Slide 1: $4.2B STRD ATM Investor Presentation
Exhibit A Investor Presentation $4.2B STRD ATM July 2025 Copyright © 2025 Strategy. All Rights Reserved.
Slide 2: Safe Harbor Statement
Investor Presentation Safe Harbor Statement This presentation shall not constitute an offer to sell or a solicitation of an offer to buy securities or an invitation or inducement to engage in investment activity nor shall there be any sale of securities in any jurisdiction in which such offer, solic
Slide 3: Performance Review
Performance Review Phong Le, President & Chief Executive Officer Copyright © 2025 Strategy. All Rights Reserved.
Slide 4: Strategy's Bitcoin Holdings vs. Biggest Corporate Treasuries
Strategy’s Bitcoin Holdings vs. Biggest Corporate Treasuries Berkshire Hathaway $410B Amazon $157B Google $148B Microsoft $132B Apple $131B Ford $105B Meta $95B General Motors $89B Cash & Cash Equivalents Exxon $67B Bitcoin Holdings NVIDIA $66B Strategy $65B #11 PayPal $56B CVS $48B Note: As of 8-K
Slide 5: YTD Performance vs. 2025 Targets (BTC KPIs)
YTD Performance vs. 2025 Targets (BTC KPIs) Reflects the incremental value generated through Strategy treasury operations (1) (1) ₿TC Yield % ₿TC $ Gain ($ billion) Annual Target Minimum 25% Annual Target $15 Billion $15.0 25.0% BTC Gain 88,062 BTC Price $109,000 19.7% $9.6 Target 2025 YTD 2025 Targ
Slide 6: $14.0 Billion Unrealized Gain on Digital Assets in Q2 2025
$14.0 Billion Unrealized Gain on Digital Assets in Q2 2025 ($ in Billions) $0.7 $64.4 $6.8 $13.4 Unrealized FMV gain = $13.4B + $0.7B $43.5 = $14.0B 3/31/2025 BTC BTC Price BTC Purchased BTC Price 6/30/2025 Holdings Change (Q2/25 Purchases) Change BTC Holdings Market Value (Holdings as of Q1/25) (Q2
Slide 7: Strong Performance for STRK, STRF, & STRD since Launch
Strong Performance for STRK, STRF, & STRD since Launch STRK +51% $120.4 +$477M ATM Sales $117.7 STRF +38% +$163M ATM Sales $2.00 div/share $2.64 div/share $85.0 STRD +12% $95.3 launch $1.24 div/share $85.0 launch $80.0 launch 1/31/25 2/28/25 3/31/25 4/30/25 5/31/25 6/3 70/ /325 /2025 Past performanc
Slide 8: Our Preferreds have Outperformed since their IPOs
Our Preferreds have Outperformed since their IPOs Since Jan 31, 2025 51% Since Mar 21, 2025 38% Since Jun 6, 2025 12% 2% -1% -3% (1) (1) (1) STRK PFF STRF PFF STRD PFF ARR%: 122% 133% 162% Source: FactSet. Market data as of 7/3/2025. ARR represents simple Annualized Rate of Return using a linear app
Slide 9: Lower Effective Yields Increase the BTC Torque via ATMs
Lower Effective Yields Increase the BTC Torque via ATMs 12% 11% STRD 10.5% 10% 9% STRF 8.5% 8% 7% STRK 6.6% 6% 1/31/25 2/28/25 3/31/25 4/30/25 5/31/25 6/30/25 Past performance is not indicative of future results. 9 Copyright © 2025 Strategy. All Rights Reserved.
Slide 10: Innovative Securities Accessible to Various Investors
Innovative Securities Accessible to Various Investors (1) STRD STRK STRF Other Prefs Notional Value $1,176M $1,220M $1,007M - Outstanding Listing NASDAQ NASDAQ NASDAQ Varies (2) (2) (2) Duration Perpetual Perpetual Perpetual ~7 years Effective Yield 10.5% 6.6% 8.5% 7.7% Dividend Accumulation Non-Cum
Slide 11: 42/42 Capital Raising Plan – 38% Complete
42/42 Capital Raising Plan – 38% Complete Capital raised & remaining available ($ billion) under 42/42 Plan 57% Remaining Equity issued Equity $18.1 $42B $23.9 19% $84B Remaining Fixed Converts, $34.1 $42B $5.0 Income STRK, $1.1 STRD, $1.0 STRF, $0.9 • Issued $477M STRK and $163M STRF through ATMs t
Slide 12: BTC Performance Update
BTC Performance Update Michael Saylor, Executive Chairman Copyright © 2025 Strategy. All Rights Reserved.
Slide 13: Annualized Asset Performance Chart since Aug 10, 2020
Annualized Asset Performance Chart since Aug 10, 2020 57% 26% 14% 11% 6% -4% (1) (2) Bitcoin Magnificent 7 S&P 500 Gold Real Estate Bonds Performance since August 10, 2020, when Strategy adopted its bitcoin strategy. Source: FactSet as of July 3, 2025. Note: Past performance is not indicative of fut
Slide 14: Asset Performance Chart for Last 12 Months
Asset Performance Chart for Last 12 Months 84% 42% 15% 13% 8% 1% (1) (2) Bitcoin Gold Magnificent 7 S&P 500 Real Estate Bonds Performance since July 3, 2024. Source: FactSet as of July 3, 2025. Note: Past performance is not indicative of future results. (1) Real Estate refers to iShares Residential
Slide 15: The White House has embraced Bitcoin
The White House has embraced Bitcoin 15 Copyright © 2025 Strategy. All Rights Reserved.
Slide 16: The New US Administration has embraced Bitcoin
The New US Administration has embraced Bitcoin Donald J. Trump J.D. Vance Robert F. Kennedy Tulsi Gabbard Kelly Loeffler Paul Atkins President Vice President Health and Human Services National Intelligence SBA Administrator SEC Chairman Secretary Director David Sacks William Pulte Brian Quintenz Sco
Slide 17: Wall Street has embraced Bitcoin
Wall Street has embraced Bitcoin 80+ ~$150B 1.4M ETFs launched globally BTC Value BTC Holdings (Spot ETFs) (Spot ETFs) 17 Copyright © 2025 Strategy. All Rights Reserved.
Slide 18: Public Companies have embraced Bitcoin
Public Companies have embraced Bitcoin 150+ ~850,000 ~$94B Publicly Listed BTC Acquired BTC Value Companies Globally Notable Existing Bitcoin Treasury USA USA Japan Companies USA USA France India New Entrants USA USA USA 18 Copyright © 2025 Strategy. All Rights Reserved.
Slide 19: More Companies are embracing Bitcoin each year
More Companies are embracing Bitcoin each year 151 Publicly traded companies with BTC on balance sheet 64 43 39 33 2 0 2019 2020 2021 2022 2023 2024 2025 Source: Blockware 19 Copyright © 2025 Strategy. All Rights Reserved.
Slide 20: Companies are racing to get into the Bitcoin
Companies are racing to get into the Bitcoin 100 20 Copyright © 2025 Strategy. All Rights Reserved.
Slide 21: Institutional Research Analysts have embraced Bitcoin
Institutional Research Analysts have embraced Bitcoin BTC Price Forecasts from MSTR Coverage Analysts Firm 2025 2026 2027 2029 / 2030 2033 Barclays $116K Bernstein $200K $500K $1M Benchmark $167K $225K BTIG $150K Cantor $300K Clear Street $109K Compass Point $160K $225K HC Wainwright $225K Maxim $23
Slide 22: Technology Investors have embraced Bitcoin
Technology Investors have embraced Bitcoin 22 Copyright © 2025 Strategy. All Rights Reserved.
Slide 23: Financial Regulators have embraced Bitcoin
Financial Regulators have embraced Bitcoin 23 Copyright © 2025 Strategy. All Rights Reserved.
Slide 24: US Federal Housing Authority has embraced Bitcoin
US Federal Housing Authority has embraced Bitcoin 24 Copyright © 2025 Strategy. All Rights Reserved.
Slide 25: Capitol Hill has embraced Bitcoin
Capitol Hill has embraced Bitcoin Clarity Act Genius Act 25 Bitcoin Act Copyright © 2025 Strategy. All Rights Reserved.
Slide 26: US States have embraced Bitcoin
US States have embraced Bitcoin 164 Total Measures 40 States 48 SBR Proposals Introduced 26 States 17 Live SBR Proposals 8 States 3 US states that currently have at least 1 active legislative proposal related to BTC States with SBRs Enacted Source: bitcoinlaws.io 26 Copyright © 2025 Strategy. All Ri
Slide 27: International Governments have embraced Bitcoin
International Governments have embraced Bitcoin 27 Copyright © 2025 Strategy. All Rights Reserved.
Slide 28: The Crypto Industry has embraced Bitcoin
The Crypto Industry has embraced Bitcoin 28 Copyright © 2025 Strategy. All Rights Reserved.
Slide 29: Preferred Equity Strategy
Preferred Equity Strategy Michael Saylor, Executive Chairman Copyright © 2025 Strategy. All Rights Reserved.
Slide 30: STRD (Stride) Preferred Stock
STRD (Stride) Preferred Stock 10% Cash Dividend Coupon with Strong Collateral Coverage Investment Highlights • 10% annual cash dividend coupon (~5x the S&P 500 average yield) • Initial offering: $85 per share (effective 11.8% yield at launch) 10% Cash Yield @ STRD Stated Amount Investor Demand • Ups
Slide 31: STRK (Strike) Preferred Stock
STRK (Strike) Preferred Stock 8% Dividend Coupon Plus MSTR Exposure Through Conversion Rights Investment Highlights Conversion STRK Quarterly • 8% annual dividend (~4x the S&P 500 average yield) Option Dividends (0.1x MSTR • Convertible to common stock (0.1 shares per preferred) (8% p.a.) per STRK)
Slide 32: STRF (Strife) Preferred Stock
STRF (Strife) Preferred Stock 10% Cash Dividend Coupon with Enhanced Payment Protection Features Investment Highlights 10% Cash Yield @ • 10% annual cash dividend coupon (~5x the S&P 500 average yield) STRF Stated Amount • Escalating dividend protection (1% increase per missed payment; 18% cap) • In
Slide 33: Seniority & Volatility of our Securities
Seniority & Volatility of our Securities High STRF 10% fixed dividend, perpetual preferred $2.1 billion ATM STRK 8% fixed dividend, convertible preferred $21 billion ATM STRD 10% fixed non- cumulative dividend, perpetual preferred MSTR $4.2 billion ATM Leveraged Bitcoin Exposure $21 billion ATM Low
Slide 34: Building our Capital Structure on a Foundation of Bitcoin
Building our Capital Structure on a Foundation of Bitcoin Least risk, $8B partial upside Convert $1B Crown jewel STRF Fellowship with $1B stipend STRK High yield $1B STRD High volatility, $114B leveraged BTC MSTR Digital $65B BTC capital BTC Note: Current outstanding amount shown as of July 3, 2025.
Slide 35: $640M Raised Cumulatively through STRK & STRF ATMs
$640M Raised Cumulatively through STRK & STRF ATMs STRK STRF $112M $78M $78M $75M $60M $59M $52M $37M $26M $25M $19M $11M $8M $1M $0M $0M 3/17 3/24 3/31 4/7 4/14 4/21 4/28 5/5 5/12 5/19 5/26 6/2 6/9 6/16 6/23 6/30 35 Copyright © 2025 Strategy. All Rights Reserved.
Slide 36: Notional Value Outstanding of our Preferred Securities
Notional Value Outstanding of our Preferred Securities STRK STRF STRD $3.4B $3.5B $3.0B $2.5B $2.0B $1.5B $1.0B $0.5B $0.0B Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 36 Copyright © 2025 Strategy. All Rights Reserved.
Slide 37: Concurrent ATMs drive Optionality
Concurrent ATMs drive Optionality MSTR STRK STRF % Weekly ATM Split: 4/14 4/21 4/28 5/5 5/12 5/19 5/26 6/2 6/9 6/16 6/23 6/30 37 Copyright © 2025 Strategy. All Rights Reserved.
Slide 38: Quadruple Strategy to Generate BTC Torque
Quadruple Strategy to Generate BTC Torque 10.9x 12.9x STRK • Daily rebalancing of 12.7x ATM parameters • Execution of ATMs minute-by-minute STRF • Synchronized BTC Acquisition STRD • Continuous ability for BTC Yield & BTC Gain MSTR Assuming 30% BTC ARR (“Maximalist”) and 6.7x 10-year duration Note:
Slide 39: BTC KPIs Illustration for $100M issuance
BTC KPIs Illustration for $100M issuance of different securities Assuming 30% BTC ARR (“Maximalist”) and 10-year duration MSTR STRK STRD STRF 0.07% 0.10% 0.15% 0.15% BTC Yield 447 759 917 917 BTC Gain $49 $83 $100 $100 BTC $ Gain BTC $ Income $622 $1,003 $1,174 $1,194 BTC $ Value $671 $1,086 $1,274
Slide 40: BTC Torque Comparison
BTC Torque Comparison BTC Torque is BTC $ Value/BTC $ Capital. BTC $ Value is BTC $ Gain + BTC $ Income. Assuming 10- year duration BTC ARR % MSTR STRK STRD STRF Skeptic: 0% 0.5x 0.2x 0.0x 0.2x Trader: 10% 1.3x 1.6x 1.5x 1.7x Investor: 20% 3.0x 4.6x 5.1x 5.3x Maximalist: 30% 6.7x 10.9x 12.7x 12.9x D
Slide 41: Strategy Liabilities and Capital Structure Today (50% Volatility, 0% ARR)
Strategy Liabilities and Capital Structure Today Assuming $109,000 BTC Price, 50% BTC Volatility, and 0% BTC ARR (“Skeptic”) Cum. Market Notional Duration BTC BTC BTC Spread Notional Credit As of July 3, 2025 (1) (2) (3) ($M) (Yrs) Rating Risk Credit Premium (4) ($M) Spread Debt: Convertible 2028 $1
Slide 42: Strategy Liabilities and Capital Structure Today (40% Volatility, 0% ARR)
Strategy Liabilities and Capital Structure Today Assuming $109,000 BTC Price, 40% BTC Volatility, and 0% BTC ARR (“Skeptic”) Cum. Market Notional Duration BTC BTC BTC Spread Notional Credit As of July 3, 2025 (1) (2) (3) ($M) (Yrs) Rating Risk Credit Premium (4) ($M) Spread Debt: Convertible 2028 $1
Slide 43: Strategy Liabilities and Capital Structure Today (30% ARR)
Strategy Liabilities and Capital Structure Today Assuming $109,000 BTC Price, 50% BTC Volatility, and 30% BTC ARR (“Maximalist”) Cum. Market Notional Duration BTC BTC BTC Spread Notional Credit As of July 3, 2025 (1) (2) (3) ($M) (Yrs) Rating Risk Credit Premium (4) ($M) Spread Debt: Convertible 202
Slide 44: Strategy enables a wide variety of securities based on Bitcoin
Strategy enables a wide variety of securities based on Bitcoin Macro Economy MSTR Treasury Operations Securities Higher Volatility & Leverage MSTR Options Technology Issue Securities Inflation Entropy MSTX, MSTU, MSTZ Acquire Bitcoin Adjust Leverage Bitcoin MSTR Fund Dividends Spot BTC ETFs MSTR CB,
Slide 45: ~97% of Institutional Capital is Mandated to Equity & Credit
~97% of Institutional Capital is Mandated to Equity & Credit ~30x $35T $60T Equity more institutional Credit capital available for BTC Equity and BTC Credit compared to BTC in Commodity form. $3T Commodities $2.3 B in central $700 B in banks (primarily private capital allocated to gold) Note: MSCI,
Slide 46: Largest Offerings of Preferred Securities since August 2021
Largest Offerings of Preferred Securities since August 2021 $1,176M $1,000M $1,000M $875M $850M $750M $730M $700M $700M $690M STRD Morgan Morgan NextEra STRF M&T Bank STRK Reinsurance Bank of Telephone & Stanley Stanley Energy Group of America Data Sys America Dividend 10.00% 6.63% 6.50% 6.50% 10.00
Slide 47: Our Preferred Stocks offer Superior Yield and Liquidity
Our Preferred Stocks offer Superior Yield and Liquidity 15% STRD 10% STRF STRK 5% 0% $0 $5 $10 $15 $20 $25 $30 $35 $40 $45 30D Average Daily Trading Volume ($M) Source: Bloomberg as of 7/3/2025. Preferreds includes exchange-listed, USD preferreds issued by U.S. companies, >$50M outstanding. Excludes
Slide 48: Our Preferred Stocks offer Superior Yield and Collateral
Our Preferred Stocks offer Superior Yield and Collateral 15% STRD 10% STRF STRK 5% 0% 0x 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x 11x 12x Collateral (x) Source: Bloomberg as of 7/3/2025. Preferreds includes exchange-listed, USD preferreds issued by U.S. companies, >$50M outstanding. Excludes mandatory convert
Slide 49: Our Preferred Stocks offer Superior Yield and Duration
Our Preferred Stocks offer Superior Yield and Duration 15% STRD 10% STRF STRK 5% 0% 0 2 4 6 8 10 12 14 16 18 20 Duration Preferreds includes exchange-listed, USD preferreds issued by U.S. companies, >$50M outstanding. Excludes mandatory convertibles, securities without an observable price, securitie
Slide 50: ETF Market Comparisons
ETF Market Comparisons Asset Net (1) (2) (3) (4) Ticker Yield Volatility Fees Liquidity Duration Class Assets (5) PFF $14 B 7% 11% 0.46% $122 M 5.3 PGX $4 B 6% 9% 0.51% $87 M 10.2 Preferred FPE $6 B 6% 8% 0.85% $28 M 5.3 Equity PGF $1 B 6% 10% 0.54% $3 M 12.9 (5) PSK $1 B 6% 9% 0.45% $6 M 5.3 HYG $1
Slide 51: Universe of Comparable Investible Assets
Universe of Comparable Investible Assets Asset # of Aggregate (8) (9) Yield Duration Collateral Liquidity (7) Class Securities Outstanding (1) U.S. Treasury 497 $28.3 trillion 4.1% 5.9 N/A $2 billion (2) Agency MBS 35 $9.2 trillion 5.0% 6.1 1.3x $10 billion (3) IG Bonds 12,263 $5.0 trillion 5.0% 6.8
Slide 52: Our Capital Engine: Principles Guiding ATM Activities
Our Capital Engine: Principles Guiding ATM Activities • We treat each class of security investors with equal respect Each security along with its related ATM program is tailored to meet the needs of a particular type of investor managing a pool of capital with specific mandates and objectives. • We
Slide 53: Appendix
Appendix Copyright © 2025 Strategy. All Rights Reserved.
Slide 54: Notes on "Universe of Comparable Investable Assets" Slide
Notes on “Universe of Comparable Investable Assets” Slide 1) U.S. Treasuries >$50M outstanding per FactSet (n=497). Yield to Worst and Effective Duration reported from Bloomberg U.S. Treasury Index (LUATTRUU). Liquidity calculated as 2025 YTD U.S. Treasury Security ADTV as reported by SIFMA ($1.1 tr
Slide 55: Important Information about KPIs used in this Presentation
Important Information about KPIs used in this Presentation BTC Yield is a key performance indicator (“KPI”) that represents the percentage change, during a period, of the ratio between the Company’s bitcoin holdings and its Assumed Diluted Shares Outstanding, where: • “Assumed Diluted Shares Outstan
Slide 56: 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 debt, preferred stock and other liabilities and claims on company assets that
Slide 57: Important Information about KPIs used in this Presentation (Cont'd)
Important Information about KPIs used in this Presentation (Cont’d) The use of the proceeds from such offerings to purchase bitcoin has the effect of increasing the BTC Yield, BTC Gain and BTC $ Gain, while also increasing the Company’s indebtedness and senior claims of holders of instruments other
Slide 58: 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 59: 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 60: 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 61: Additional Information
Additional Information Strategy is not an exchange traded product (“ETP”) or an exchange-traded fund (“ETF”) registered under the Investment Company Act of 1940, as amended, is not subject to the same rules and regulations as an ETP or an ETF, and does not operate as an ETP or ETF. In particular, un