Slide 1: Q2 2026 Marketing Deck
Q2 2026 Marketing Deck Copyright © 2026 Strategy. All Rights Reserved.
Slide 2: Disclaimers
Strategy Q2 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: Digital Capital
Digital Capital Copyright © 2026 Strategy. All Rights Reserved.
Slide 4: The U.S. Government Has Embraced Bitcoin
The U.S. Government Has Embraced Bitcoin J.D. Vance Scott Bessent Donald J. Trump Paul Atkins Vice President Treasury Secretary SEC Chairman President Kevin Warsh Tulsi Gabbard Kelly Loeffler William Pulte Fed Chair Nominee National Intelligence SBA Administrator Federal Housing FHFA Director Direct
Slide 5: Capitol Hill Has Embraced Bitcoin
Capitol Hill Has Embraced Bitcoin Genius Act Bitcoin Act Bitcoin for America Act Clarity Act 5
Slide 6: Global Banks Have Embraced Bitcoin
Legend None Partial Global Banks Have Embraced Bitcoin Early Stage Full IBIT Trading Credit Against IBIT BTC Trading Custody BTC Credit Against BTC Bank of America Barclays BNY Mellon Charles Schwab Citigroup Fidelity Goldman Sachs JPMorgan Chase Morgan Stanley Nomura Santander Standard Chartered TD
Slide 7: Announcements From Banks at Bitcoin for Corporations
Announcements From Banks at Bitcoin for Corporations 7
Slide 8: Global Banks' Recent Bitcoin-Related Announcements
Global Banks’ Recent Bitcoin-Related Announcements 8
Slide 9: TradFi and FinTech Have Embraced Bitcoin
TradFi and FinTech Have Embraced Bitcoin Number of Accounts with BTC Trading Access 2024 2025 2026 985M 980M 860M 840M 800M 715M 615M 430M 125M Crypto Native Exchange FinTech and Neobanks Brokerages, Banks, and Wealth Management Note: Approximate figures from public sources. Totals show gross accoun
Slide 10: ETFs Have Embraced Bitcoin
ETFs Have Embraced Bitcoin 1.6M BTC Holdings of US-Listed Spot BTC ETFs 125+ 1.4M 1.3M ETPs Launched 1.2M Globally 1.1M 1.1M 0.9M 0.9M 0.8M 1.6M BTC Holdings $130B BTC Value Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Source: Dune & ETFGI. Bitcoin market data as of May 15, 2026. 10
Slide 11: More Companies Are Embracing Bitcoin Each Year
More Companies Are Embracing Bitcoin Each Year Publicly Traded Companies with BTC on Balance Sheet 194 1.2M BTC Acquired 64 $96B BTC Value 43 39 33 2 0 2019 2020 2021 2022 2023 2024 2025 Source: Blockware & BitcoinTreasuries.Net. As of May 15, 2026. 11
Slide 12: Digital Equity
Digital Equity Copyright © 2026 Strategy. All Rights Reserved.
Slide 13: Strategy Highlights
Strategy Highlights Bitcoin Holdings Market Cap 843,738 $62 Billion 4.0% of all BTC ever to be in existence STRC Size YTD 2026 Capital Raised $10.5 Billion $13.8 Billion 714,644 Note: As of 8-K filed on May 18, 2026. Market capitalization as of May 15, 2026. 13
Slide 14: Growth in Bitcoin Treasury Reserve
Growth in Bitcoin Treasury Reserve Strategy has acquired additional bitcoin in every quarter since Q3 2020 – 110 acquisitions $67B $64B $76K 4.0% 843,738 (1) BTC Reserve Total Acquisition Average BTC of all BTC ever to BTC Holdings 843.7 be in existence Cost Purchase Price 762.1 (2) Bitcoin Holdings
Slide 15: Strategy's Balance Sheet is a Digital Fortress
Strategy’s Balance Sheet is a Digital Fortress $84B 1.27x mNAV $67B 36% 9% Amplification Net Leverage $15.5B $8.2B Enterprise Value BTC Reserve Preferred Equity Convertible Debt Note: Market data as of May 15, 2026. BTC and ATM data as of 8-K filed on May 18, 2026. Amplification is equal to the sum
Slide 16: Strategy Has $61 Billion of Equity Capital
Strategy Has $61 Billion of Equity Capital Approaching bank-scale capital base with structurally lower balance sheet leverage (1) Total Equity Capital (Book Value) $363B $303B $214B $183B $125B $61B JP Morgan Bank of America Citigroup Wells Fargo Goldman Sachs Strategy (2) Liabilities / Assets 92% 9
Slide 17: Strategy's Leverage Remains Below Most S&P Companies
Strategy’s Leverage Remains Below Most S&P 500 Companies $6.0B 8.9% 11.2x (1) (2) Net Debt Net Leverage BTC Rating Average Net Debt / Assets by Rating Average Net Debt / Assets by Sector 65.0% 48.8% 42.4% 38.5% 33.3% 33.2% 27.1% 24.5% 23.0% 22.6% 22.1% 21.9% 16.4% 8.9% 8.9% Strategy A - AAA B - BBB
Slide 18: MSTR Common Equity is Amplified Bitcoin
MSTR Common Equity is Amplified Bitcoin (1) Annualized Asset Performance since we adopted a bitcoin standard, August 10, 2020 1335% 559% 452% 120% 41% 19% -19% 125% 59% Total performance 39% 27% 16% 15% 6% 3% -4% (3) (2) (4) MSTR Bitcoin Magnificent S&P 500 Gold Real Estate Money Bonds 7 Source: Fac
Slide 19: BTC KPIs 2025 vs. 2026
BTC KPIs 2025 vs. 2026 Reflects the incremental value generated through Strategy treasury operations (1) ₿TC Per Share YoY ₿TC Yield (%) 22.8% FY 2025 May 2025 181,030 YTD 2026 12.6% 219,627 May 2026 (1) ₿TC Gain ₿TC $ Gain ($ billion) FY 2025 ₿101,873 FY 2025 $8.9B YTD 2026 YTD 2026 ₿84,987 $6.6B Y
Slide 20: Our Business Objective is to Increase Bitcoin Per Share
Our Business Objective is to Increase Bitcoin Per Share (BPS) Strategy issues Digital Credit to increase BTC exposure and create shareholder value 219,627 (Sats Per Share) 194,986 158,826 BTC Yield 91,097 84,872 83,353 56,598 2020 2021 2022 2023 2024 2025 5/17/2026 Note: Past performance is not indi
Slide 21: Strategy BPS Increase Has Accelerated Since February
Strategy BPS Increase Has Accelerated Since February (Sats Per Share) 220K 213K BTC Yield 202K 0.1% 196K 0.4% 196K 195K Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Note: Each bar reflects BPS as reported in the final 8-K filing of the respective month; May 2026 BPS as of 8-K filed on May 18, 2026. BTC
Slide 22: Objective: Double Bitcoin Per Share in Years
Objective: Double Bitcoin Per Share in 7 Years Assuming 16% Digital Credit Sales, 9% Dividend Rate, and 1.75x mNAV Bitcoin Per Share (In Sats) 2.0x 381K Increase in BPS 348K 220K BPS 317K 288K in ~5 Months in 2026 10% 262K Annual BTC Yield 237K 215K 195K 24% Amplification 2025 2026 2027 2028 2029 20
Slide 23: Strategy is the Largest US Equity Issuer
Strategy is the Largest US Equity Issuer in 2025 and YTD 2026 Total Equity Raised Common Equity Raised Preferred Equity Raised Strategy’s 8% Market Share $23.2B 6% $16.3B 10% $13.7B 60% 33% 6% $7.5B $7.0B $6.2B 2025 YTD 2026 Source: ECM Analytics, Company filings, Dealogic, Capital IQ, Private Raise
Slide 24: We Structure and Securitize Bitcoin
We Structure and Securitize Bitcoin 30-D Ann. Effective Mkt Value (2) Return Volatility Yield Bitcoin MSTR $62B 59% 71% - Higher Volatility ~$1.6 Trillion Mkt Cap & Leverage BTC 39% 32% - (1) 843,738 BTC ~$67B USD STRK $1B 19% 10.7% ~$40 Billion STRD $1B 12% 13.3% Daily Liquidity STRE €1B 13.0% STRF
Slide 25: MSTR is the World's Most Widely Held Bitcoin Proxy
MSTR is the World’s Most Widely Held Bitcoin Proxy Estimated number of holders and beneficiaries of MSTR common shares ~1,400 ~927,000 ~1,300 (2) (1) (3) Retail Accounts ETFs & Funds Institutions • Asset Managers: BlackRock, Capital • Brokerages • Nasdaq 100 Group, Fidelity, Vanguard • Russell 1000
Slide 26: Digital Credit
Digital Credit Copyright © 2026 Strategy. All Rights Reserved.
Slide 27: Digital Capital was Created by Combining Various Innovations
Digital Capital was Created by Combining Various Innovations Proof of Work Public Key Cryptography Peer to Peer Networking Distributed Timestamping 27
Slide 28: Digital Credit was Created by Combining Various Innovations
Digital Credit was Created by Combining Various Innovations Listed Digital Equity $MSTR Listed Digital Capital $BTC Listed Preferred Equity $STRC STRC Monthly Variable Dividend Return of Capital (ROC) Actively Managed ATM Program 28
Slide 29: Strategy Transforms Digital Capital into Digital Credit
Strategy Transforms Digital Capital into Digital Credit We remove Currency Risk USD, EUR, etc. We reduce Economic Risk Overcollateralized, Seniority We compress Duration Risk Monthly cash dividends We damp Volatility Par value $100 We distill Yield Fixed income rate % Note: Reducing currency risk he
Slide 30: Digital Credit Solves The Investor's Dilemma
Digital Credit Solves The Investor’s Dilemma Double Digit Tax Low Capital Returns Efficiency Volatility Preservation Equity PPOO Investors Credit OOPP Investors PP PP STRC Note: For illustrative purposes only. Past performance is not indicative of future results. Actual results may vary materially.
Slide 31: 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 31
Slide 32: Digital Credit is the Re-Emergence of Preferred Capital
Digital Credit is the Re-Emergence of Preferred Capital From railroads to Digital Credit, preferred stock is re-emerging as a core financing tool 2025+ Digital Credit is 1800s – early 1900s re-establishing preferreds as Preferred was a core part of the capital structure and represented a core financ
Slide 33: Performance of BTC vs. Traditional Asset Classes
Performance of BTC vs. Traditional Asset Classes (1) Annualized Asset Performance since we adopted a bitcoin standard, August 10, 2020 39% 16% 15% 6% 3% -4% (3) (2) (4) BTC SPY Gold Real Estate Money Bonds Source: FactSet as of May 15, 2026. Note: Past performance is not indicative of future results
Slide 34: Theory of Digital Credit
Theory of Digital Credit Any capital asset can serve as a credit collateral base, but bitcoin is superior Higher long-term capital growth potential stretches credit yield Expected Future Annual Return 30% Potential Yield on Credit 12% 11% 10% 6% 6% 5% 3% BTC SPY Gold Real Estate Note: For illustrati
Slide 35: Digital Credit Strips out the First 11% Return of BTC
Digital Credit Strips out the First 11% Return of BTC Digital Capital ~30% ARR Digital Credit (1) 11.5% Yield Year 0 Time Year 10 Note: For illustrative purposes only. Expected return assumptions are hypothetical and reflect management estimates based on current market conditions. Actual results may
Slide 36: Digital Equity Absorbs the Excess Return
Digital Equity Absorbs the Excess Return Digital Equity ~60% ARR Digital Capital ~30% ARR Digital Credit (1) 11.5% Yield Year 0 Time Year 10 Note: For illustrative purposes only. Expected return assumptions are hypothetical and reflect management estimates based on current market conditions. Actual
Slide 37: Duration and Capital Objectives Aligned
Duration and Capital Objectives Aligned Short-term capital demands stability, while long-term capital rewards volatility MSTR Digital Equity BTC Digital Capital STRC Digital Credit Investment Horizon Time Note: For illustrative purposes only, including relative performance indications between STRC,
Slide 38: Return of Capital (ROC)
Return of Capital (“ROC”) Strategy Expects ROC Treatment for 10 Years or More, Resulting in Tax-Deferred Dividends Dividend Tax Dividend Tax Typical • Strategy has become the world’s (2) / Income Type Characterization Rate Instruments most scalable, tax-efficient generator of fixed income. STRK, STR
Slide 39: Performance of Digital Credit
Performance of Digital Credit Copyright © 2026 Strategy. All Rights Reserved.
Slide 40: STRC ("Stretch") Highlights
STRC (“Stretch”) Highlights Hist. Volatility (30D) 30D Sharpe Current Yield 11.5% 3.3% 2.37 Tax-Deferred (“ROC”) / Designed to be stable (1) 18.3% Tax-Eq. Yield at $100 Avg. Daily Liquidity (30D) 2026 YTD ATM Notional Value $341M $7.5B $10.5B 714,644 Nasdaq-Listed BTC Rating BTC Credit BTC Dividends
Slide 41: STRC Has Rapidly Grown to $10.5 Billion
STRC Has Rapidly Grown to $10.5 Billion Notional Value Outstanding (in $B) $10.5B ~430% $10.0B Annualized Growth Rate $8.0B $7.7B Added through ATM $6.0B $2.8B $4.0B $2.0B Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Note: As of 8-K filed on May 18, 2026. Historical p
Slide 42: STRC is the Largest Tradeable Preferred in the World
STRC is the Largest Tradeable Preferred in the World Tradeable preferreds ranked by market cap USD billions $10.5B $4.7B $3.7B $3.6B $3.0B $2.7B $2.5B $1.9B $1.7B $1.5B STRC WFC/PL BAC/PL FNMAS FMCKJ C/PN POW.PR.E JPM/PC JPM/PD WFC/PZ Strategy Wells Fargo Bank of Fannie Mae Freddie Mac Citi Power Co
Slide 43: STRC Liquidity is ~23x the Second Largest Preferred
STRC Liquidity is ~23x the Second Largest Preferred Tradeable preferreds 30D average daily liquidity ranked by market cap USD millions $341M $16M $15M $9M $5M $4M $4M $4M $3M <$1M STRC WFC/PL BAC/PL FNMAS FMCKJ C/PN POW.PR.E JPM/PC JPM/PD WFC/PZ Strategy Wells Fargo Bank of Fannie Mae Freddie Mac Ci
Slide 44: STRC Has the Highest Liquidity as a % of Market Cap
STRC Has the Highest Liquidity as a % of Market Cap Tradeable preferreds 30D average daily liquidity as % of market cap 3.3% 0.4% 0.3% 0.3% 0.2% 0.2% 0.2% 0.2% 0.2% 0.0% STRC WFC/PL BAC/PL FNMAS FMCKJ C/PN POW.PR.E JPM/PC JPM/PD WFC/PZ Strategy Wells Fargo Bank of Fannie Mae Freddie Mac Citi Power C
Slide 45: STRC Traded Near Par & Paid Dividends while BTC Fell 36%
STRC Traded Near Par & Paid Dividends while BTC Fell 36% (1) STRC Price BTC Price STRC Rate +7.4% in Dividends 13.00% 12.00% 11.50% 11.50% 11.50% $120 11.25% 11.00% 10.75% 11.00% 10.50% 10.00% $100 0% 9.00% 8.00% $80 7.00% 6.00% $60 (36%) 5.00% 4.00% $40 3.00% 2.00% $20 1.00% 0.00% $0 6-Oct-25 6-Nov
Slide 46: STRC is Consistently Trading in its Target Range in 2026
$104.00 200.00% 180.00% STRC is Consistently Trading in its Target Range in 2026. $102.00 160.00% % of Time in Target Range ($99 – $101) $99.92 $99.89 Monthly VWAP $100.00 $99.69 $99.64 140.00% Target Range $99.18 $98.47 $98.69 120.00% $97.84 $97.45 $98.00 100% 100% 100% 100.00% $96.31 90% $96.00 80
Slide 47: Historical Volatility Has Rapidly Declined to ~3%
Historical Volatility Has Rapidly Declined to ~3% 14% 3% Aug 18, '25 - Mar 13, '26 Mar 16, '26 - May 15, '26 Maturation Launch Note: As of market close on May 15, 2026. Each ex-dividend cycle runs from one day after the prior ex-dividend date through the next ex-dividend date (inclusive). Launch bar
Slide 48: STRC Tax-Equivalent Yield vs. Other Credit Instruments
STRC Tax-Equivalent Yield vs. Other Credit Instruments 18.3% 11.5% 8.4% 6.5% 6.3% 4.8% 4.7% 3.7% 3.6% 3.6% 0.4% STRC STRC Private Junk Bonds Bank Investment Mortgage Treasury Money Commercial Bank (at Par) (Tax-Eq. Yield) Credit Preferreds Grade Backed Bills Markets Paper Accounts Provided for illus
Slide 49: STRC Tax-Equivalent Yield vs. Currencies
(1) STRC Tax-Equivalent Yield vs. Currencies 18.3% 11.5% 3.8% 3.8% 3.7% 3.7% 2.4% 2.2% 2.0% 1.2% 0.7% -0.1% STRC STRC AUD GBP USD AED KRW CAD EUR SGD JPY CHF (at Par) (Tax-Eq. Yield) Provided for illustrative purposes only; does not constitute investment advice and should not form the basis for maki
Slide 50: STRC Tax-Equivalent Yield For Individuals
STRC Tax-Equivalent Yield For Individuals 23.9% 23.1% 22.0% 21.3% 20.5% 19.8% 18.3% 18.3% 3.6% New York San Washington Boston Philadelphia Chicago Miami Dallas US Money City Francisco / DC Los Angeles Provided for illustrative purposes only; does not constitute investment advice and should not form
Slide 51: STRC Sharpe Ratio Compared to Traditional Credit
STRC Sharpe Ratio Compared to Traditional Credit 2.37 0.74 0.25 0.20 0.12 -0.15 STRC Junk Investment Banks Mortgage Treasury Bonds Grade Preferreds Backed Bills Note: As of market close on May 15, 2026. With respect to credit and preferred equity instruments, calculated as (Effective Yield - Risk-Fr
Slide 52: STRC Sharpe Ratio Compared to Traditional Asset Classes
STRC Sharpe Ratio Compared to Traditional Asset Classes 2.37 0.99 0.93 0.86 0.40 0.14 STRC SPY QQQ BTC GLD VNQ Note: As of market close on May 15, 2026. With respect to credit and preferred equity instruments, calculated as (Effective Yield - Risk-Free Rate) / Hist Volatility (30D). With respect to
Slide 53: STRC Sharpe Ratio Compared to Traditional Equities
STRC Sharpe Ratio Compared to Traditional Equities 2.37 1.92 1.06 0.68 0.55 0.42 0.35 0.19 STRC NVDA GOOG AAPL TSLA MSFT META AMZN Note: As of market close on May 15, 2026. With respect to credit and preferred equity instruments, calculated as (Effective Yield - Risk-Free Rate) / Hist Volatility (30
Slide 54: STRC Sharpe Ratio Compared to Hedge Fund Strategies
STRC Sharpe Ratio Compared to Hedge Fund Strategies 2.37 2.18 1.76 1.68 1.43 1.17 1.07 1.04 0.80 STRC Multistrategy Macro Municipal Equity Arbitrage Emerging Credit and Event Driven Credit Markets Fixed Income Note: STRC Sharpe ratio calculated as (Effective Yield – Risk-Free Rate) divided by Hist V
Slide 55: Digital Credit vs Hedge Funds, Private Credit, Private Equity
Hedge Funds, Private Credit, Digital Credit Private Equity Liquid Illiquid Lockups from ~90 days (Hedge Funds) to 3-7 yrs (Private Credit) to 7-10 yrs (Private Equity); limited or no interim liquidity No Fee High Fee 1-2% mgmt. fee + 10-20% carry/performance fee Homogeneous Heterogeneous Many differ
Slide 56: Digital Credit is Superior to Traditional Asset Classes
Digital Credit is Superior to Traditional Asset Classes Asset # of Aggregate (1) (2) (3) (4) Yield Duration Asset Coverage Liquidity Class Securities Outstanding (1) U.S. Treasury 647 $31.8 trillion 3.9% 6.6 N/A Very Liquid (2) MBS 265,236 $3.1 trillion 4.9% 2.7 1.3x Very Liquid (3) IG Bonds 20,591
Slide 57: Digital Credit is Superior to Traditional Asset Classes
Digital Credit is Superior to Traditional Asset Classes 14% Size Represents Market Size 12% STRC $10.5B 10% (4) HY Bonds 8% $3T 6% (3) IG Bonds (5) Preferreds $5T $237B 4% (2) MBS $3T 2% (1) U.S. Treasuries $32T 0% 0 1 2 3 4 5 6 7 8 9 10 Effective Duration Source: Bloomberg of April 22, 2026. See en
Slide 58: Adoption of Digital Credit
Adoption of Digital Credit Copyright © 2026 Strategy. All Rights Reserved.
Slide 59: Digital Credit is Designed for Every Investor Class
Digital Credit is Designed for Every Investor Class Retail Investors Corporate Treasuries Accessible ~80% 120K through leading (1) brokerages Held by Retail Retail Accounts TradFi Institutional Crypto Native Innovations Investors (1) Estimate based on NOBO data as of 4/17/2026; can possibly include
Slide 60: STRC is Widely Held Across All Leading Retail Brokerages
STRC is Widely Held Across All Leading Retail Brokerages Broadly accessible to retail investors across brokerages and ETFs STRC Ownership ~ 20% Institutional (1) ~ 80% Retail Ownership Ownership ~% of STRC Held through 4% 23% 17% 5% 5% (ETF) 2% 2% 2% 2% <1% 5% Unknown (ETF) (2) ~3M estimated benefic
Slide 61: ~3 Million Households Benefit From STRC
~3 Million Households Benefit From STRC ~3 Million STRC Households Management estimate based on ETF and fund assets under management divided by assumed average position sizes per investor, informed by industry data on retail brokerage account sizes and typical allocations. Actual investor counts may
Slide 62: Corporates Are Allocating Treasury Capital to STRC
Corporates Are Allocating Treasury Capital to STRC Adoption across operating companies, financial institutions, and bitcoin treasury firms $10M $80M $50M $10M Feb 2026 Mar 2026 Feb 2026 Feb 2026 Ongoing discussions with more corporates; increased liquidity expected to unlock larger capital allocatio
Slide 63: 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 and VanEck #1 Largest #6 Largest Preferred ETF Preferred ETF ($14B AUM) ($2B AUM) PFF PFXF iShares Preferred and Income Securities ETF VanEck Preferred Securities ex Financials ETF Com
Slide 64: Third-Party ETFs Expanding the STRC TradFi Ecosystem
Third-Party ETFs Expanding the STRC TradFi Ecosystem New ETF filings and issuer engagement signal growing demand for STRC-based products Announced products Pipeline & momentum Strive – Filed U.S. ETF focused on STRC and SATA ✓ Active discussions with 4 U.S. and international ETF issuers ✓ Interest i
Slide 65: Digital Money & Digital Yield
Digital Money & Digital Yield Copyright © 2026 Strategy. All Rights Reserved.
Slide 66: Bitcoin Transformed Into Programmable Capital
Bitcoin Transformed Into Programmable Capital Strategy transforms Digital Capital into Digital Credit and Equity, enabling financial innovation Layer 3 0% Vol, 6-9% Yield Digital Money STRC 3% Vol, 11.5% Yield Higher Vol, 15-25% Yield Digital Credit Digital Yield Enabling structured portfolios and n
Slide 67: Digital Money and Digital Yield Defined
Digital Money is 0% volatility, daily liquid instruments built on Digital Credit. Digital Yield is non-zero volatility or illiquid instruments built on Digital Credit. 67
Slide 68: Digital Credit is Programmable Across Dimensions
Digital Credit is Programmable Across Dimensions Dimension Range Type Token, Private Fund, Public Fund, Account Platform Exchange, Bank, Network, Corporate Volatility 0 – 10% Liquidity Continuous, Daily, Monthly, Quarterly, Annually Yield 5% – 25% Currency GBP, EUR, JPY, CHF, CAD, AUD 68
Slide 69: Digital Money can be Issued in Various Forms
Digital Money can be Issued in Various Forms Description Possible Partners Digital Money Crypto Token Tether, Circle Coin Digital Money Private or Public ETFs Blackrock, Vanguard Fund Digital Money Commercial Banks or JP Morgan, Citi, FAB Account Crypto Exchanges Coinbase, Binance 69
Slide 70: STRC can be Stepped Down or Stepped Up with Leverage
STRC can be Stepped Down or Stepped Up with Leverage Leverage Performance Volatility % 0% <1x STRC 20% - 80% 5% - 10% 1x STRC 100% 11.5% 3% 0% - 10% >1x STRC 150% - 300% 15% - 25% Note: For illustrative purposes only. Historical performance does not guarantee future results. Actual results may vary
Slide 71: Layer Adoption
Layer 3 Adoption STRC serves as the building block for further innovation across crypto and TradFi ecosystems STRC Held Company Description (if reported) (1) $280M Dividend-Backed Stablecoin (2) $3M BTC-Backed Synthetic Dollar $83M Tokenized STRC Trading (xSTRC) - Tokenized Wrapped STRC Trading (STR
Slide 72: Distribution of STRC in DeFi
Distribution of STRC in DeFi Industry STRC adoption in DeFi has scaled rapidly, growing to $440M+ $730M+ Ondo Launch May 2026 Saturn Launch Hermetica Launch Apr 2026 $440M Apyx Launch STRC in DeFi Roxom STRC Launch AUM ($M) Mar 2026 STRC Tokenized on Kraken xStocks Dec 2025 STRC Launch Jul 2025 1 De
Slide 73: Bitcoin is No Longer Passive Capital
Bitcoin is No Longer Passive Capital Further Applications Layer 3 Onchain yield Digital Credit Yield Layer Digital Capital 73 73
Slide 74: STRC Risk Model
STRC Risk Model Copyright © 2026 Strategy. All Rights Reserved.
Slide 75: BTC Credit of STRC is Driven by BTC Rating, ARR & Vol (4x)
BTC Credit of STRC is Driven by BTC Rating, ARR & Vol Impact of BTC ARR and BTC Vol Assumptions on BTC Credit of STRC (in bps) Investment Grade High Yield Distressed Risk BTC ARR Assuming 4x BTC Rating for STRC -10% 0% 10% 20% 30% 30% 679 162 20 1 0 35% 815 264 56 7 0 40% 948 377 23 3 112 45% 1079 4
Slide 76: BTC Credit of STRC is Driven by BTC Rating, ARR & Vol (3x)
BTC Credit of STRC is Driven by BTC Rating, ARR & Vol Impact of BTC ARR and BTC Vol Assumptions on BTC Credit of STRC (in bps) Investment Grade High Yield Distressed Risk BTC ARR Assuming 3x BTC Rating for STRC -10% 0% 10% 20% 30% 30% 980 274 43 3 0 35% 1100 396 98 15 1 40% 1219 523 40 6 173 45% 133
Slide 77: BTC Credit of STRC is Driven by BTC Rating, ARR & Vol (2x)
BTC Credit of STRC is Driven by BTC Rating, ARR & Vol Impact of BTC ARR and BTC Vol Assumptions on BTC Credit of STRC (in bps) Investment Grade High Yield Distressed Risk BTC ARR Assuming 2x BTC Rating for STRC -10% 0% 10% 20% 30% 30% 1545 523 111 12 1 35% 1610 660 198 38 4 40% 1687 796 83 15 300 45
Slide 78: Upgrading STRC
Upgrading STRC Copyright © 2026 Strategy. All Rights Reserved.
Slide 79: Proposing to Pay STRC Dividends Semi-Monthly
Proposing to Pay STRC Dividends Semi-Monthly th 1) Dividends paid two times a month instead of once: 15 & month-end; (1) economics unchanged 2) Designed to Stabilize Price, Dampen Cyclicality, Drive Liquidity, Grow Demand 3) Nasdaq Rules Limit Frequency (10 Days between Declaration & Record) (1) Ann
Slide 80: STRC would move an Octave Higher
STRC would move an Octave Higher. 2x Frequency. Same Yield. 80
Slide 81: STRC Would Be the Only Pref with Semi-Monthly Dividends
STRC Would Be the Only Pref with Semi-Monthly Dividends Market Cap (1) Pay Quarterly Dividends $260B 921 Pay Monthly Dividends $3.6B 32 Would Pay Semi-monthly $10.5B 1 “STRC” Source: Bloomberg. Universe screened includes preferred securities listed globally with more than $50 million in amount outst
Slide 82: STRC Would Be the Only Equity with Semi-Monthly Dividends
STRC Would Be the Only Equity with Semi-Monthly Dividends Market Cap (1) Pay Quarterly Dividends $150T 24,000 Pay Monthly Dividends $304B 176 Would Pay Semi-monthly $10.5B 1 “STRC” Source: Bloomberg. Universe includes actively traded equities; excludes mutual funds, ETFs, closed-end funds, receipts,
Slide 83: Thank You
Thank You Copyright © 2026 Strategy. All Rights Reserved.
Slide 84: Appendix
Appendix Copyright © 2026 Strategy. All Rights Reserved.
Slide 85: STRC Credit Guidance
STRC Credit Guidance Update to our rate adjustment guidance to maintain the target price range: Full-month VWAP $105 $104 If VWAP for the month is above $101, $103 we will recommend a rate decrease and/or a follow-on offering. $102 $101 Target Price Range $100 $99 $98 If VWAP for the month is betwee
Slide 86: BTC Breakeven ARR
BTC Breakeven ARR Updates on Website Every 15 Seconds 86
Slide 87: Selling BTC to Pay Dividends While Remaining a Net BTC Buyer
Selling BTC to Pay Dividends While Remaining a Net BTC Buyer Illustrative 1-year scenario: Sell BTC to pay $1.5B dividends; Sell STRC to buy BTC STRC Sales 0% 2.3% 5% 10% 15% 20% (as % of BTC Reserve) STRC Sales 0 $1.5B $3.2B $6.4B $9.6B $12.8B BTC Breakeven 144,675 103,758 Net BTC 62,842 Bought 21,
Slide 88: Important Information about KPIs used in this Presentation
Important Information about KPIs used in this Presentation The Company seeks to increase BPS (defined below) by growing its bitcoin holdings faster than Assumed Diluted Shares Outstanding (defined below) through a combination of bitcoin acquisitions and disciplined use of equity and credit markets.
Slide 89: Important Information about KPIs (Cont'd)
Important Information about KPIs used in this Presentation (Cont’d) The Company uses BPS, BTC Yield, BTC Gain and BTC $ Gain as KPIs to help assess the performance of its strategy of acquiring bitcoin in a manner the Company believes is accretive to shareholders. The Company also believes these KPIs
Slide 90: Important Information about KPIs (Cont'd)
Important Information about KPIs used in this Presentation (Cont’d) The trading price of the Company’s class A common stock is informed by numerous factors in addition to the Company’s bitcoin holdings and its actual or potential shares of class A common stock outstanding, and as a result, the tradi
Slide 91: Important Information about KPIs (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 92: 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 93: Important Information about other Terms (BTC & MSTR Credit)
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 94: Important Information about other Terms (BTC Forecast)
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 95: 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 96: Endnotes
Endnotes (1) U.S. Treasuries >$50mm outstanding. Yield to Worst and Effective Duration reported from Bloomberg U.S. Treasury Index (LUATTRUU). (2) MBS includes Mortgages (incl. MBS/Structured & Generics/TBA) >$50M outstanding. Yield To Convention and Effective Duration reported as an average of all