Strategy Inc · NASDAQ:MSTR
Strategy — MICROSTRATEGY — IPO Roadshow (May 2025)
21 slides from Strategy's IPO roadshow presentation, May 22, 2025
Slide 1: Strategy Investor Presentation: $2.1B STRF ATM
Strategy® Investor Presentation $2.1B STRF ATM May 2025
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
Strategy* Performance Review Phong Le, President & Chief Executive Officer
Slide 4: YTD Performance vs. 2025 Targets (BTC KPIs)
YTD Performance vs. 2025 Targets (BTC KPIs) Reflects the incremental value generated through Strategy treasury operations BTC Yield % ( Annual Target Minimum 25% 25.0% 16.3% Target 2025 YTD 2025 BTC $ Gain ($ billion) Annual Target $15 Billion $15.0 Target 2025 YTD 2025 o ‘Vib metres re se St *
Slide 5: Strong Performance for both STRK and STRF since Launch
Strong Performance for both STRK and STRF since Launch STRK STRK 99.2 7 +24% since launch (vs -3.2% for other prefs\")) $80 initial pricing $98.8 +16% since launch (vs -2.1% for other prefs‘) 3-Feb-25 26-Mar-25 20-May-25 retpremac rien tase ae .
Slide 6: Strong Performance for both STRK and STRF Over Last Month
Strong Performance for both STRK and STRF Over Last Month $99.2 STRF $98.8 +12% last month +17% last month $88, $85.2 47-Apr-25 20-May-25 ~$180 million of STRK issued through the $21 billion ATM program in the last month onenetusnas ; 5 ,
Slide 7: Preferred Securities Comparison
Preferred Securities Comparison Strategy offers securities with unique features that we believe are accessible to various investors STRK STRF Other Prefs(”) Notional Value onal Va soem sesom ing NASDAQ NASDAQ Ve Duration Perpetual® Perpetual 5-30 years Dividend / Coupon 8% 10% 51% Porformance Since
Slide 8: 42/42 Capital Raising Plan - 35% Complete
42/42 Capital Raising Plan —- 35% Complete Capital raised & remaining available ($ billion) under 42/42 Plan 55% ; Equity issued Remaining Equity $23.0 $19.0 $42B 16% + $848 . Remaining ree bnverts, $5.0 $35.5 $42B STRF, $0.7 STRK, $0.8 + Issued $212M through STRK ATM to facilitate orderly and liqui
Slide 9: Preferred Equity Strategy
Strategy® Preferred Equity Strategy Michael Saylor, Executive Chairman
Slide 10: STRF (Strife) Preferred Stock
STRF (Strife) Preferred Stock 10% Cash Dividend Yield with Enhanced Payment Protection Features Investment Highlights + 10% annual cash dividend coupon (~5x the S&P 500 average yield) + Escalating dividend protection (1% increase per missed payment; 18% cap) + Initial offering: $85 per share (effect
Slide 11: STRK (Strike) Preferred Stock
STRK (Strike) Preferred Stock 8% Dividend Coupon Plus MSTR Exposure Through Conversion Rights Investment Highlights + 8% annual dividend (~4x the S&P 500 average yield) + Convertible to common stock (0.1 shares per preferred) + Initial offering: $80 per share (effective 10% yield at launch) Investor
Slide 12: Seniority & Volatility of our ATM Securities
Seniority & Volatility of our ATM Securities High 2 $ rs 5 3 Se) STRF 10% fixed dividend, perpetual n ATI @:« 8% fixed dividend, convertible preferred $21 billion ATM ) Mets Leveraged Bitcoin posure $21 billion ATM Volatility High
Slide 13: Triple ATM Strategy to Generate BTC Torque
Triple ATM Strategy to Generate BTC Torque Dally rebalancing of ATM parameters Execution of ATMs minute-by-minute Synchronized BTC Acquisition + Continuous ability for BTC Yield & BTC Gain egy
Slide 14: Strategy enables a wide variety of securities based on Bitcoin
Strategy enables a wide variety of securities based on Bitcoin Macro Economy Technology Inflation Entropy MSTR Treasury Operations Securities ropes —— @ MSTR Options > MSTX, MSTU, MSTZ Issue Securities ---> +-- Acquire Bitcoin Adjust Leverage ©) Fund Dividends ---> > MSTR Equity e@ Spot BTC ETFs Cap
Slide 15: Appendix
Strategy® Appendix
Slide 16: Important Information about KPIs used in this Presentation
Important Information about KPls used in this Presentation Bre Ker) 6 vio, ‘Assumed Diluted Shares Outstanding, where: convertibility of convertible debt instruments. a , For purposes ofthis period. QO and ¥TO,, as : Yield, ‘stock and instruments convertible to commen stock ‘applicable period as des
Slide 17: Important Information about KPIs used in this Presentation (Cont'd)
Important Information about KPls used in this Presentation (Cont'd) BTC Yes, - BTC Specifically viel holdings, ; : gain" ‘and as a result, nd Company's secures. {As noted above, biteoin using proceeds from the offerings of: Specialy, Preferred Stock; and
Slide 18: Important Information about KPIs used in this Presentation (Cont'd)
Important Information about KPls used in this Presentation (Cont’d) Yield, 5 neuding its bitcon, in a manner thats not reflected in these metrics. y repurchase its obligations, ceording! ‘sed to purchase biteoin, Inaddition, Yield, in the Bteoin the Company hold. Yield, BTC Gain, yy 10,
Slide 19: Important Information about other Terms used in this Presentation
Important Information about other Terms used in this Presentation BTC Valuation For example, fa $1 aBTC Gain ofS, maturity. income" in the traditional financial conte. [BTC Torque is the ratio of BTC $ Value to BTC Capital BTC Credit itary the holder, . “rating” investment decision,
Slide 20: Important Information about other Terms used in this Presentation
Important Information about other Terms used in this Presentation BTC Forecast the price of bitcoin is being made. BTC Volatiit ‘and no ‘prediction 2s fo the volatility of bitcoin is being made. [BTC Price isthe curent market price of one bitcon BTC Troasury As such, net asset value” or ‘NAV NAV ETF
Slide 21: Exhibit B: Transcript of Presentation
*** Exhibit B Transcript of Presentation Phong Le Hello, good morning. Welcome everybody. I’m joined here with our executive chairman and founder, Michael Saylor. I’m Phong Le, the CEO of President and Strategy. And we’re here today to announce our $2.1 billion STRF ATM shelf registration on the str