Strategy Inc · NASDAQ:MSTR
Strategy — IPO Roadshow (November 2025)
40 slides from Strategy's IPO roadshow presentation, Nov 3, 2025
Slide 1: Investor Presentation STRE ("Stream")
Investor Presentation STRE (“Stream”) November 2025 Copyright © 2025 Strategy. All Rights Reserved.
Slide 2: Strategy Perpetual Preferred Offering Disclaimer
Strategy Perpetual Preferred Offering Disclaimer This presentation is neither an offer to sell nor a solicitation of an offer to buy any securities of the Strategy Inc (“Strategy”, the “Company”, “we”, “us” or “our”), and shall not constitute an offer, solicitation, or sale in any jurisdiction in wh
Slide 3: STRE Term Sheet
STRE Term Sheet Copyright © 2025 Strategy. All Rights Reserved.
Slide 4: STRE ("Stream") Term Sheet
STRE (“Stream”) Term Sheet Issuer • Strategy Security Title • Perpetual Stream Preferred Stock (STRE) Legal Format • SEC-registered Security Ratings • Unrated Stated Amount • EUR 100 per share of STRE Minimum Allocation Amount • EUR 100,000 +1,000 Ranking • Senior to STRK, STRD, and MSTR common stoc
Slide 5: Company Overview
Company Overview Phong Le President & Chief Executive Officer Copyright © 2025 Strategy. All Rights Reserved.
Slide 6: Strategy Highlights
Strategy Highlights Bitcoin Holdings Market Cap 641,205 $77 Billion 3.1% of all BTC ever to be in existence 138th largest publicly listed company in USA Four Listed Preferreds YTD 2025 Capital Raised STRF / STRK / STRD / STRC $19.8 Billion Largest USA IPO of 2025: STRC 88% of 2024’s total Note: As o
Slide 7: Growth in Bitcoin Strategic Treasury Reserve
Growth in Bitcoin Strategic Treasury Reserve Strategy has acquired additional bitcoin in every quarter since Q3 2020 – 85 acquisitions Represents ~3.1% of all bitcoin ever to 641,205 $71B $47B $74K be in existence BTC NAV (1) Total Acquisition Average BTC BTC Holdings 640.0 641.2 Cost Purchase Price
Slide 8: Strategy's Bitcoin Holdings vs. Biggest Corporate Treasuries
Strategy’s Bitcoin Holdings vs. Biggest Corporate Treasuries Berkshire Hathaway $344B Microsoft $102B Google $98B Amazon $97B Strategy $71B #5 NVIDIA $57B Apple $55B Meta $45B Tesla $42B Cash & Short-Term Investments Ford Bitcoin Holdings $42B General Motors $33B Intel $31B Boeing $23B Note: because
Slide 9: Annualized Asset Performance since August 10, 2020
Annualized Asset Performance since August 10, 2020(1) 2080% 819% 409% 104% 98% 30% 16% -17% 80% Total performance 53% 29% 15% 14% 5% -3% 2% MSTR Bitcoin Magnificent S&P 500 Gold Real Estate(2) Money(3) Bonds(4) 7 Source: FactSet as of October 31, 2025. Note: Past performance is not indicative of fut
Slide 10: Robust Access to Capital Markets
Robust Access to Capital Markets Raised $20B YTD 2025 through six different securities ($ in billions) Common Equity Preferred Equity Convertible Debt FY 2024 $16.3 $6.2 $22.6 YTD 2025 $11.9 $6.0 $2.0 $19.8 $1.10 $2.52 $1.24 $1.07 STRF STRC STRK STRD Note: As of 8-K filed on November 2, 2025. 10
Slide 11: Strategy Enables a Wide Variety of Securities Based on Bitcoin
Strategy Enables a Wide Variety of Securities Based on Bitcoin 5Y Ann. Effective Mkt Value Volatility Return Yield Bitcoin Higher Volatility MSTR $77B 80% 67% - & Leverage $2.2 Trillion Mkt Cap BTC 53% 47% - 641,205 BTC(1) ~$71B USD STRK $1B 30% 9% $60 Billion STRD $1B 18% 13% Daily Liquidity STRF $
Slide 12: Our Digital Credit is Highly Liquid and Accessible
Our Digital Credit is Highly Liquid and Accessible The preferred stock complex trades ~$120M of volume per day $72.5 ($ millions) $16.9 $18.4 $12.8 $1.1 $1.0 $0.1 STRF STRC STRK STRD Avg USD Avg EUR Avg USD (NASDAQ) (NASDAQ) (NASDAQ) (NASDAQ) Listed Pref Hybrid Non-Listed Pref Note: empirical Repres
Slide 13: Debt & Preferred Equity
Debt & Preferred Equity 39% of our $8.2B convertible debt is in-the-money Notional Market Conversion Earliest In-the-Maturity Put Date Value ($M) Value ($M) Price Call Date Money Debt: Convertible 2028 $1,010 $2,081 $183.19 9/15/2028 9/15/2027 12/20/2027 Convertible 2029 $3,000 $2,637 $672.40 12/1/2
Slide 14: Strategy has a Robust Capital Structure
Strategy has a Robust Capital Structure(1) $93B 76% of Ent. Value $77B $71B 1.1x 1.3x 97 Levered(2) Amplified(3) Years 12% of 10% of BTC NAV BTC NAV 1.0% of $8.2B BTC NAV $7.1B $731M Enterprise Value Market Cap BTC NAV Convertible Debt Preferred Equity Annual Dividend & Interest Note: As of October
Slide 15: $731 Million Annual Dividend and Interest Expense
$731 Million Annual Dividend and Interest Expense Coupon or Annual Interest Expense or Notional Value ($M) Dividend % Dividend ($M)(2) (1) Converts $8,214 0.421% $35 Interest on Debt $8,214 $35 STRF $1,247 10.00% $125 STRC $2,801 10.50%(3) $294 (4) STRE (pro forma)(5) $403 10.00% $40 STRK $1,392 8.0
Slide 16: Interest & Dividends to be covered via Common Equity ATM
Interest & Dividends to be covered via Common Equity ATM Interest & Dividends as a % of LTM Capital Raised, Equity Raised, Operating Income & Daily Traded Volume 1.9% LTM Total Capital Raised $39.0B 2.8% LTM Equity Raised $27.0B (Common Equity) 6.5% YTD 2025 Operating Income $12.0B 25.3% Average Dai
Slide 17: Return of Capital ("ROC") 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 18: Strategy is a Scalable Tax-Efficient Fixed Income Generator
Strategy is a Scalable Tax-Efficient Fixed Income Generator Purchase BTC, which appreciates(1) The Bitcoin tax-deferred Treasury Model Pay Issue digital dividends on equity and digital credit, that is credit, that is tax-deferred(2) tax-deferred (1) generally There as is no tax guarantee -deferred r
Slide 19: Stream ("STRE")
Stream (“STRE”) Michael Saylor, Executive Chairman Copyright © 2025 Strategy. All Rights Reserved.
Slide 20: Strategy has Built a Digital Credit Factory
Strategy has Built a Digital Credit Factory
Slide 21: STRE is a Euro-denominated perpetual preferred security offering a fixed 10% dividend
STRE (“Stream”) is a Euro-denominated perpetual, preferred security offering a fixed 10% dividend
Slide 22: STRE Perpetual Preferred Stock: Long-Duration High-Yield Euro Credit
STRE (“Stream”) Perpetual Preferred Stock Stream is Long-Duration High-Yield Euro Credit
Slide 23: Overview of Our Senior Preferred Stocks – STRF & STRE
Overview of Our Senior Preferred Stocks – STRF & STRE
Slide 24: Illustrative Pricing Framework for STRE
Illustrative Pricing Framework for STRE
Slide 25: Attractive STRE Yield for a Yield-Starved Market
Attractive STRE Yield for a Yield-Starved Market Historical 10-Yr Swap rates (bps) 500 400 300 200 100 0 current 10-Yr Swap Rate: US: 366 bps / EUR: 264 bps Jan-22 Jun-22 Nov-22 Apr-23 Sep-23 Feb-24 Jul-24 Dec-24 May-25 Oct-25 Credit Spreads (bps) Over Swap Rates Current Swaps Curves (%) 4.0 3.0 2.0
Slide 26: EUR ETF Market Comparisons
EUR ETF Market Comparisons Fund Expense Se Comparable ETFs Name —_Total Assets (€) Effective Yield P Equivalent Ratio Yield iShares Euro HY Corp Bond 8.18 5.5% 0.50% 5.5% SPDR S&P Euro Dividend ; 7 ; Aneiecres 1.38 6.6% 0.30% 6.6% iShares Euro Dividend ETF 1.48 4.7% 0.40% 47% Invesco Euro Corporate
Slide 27: EUR Index Market Comparisons
EUR Index Market Comparisons
Slide 28: EUR Hybrid Market Comparisons
EUR Hybrid Market Comparisons
Slide 29: STRE Tax Equivalent Yield vs. Other EUR Credit Instruments
STRE Tax Equivalent Yield vs. Other EUR Credit Instruments
Slide 30: Strategy Liabilities and Capital Structure Today ("Skeptic")
Strategy Liabilities and Capital Structure Today Assuming $110,000 BTC Price, 44% BTC Volatility, and 0% BTC ARR (“Skeptic”)
Slide 31: Strategy Liabilities and Capital Structure Today ("Trader", 44% volatility)
Strategy Liabilities and Capital Structure Today Assuming $110,000 BTC Price, 44% BTC Volatility, and 10% BTC ARR (“Trader”)
Slide 32: Strategy Liabilities and Capital Structure Today ("Trader", 30% volatility)
Strategy Liabilities and Capital Structure Today Assuming $110,000 BTC Price, 30% BTC Volatility, and 10% BTC ARR (“Trader”)
Slide 33: Important Information about KPIs used in this Presentation
Important Information about KPIs used in this Presentation Bitcoin Per Share (BPS) is a key performance indicator (“KPI”) that represents the ratio between the Company’s bitcoin holdings and its Assumed Diluted Shares Outstanding, expressed in terms of Satoshi, where: • “Assumed Diluted Shares Outst
Slide 34: Important Information about KPIs used in this Presentation (Cont'd)
Important Information about KPIs used in this Presentation (Cont’d) When the Company uses these KPIs, management takes into account the various limitations of these metrics, including that they: • do not take into account that our assets, including our bitcoin, are subject to (i) all of our existing
Slide 35: Important Information about KPIs used in this Presentation (Cont'd)
Important Information about KPIs used in this Presentation (Cont’d) As noted above, these KPIs are narrow in their purpose and are used by management to assist it in assessing whether the Company is raising and deploying capital in a manner accretive to shareholders solely as it pertains to its bitc
Slide 36: 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 37: Important Information about other Terms used in this Presentation
Important Information about other Terms used in this Presentation BTC Credit BTC Rating is the ratio of our Bitcoin NAV and the sum of the notional values of the instruments being rated and all instruments that are senior to and, if any liabilities share an equal claim to our assets, such instrument
Slide 38: 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 39: 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
Slide 40: Additional Information (Cont'd)
Additional Information (Cont’d) Market and Industry Data and Forecasts In this presentation, Strategy presents yield market and industry data and data. This information is based on third-party sources, which Strategy believes to be reliable, however, Strategy has not independently verified data from