Information about KPIs used in this Presentation (Cont’d) The Company uses BPS (in Sats), BTC Yield, BTC Gain and BTC $ Gain as KPIs to help assess the performance of its strategy of acquiring bitcoin in a manner it believes to be accretive to shareholders. The Company also believes these
Slide 72: Important Information about KPIs used in this Presentation (Cont'd)
Important Information about KPIs used in this Presentation (Cont’d) BPS (in Sats), BTC Yield, BTC Gain and BTC $ Gain are not, and should not be understood as, financial performance, valuation or liquidity measures. Specifically: • BPS (in Sats) does not represent (i) the ability of the Company to s
Slide 73: Important Information about KPIs used in this Presentation (Cont'd)
Important Information about KPIs used in this Presentation (Cont’d) In calculating BPS (in Sats), BTC Yield, BTC Gain, and BTC $ Gain, the Company does not consider the source of capital used for the acquisition of its bitcoin. When the Company purchases bitcoin using proceeds from offerings of non-
Slide 74: Important Information about KPIs used in this Presentation (Cont'd)
Important Information about KPIs used in this Presentation (Cont’d) Change in Method of Calculating KPIs for Interim Periods Effective January 1, 2026, the Company changed the method by which it calculates BTC Yield, BTC Gain and BTC $ Gain when presenting such KPIs for any period that is a subdivis
Slide 75: Important Information about mNAV, Net BTC, Net BPS, and BPS ($)
Important Information about mNAV, Net BTC, Net BPS, and BPS ($) mNAV is a market-derived ratio, expressed as a multiple, equal to: • the market price per share of the Company’s class A common stock, as reported on the Nasdaq Global Select Market, as of a specified date or time; divided by • the Comp
Slide 76: Important Information about mNAV, Net BTC and Net BPS (Cont'd)
Important Information about mNAV, Net BTC and Net BPS (Cont’d) In general, when mNAV is greater than one, the issuance of additional shares of common stock to acquire bitcoin would be expected to increase Net Bitcoin Per Share (in Sats) or Net Bitcoin Per Share (in USD), and therefore to be accretiv
Slide 77: Important Information about mNAV, Net BTC and Net BPS (Cont'd)
Important Information about mNAV, Net BTC and Net BPS (Cont’d) Net BPS (in Sats) and Net BPS ($) are intended to take account of the senior claims described above, but they do so on the basis of a number of assumptions and are subject to additional limitations, including that: • the Company’s debt-l
Slide 78: Important Information about Amplification
Important Information about Amplification “Amplification” is a ratio, as of a specified date or time, equal to: • the Company’s BTC Reserve; divided by • its Net Reserve. It expresses the extent to which the Company’s total bitcoin holdings exceed the portion of those holdings after accounting for s
Slide 79: Important Information about other Terms used in this Presentation
Important Information about other Terms used in this Presentation The following terms used in this presentation provide a conceptual framework for how management views its securities and capital financing decisions in the context of the Company’s bitcoin strategy. These terms are presented for illus
Slide 80: Important Information about other Terms used in this Presentation
Important Information about other Terms used in this Presentation BTC & MSTR Credit BTC Rating is in the case of (a) any of our indebtedness or perpetual preferred securities, the ratio of (i) our BTC Reserve to (ii) the sum of the notional values of the instruments being rated and all instruments t
Slide 81: Important Information about other Terms used in this Presentation
Important Information about other Terms used in this Presentation BTC Forecast BTC ARR is an assumed annualized rate of return on bitcoin expressed as a percentage. This metric is presented for illustrative purposes only, and no prediction as to the price of bitcoin is being made. BTC Volatility is
Slide 82: Additional Information
Additional Information Strategy is not a registered money market fund under the Investment Company Act of 1940, as amended, is not subject to the same protections as a registered money market fund, and does not operate as registered money market fund. Among other things, unlike money market funds, w