Slide 1: 2025 Company Update
December 1, 2025 2025 Company Update Exhibit 99.2
Slide 2: Safe Harbor Statement
Strategy Company Update Safe Harbor Statement Some of the information we provide in this presentation regarding our future expectations, plans, guidance, and prospects may constitute forward-looking statements, including, without limitation, our updated assumptions for the price of Bitcoin at year e
Slide 3: Growth in Bitcoin Strategic Treasury Reserve
Growth in Bitcoin Strategic Treasury Reserve Strategy has acquired additional bitcoin in every quarter since Q3 2020 – 88 acquisitions Bitcoin Holdings (in ‘000s) Note: (1) As of November 30, 2025. (2) As of 8-K filed on December 1, 2025 Represents ~3.1% of all bitcoin ever to be in existence 650,00
Slide 4: Revised BTC KPI Targets for 2025
Illustrative Results based on $85K-$110K BTC Price at EOY 2025 Revised BTC KPI Targets for 2025 (1) The EOY BTC Price estimate is based on recent market prices and is subject to a number of important risks, qualifications, limitations, and exceptions that could materially and adversely affect the ta
Slide 5: Revised Assumptions & Corresponding Results for 2025
Revised Assumptions & Corresponding Results for 2025 Note: We have adopted ASU 2023-08, which requires that we measure our bitcoin holdings at fair value, with gains and losses from change in the fair value of bitcoin recognized in net income (loss) at each reporting period. As a result, and due to
Slide 6: Strategy has a Robust Capital Structure with Low LTV
Strategy has a Robust Capital Structure with Low LTV Note: Market data as of November 28, 2025. BTC and ATM data as of 8-K filed on December 1, 2025. Loan to Value is the ratio of net debt to BTC Reserve. 1.2x mNAV 11% Loan to Value
Slide 7: Our BTC Reserve Creates Long-Term Durability
Our BTC Reserve Creates Long-Term Durability Note: Annual dividends and interest expenses as of November 28, 2025. BTC data as of 8-K filed on December 1, 2025. Assumes USD/EUR conversion rate of 1.16. (1) Years of coverage includes interest payments on all current debt senior to the our preferred s
Slide 8: Strategy announces a $1.44B USD Reserve
Strategy announces a $1.44B USD Reserve Strategy USD reserve will be primary means of funding our Dividends(1) We will target the reserve at a minimum of 12 months of Dividends We intend to strengthen the reserve, with the goal of ultimately covering 24+ months of Dividends We believe this improves
Slide 9: Our USD Reserve Strengthens Our Creditworthiness
Our USD Reserve Strengthens Our Creditworthiness Note: Annual dividends and interest expense as of November 28, 2025. USD Reserve as of 8-K filed on December 1, 2025. Assumes USD/EUR conversion rate of 1.16. 21 Months of Dividend Coverage 1.8x Dividend Coverage USD Reserve
Slide 10: Strategy Liabilities and Capital Structure Today
Strategy Liabilities and Capital Structure Today Notional ($M) Cum. Notional ($M) Duration (Yrs)(1) BTC Rating BTC Risk(2) BTC Credit(3) Market Credit Spread(4) Spread Premium Debt(5) $8,214 $8,214 2.5 7.2x 0.17% 5 bps 600 bps 595 bps Preferred Stock: STRF (Strife) $1,268 $9,481 11.1 6.2x 11.30% 108
Slide 11: Our Strategy to Fund USD Reserve
Our Strategy to Fund USD Reserve Above 1x mNAV: Issue Common Equity Below 1x mNAV: Sell Bitcoin Sell Bitcoin Derivatives(1) 1.75 Years USD Dividends 74 Years BTC Dividends $10,400 BTC Base Level 10.3% BTC Escape Velocity 1.4% BTC Cruise Speed -19% BTC Stall Speed BTC Base Level is the BTC price at w
Slide 12: We have built the world's first Digital Credit Vehicle
We have built the world’s first Digital Credit Vehicle. BTC Derivatives BTC MSTR $100B/day 0.2 bps $50B/day 0.4 bps $3.6B/day 6.1 bps Dividends STRC STRE STRF STRK STRD BTC USD $59B 74 Years 21 Months $1.4B For illustrative purposes only. Bps metric shows ratio of daily Dividends to the daily traded
Slide 13: Appendix
Strategy® Appendix
Slide 14: We are Increasing the STRC Rate to 10.75%
We are Increasing the STRC Rate by 25 bps to 10.75% 9.00% 10.00% 10.25% 10.50% 10.75%
Slide 15: 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 Outstan
Slide 16: 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 a
Slide 17: 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 18: 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 19: 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 20: Important Information about other Terms used in this Presentation
Important Information about other Terms used in this Presentation BTC Treasury BTC Capital is the proceeds used from capital raised for the purpose of acquiring bitcoin. BTC Spread is the BTC Gain with respect to a given financing represented as a percentage of BTC Capital. BTC Spread is presented f
Slide 21: Important Information about other Terms used in this Presentation
Important Information about other Terms used in this Presentation BTC Treasury (cont’d) Dividends are our annualized obligation for dividends on our preferred stock and interest on our outstanding indebtedness. Years of Dividend Coverage is the ratio of BTC NAV to the sum of annual dividends and int
Slide 22: 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