Slide 1: STRD ("Stride") Investor Presentation
Exhibit A Investor Presentation STRD (“Stride”) June 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 MicroStrategy Incorporated d/b/a Strategy (“Strategy”, the Company , we , us or our ), and shall not constitute an offer, solicitation, or sale i
Slide 3: STRD ("Stride") Summary of Terms
STRD (“Stride”) Summary of Terms Issuer • Strategy Security • Perpetual Stride Preferred Stock (STRD) Ranking • Senior only to MSTR common stock, junior to STRK, STRF, and to debt Stated Amount • $100 per share of STRD • Adjusted periodically to the greater of (1) the Stated Amount per share of STRD
Slide 4: Strong Performance for both STRK and STRF since Launch
Strong Performance for both STRK and STRF since Launch $103.16 STRK +29% since launch $1.24 (vs -6.1% for other div/share (1) prefs ) $81.00 $80 initial pricing $103.59 STRF +22% since launch (vs -4.6% for other (1) prefs ) $88.00 $85 initial pricing 31-Jan-25 28-Feb-25 31-Mar-25 30-Apr-25 30-May-25
Slide 5: Strong Performance for both STRK and STRF Over Last Month
Strong Performance for both STRK and STRF Over Last Month $103.59 STRF $103.16 +13% last month STRK +15% last month $91.65 $89.50 30-Apr-25 30-May-25 ~$240 million of STRK issued through the $21 billion ATM program in the last month nd (1) ~$49 million of STRF issued through the $2.1 billion ATM pro
Slide 6: Annualized Asset Performance Chart Over Four Years
Annualized Asset Performance Chart Over Four Years 103% 57% 25% 12% 11% 6% -4% (1) (2) MSTR 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 May 30, 2025. Note: Past performance is not indicative
Slide 7: MSTR has outperformed all major assets and S&P stocks
MSTR has outperformed all major assets and S&P 500 stocks 2885% Big Tech Stocks Key Assets and Indices 1110% 775% 266% 150% 146% 131% 121% 76% 78% 74% 62% 30% 17% -20% (1) Asset performance since August 10, 2020, when Strategy adopted its bitcoin strategy. Source: FactSet as of May 30, 2025. Note: P
Slide 8: Source: FactSet as of May 30, 2025. Note: Past performance is not indicative of
Source: FactSet as of May 30, 2025. Note: Past performance is not indicative of future results. Copyright © 2025 Strategy. All Rights Reserved. 8
Slide 9: MSTR Convertible Bonds Performance Since Issuance
MSTR Convertible Bonds Performance Since Issuance 224% 157% 117% 113% 98% 74% 65% 59% 10% - 10% (1) 2025 2027 2028 2029 2030 2030 2031 2032 Blended Bitcoin (1) Convert Convert Convert Convert Convert Convert Convert Convert Convert (0.625%) (0.000%) Source: FactSet as of May 30, 2025. Note: Performa
Slide 10: MSTR Performance Metrics
(1) MSTR Performance Metrics (2) Annualized Return Options Market BSE Return 103% 4.3x 2885% #1 vs top S&P 500 IBIT, #1 amongst Crypto Complex #1 vs top S&P 500 (3) (4) Implied Volatility Options Open Interest Options Open Interest as % of Market Cap 53% $93.7 B 100% #6 vs top S&P 500 #2 vs top S&P
Slide 11: 42/42 Capital Raising Plan – 36% Complete
42/42 Capital Raising Plan – 36% Complete Capital raised & remaining available ($ billion) under 42/42 Plan 56% Remaining Equity issued Equity $18.6 $42B $23.4 16% $84B Remaining Fixed Converts, $35.3 $42B $5.0 Income STRF, $0.8 STRK, $0.9 • Issued $316M STRK and $49M STRF through ATMs to facilitate
Slide 12: 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 75,826 BTC Price $105,000 16.9% $8.0 Target 2025 YTD 2025 Targ
Slide 13: Bitcoin Debt Coverage
Bitcoin Debt Coverage Strategy’s bitcoin holdings at $105,000 per bitcoin provide significant coverage of its indebtedness Bitcoin Debt Coverage ($B) $61 $56 $(5) 0% due 2029 and $61BN BTC 0% due 2030 are the only convertible = ~12x Coverage tranches for which $5BN Out-of-Money the conversion option
Slide 14: Bitcoin Dividend Coverage
Bitcoin Dividend Coverage Strategy’s bitcoin holdings at $105,000 per bitcoin provide significant coverage of preferred dividends Bitcoin Dividend Coverage ($B) $61 $56 $(5) ~290 years of ÷ = STRF & STRK dividends ~37 years of preferred dividends if (2) BTC declined by 75% $0.19 STRD STRK STRF Annua
Slide 15: Strategy Capital Structure
Strategy Capital Structure Strategy’s debt and preferred securities are significantly supported by the value of the Company’s bitcoin reserves and have a substantial equity cushion $112B Equity Surplus Bitcoin Surplus (2) Pro Forma STRD Preferred Stock STRK Preferred Stock $61B STRF Preferred Stock
Slide 16: Long-Dated, Staggered Maturities of Convertible Debt
Long-Dated, Staggered Maturities of Convertible Debt • Called the $1.05B convertible senior notes due 2027 in January 2025, electing to settle conversions in common stock • Issued $2B convertible senior notes due 2030 in February 2025 • Low blended cost of interest for all convertible notes Total $8
Slide 17: BTC Price Forecast from MSTR Coverage Analysts
BTC Price Forecast from MSTR Coverage Analysts Firm 2025 2026 2027 2029 / 2030 2033 Barclays $116K Bernstein $200K $500K $1M Benchmark $200K $225K BTIG $150K Cantor $300K Compass Point $160K Maxim $235K Mizuho $116K - $398K Stifel $110K TD Cowen $125K - $155K Average $161K $225K $257K $400K $1M Note
Slide 18: STRD ("Stride")
STRD (“Stride”) Copyright © 2025 Strategy. All Rights Reserved. 18 18
Slide 19: STRD is a 10% perpetual non-cumulative preferred stock
STRD is a preferred stock with a 10% perpetual non-cumulative dividend, payable quarterly, non-callable for (1) life , and backed by ~6x Bitcoin coverage at current bitcoin price. (1) Subject to fundamental change repurchase and redemption provisions. Copyright © 2025 Strategy. All Rights Reserved.
Slide 20: Benchmarking STRD: Building out the Yield Curve for BTC Credit
Benchmarking STRD Building out the Yield Curve for BTC Credit (4) 12% STRD 11% 10% 10% STRF 9% (1) 8% Loans STRK 7% 6% High Yield (2) Bonds 5% Long-term U.S. (3) 4% Treasury Bonds 3% 2% 2% 0.000 2.000 4.000 6.000 8.000 10.000 12.000 14.000 16.000 0 years Effective Duration (years) 15 years Note: Inf
Slide 21: 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 Leveraged Bitcoin Exposure $21 billion ATM Low Volatility High N
Slide 22: Innovative Securities Accessible to Various Investors
Innovative Securities Accessible to Various Investors (1) STRD STRK STRF Other Prefs Notional Value $250M $1,069M $899M - Outstanding Listing NASDAQ NASDAQ NASDAQ Varies (2) (2) (2) Duration Perpetual Perpetual Perpetual 5-30 years Dividend / Coupon 10% 8% 10% 5-7% Dividend Accumulation Non-Cumulati
Slide 23: Quadruple Strategy to Generate BTC Torque
Quadruple Strategy to Generate BTC Torque 10.4x 12.8x STRK • Daily rebalancing of 12.8x ATM parameters • Execution of ATMs minute-by-minute STRF • Synchronized BTC Acquisition STRD • Continuous ability for BTC Yield & BTC Gain MSTR 6.9x Note: BTC Torque represented on this slide is based on $105,000
Slide 24: Comparing our Non-Convertible Prefs: STRD & STRF
Comparing our Non-Convertible Prefs: STRD & STRF STRF STRD Dividend 10% fixed dividend Term Perpetual, non-callable for life Ranking Senior Preferred Junior Preferred Notional Value Outstanding $899M $250M Effective Yield 9.6% >10% at initial offering price Cumulative DividendsP – Other Features Enh
Slide 25: Building our Capital Structure on a Foundation of Bitcoin
Building our Capital Structure on a Foundation of Bitcoin Least risk, ~$8B partial upside Convert (1) ~$3B Crown jewel STRF Fellowship with (1) ~$22B stipend STRK High yield ~$0.25B STRD High volatility, (1) ~$130B leveraged BTC MSTR Digital ~$61B BTC capital BTC (1) Includes current outstanding amo
Slide 26: STRD is Strategically Placed to Optimize Leverage
STRD is Strategically Placed to Optimize Leverage ~$8B Convert STRD improves BTC Rating of Converts, STRF, and STRK (1) ~$3B STRF (1) ~$22B STRK ~$0.25B STRD STRD adds intelligent (1) ~$130B leverage on MSTR MSTR ~$61B BTC BTC (1) Includes current outstanding amount and remaining available capacity
Slide 27: STRD Market Comparisons
STRD Market Comparisons (1) (2) Asset Class Ticker Net Assets Yield Volatility Fees PFF $14 B 7% 12% 0.46% PGX $4 B 6% 10% 0.50% Preferred Equity FPE $6 B 6% 9% 0.85% PGF $1 B 6% 11% 0.54% PSK $1 B 6% 10% 0.45% HYG $16 B 7% 9% 0.49% High Yield USHY $23 B 8% 9% 0.08% Bonds JNK $7 B 7% 10% 0.40% BKLN
Slide 28: 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 Acquire Bitcoin MSTX, MSTU, MSTZ Adjust Leverage Bitcoin Fund Dividends MSTR Equity Spot BTC ETFs M
Slide 29: 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 $61B #11 PayPal $56B CVS $48B Note: As of 8-K
Slide 30: Using BTC Risk for Credit Analysis
Skeptic (0% Using BTC Risk for Credit Analysis BTC ARR) A statistical lens to assess BTC backed fixed income (1) Probability of being undercollateralized during a one-year horizon Bitcoin Volatility BTC Rating LTV 30% 40% 50% 60% 70% 2x 50.0% 1.54% 6.27% 12.79% 19.62% 26.10% 3x 33.3% 0.02% 0.54% 2.5
Slide 31: Strategy Liabilities and Capital Structure before STRF Launch
Strategy Liabilities and Capital Structure before STRF Launch Assuming $83,000 BTC Price, 50% BTC Volatility, and 0% BTC ARR (“Skeptic”) Cum. As of March 16, 2025 Notional Duration BTC BTC BTC Notional (1) (2) (3) ($M) (Yrs) Rating Risk Credit ($M) Debt: Convertible 2028 $1,010 $1,010 2.5 41.0x 0% 0
Slide 32: Strategy Liabilities and Capital Structure Today (Skeptic)
Strategy Liabilities and Capital Structure Today Assuming $105,000 BTC Price, 50% BTC Volatility, and 0% BTC ARR (“Skeptic”) Cum. Market As of May 30, 2025 Notional Duration BTC BTC BTC Spread Notional Credit (1) (2) (3) ($M) (Yrs) Rating Risk Credit Premium (4) ($M) Spread Debt: Convertible 2028 $1
Slide 33: Strategy Liabilities and Capital Structure Today (Maximalist)
Strategy Liabilities and Capital Structure Today Assuming $105,000 BTC Price, 50% BTC Volatility, and 30% BTC ARR (“Maximalist”) Cum. Market As of May 30, 2025 Notional Duration BTC BTC BTC Spread Notional Credit (1) (2) (3) ($M) (Yrs) Rating Risk Credit Premium (4) ($M) Spread Debt: Convertible 202
Slide 34: Assessing Default Risk of BTC Backed Fixed Income
More HY Like More IG Like Assessing Default Risk of BTC Backed Fixed Income STRD offers attractive yield compared to its low probability of default 5-Year BBG MSTR 4.5% Prob. Default Volatility (1) (2) Default Grade 4.0% 100% HY3 3.73% 3.5% 90% HY2 3.16% 3.0% 80% HY1 2.60% 2.5% 70% 2.07% IG10 2.0% 6
Slide 35: Equity ATM Uses Cover Fixed Annual Obligations
Equity ATM Uses Cover Fixed Annual Obligations and Opportunistically Purchase Bitcoin Notional Coupon or Annual BTC Avg Daily Traded MSTR Avg Daily Traded Value Dividend % Obligation Volume Last 30 Days Volume Last 30 Days (1) Converts $8,214M 0.421% $35M $54.3B $5.6B STRF $898M 10.000% $90M STRK $1
Slide 36: Credit Spread of Traditional Bonds
Credit Spread of Traditional Bonds (1) Current Market Credit Spreads for Associated Credit Ratings (bps) 550+ 275 – 500 175 – 300 100 – 200 75 – 125 50 – 100 30 – 75 AAA AA A BBB BB B CCC and lower Source: Federal Reserve Bank of St. Louis (FRED). (1) Represents the approximate historical range of o
Slide 37: Over-Collateralization and Credit Spreads of Traditional Bonds
Over-Collateralization and Credit Spreads of Traditional Bonds Over-Collateralization = Ratio of Tangible Liquid Assets to Total Liabilities BTC Rating MSTR Fixed Income Securities Traditional Corporate Bonds (Collateral Coverage for Market Credit Market-implied (1) BTC Credit Security Credit Rating
Slide 38: STRD Valuation Framework
STRD Valuation Framework STRD delivers a unique exposure to bitcoin with compelling yield and strong collateral coverage STRD BTC COVERAGE INTEREST RATES BTC VOLATILITY ~6x backed by world’s 10% fixed non- Supported by leading corporate cumulative dividend long-term stabilization bitcoin reserve of
Slide 39: STRD ("Stride") Summary of Terms
STRD (“Stride”) Summary of Terms Issuer • Strategy Security • Perpetual Stride Preferred Stock (STRD) Ranking • Senior only to MSTR common stock, junior to STRK, STRF, and to debt Stated Amount • $100 per share of STRD • Adjusted periodically to the greater of (1) the Stated Amount per share of STRD
Slide 40: Appendix
Appendix Copyright © 2025 Strategy. All Rights Reserved.
Slide 41: Basic and Assumed Diluted Shares Outstanding Calculation
Basic and Assumed Diluted Shares Outstanding Calculation 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 3/31/2025 6/1/2025 Total Bitcoin Holdings 70,470 124,391 132,500 189,150 4 47,470 528,185 580,955 (1) Shares Outstanding (in '000s) Class A 76,230 93,220 95,850 149,041 2 26,138 246,537 25
Slide 42: 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 43: 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 44: 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 45: 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 46: 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 47: 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 48: 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
Slide 49: Risk Factors
Risk Factors The perpetual stride preferred stock will be junior to our existing convertible notes, perpetual strike preferred stock, perpetual strife preferred stock, and existing and future indebtedness, and structurally junior to the liabilities of our subsidiaries and subject to the rights and p