Slide 1: Q4 2025 Financial Results
Q4 2025 Financial Results February 5, 2026 Copyright © 2026 Strategy. All Rights Reserved.
Slide 2: Safe Harbor Statement
Strategy Q4 2025 Earnings Call Safe Harbor Statement 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
Slide 3: Financial Performance
Financial Performance Andrew Kang Executive Vice President & Chief Financial Officer Copyright © 2026 Strategy. All Rights Reserved.
Slide 4: Strategy Highlights
Strategy Highlights Bitcoin Holdings 2025 Capital Raised 713,502 $25.3 Billion 3.4% of all BTC ever to be in existence Five Listed Preferreds STRF / STRK / STRD / STRC / STRE Note: As of 8-K filed on February 2, 2026. Market capitalization as of January 30, 2026. 4
Slide 5: FY 2025 Corporate Highlights
FY 2025 Corporate Highlights Fair Value Accounting No CAMT S&P Credit Rating Adoption of FASB Fair Treasury/IRS guidance First-ever rating of a Bitcoin Value Accounting clarified no unrealized Treasury Company by a starting Q1 2025 capital gains tax on BTC major credit rating agency USD Reserve Inde
Slide 6: EPS (Earnings Per Share) Results
EPS (“Earnings Per Share”) Results Copyright © 2026 Strategy. All Rights Reserved.
Slide 7: Q4 2025 Financial Results
Q4 2025 Financial Results Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 (Prev. Year) (Prev. Quarter) Operating Income ($1.0B) ($5.9B) $14.0B $3.9B ($17.4B) Net Income(1) ($0.7B) ($4.2B) $10.0B $2.6B ($12.6B) EPS(2) ($3.03)/sh ($16.49)/sh $32.60/sh $8.42/sh ($42.93)/sh • Adopted FASB fair value accounting
Slide 8: FY 2025 Financial Results
FY 2025 Financial Results FY 2024 Target FY 2025(1) Result FY 2025 ($93,400 BTC) ($85,000 BTC) ($110,000 BTC) ($87,515 BTC) Operating Income ($1.9B) ($7.0B) $9.5B ($5.4B) Net Income(2) ($1.2B) ($5.5B) $6.3B ($4.2B) EPS(3) ($6.06)/sh ($17)/sh $19/sh ($15.23)/sh (1) FY 2025 Targets as of 12/1/2025. (2
Slide 9: BPS (Bitcoin Per Share) Results
BPS (“Bitcoin Per Share”) Results Copyright © 2026 Strategy. All Rights Reserved.
Slide 10: BTC KPI Targets vs. Results for FY 2025
BTC KPI Targets vs. Results for FY 2025 Reflects the incremental value generated through Strategy treasury operations ₿TC Yield % (1) ₿TC Gain (1) ₿TC $ Gain ($ billion) (1) 26.0%- ₿101,873 $12.8B- 22.0% $8.4B 22.8% $8.9B FY 2025 FY 2025 FY 2025 FY 2025 FY 2025 Target Result Result Target Result FY
Slide 11: Strategy Has Consistently Delivered BTC Yield Since 2020
Strategy Has Consistently Delivered BTC Yield Since 2020 (1) (Sats per Share) 194,986 195,563 158,826 BTC Yield 91,097 83,353 84,872 56,598 2020 2021 2022 2023 2024 2025 2/1/2026 Note: Provided for illustrative purposes only. (1) BTC Yield is not equivalent to "yield" in the traditional financial co
Slide 12: Balance Sheet Update
Balance Sheet Update Copyright © 2026 Strategy. All Rights Reserved.
Slide 13: $35 Billion Increase in Digital Assets Value since 12/31/2024
$35 Billion Increase in Digital Assets Value since 12/31/2024 1 Fair Value 12/31/2024 1/1/2025 12/31/2025 Adoption 1 Digital Assets $23.9B +$17.9B $41.8B $58.9B Adopted FASB fair value accounting on January 1, 2025. Carrying value Cash & Cash Eq. $0.0B - $0.0B $2.3B of bitcoin is now equal to the ma
Slide 14: $14 Billion Decline in Digital Assets Value in Q4 2025
$14 Billion Decline in Digital Assets Value in Q4 2025 ($ in Billions) $73.2 $3.1 $58.9 -$0.2 -$17.2 Unrealized FMV loss = ~$17.4B 9/30/2025 BTC Price BTC Purchased BTC Price 12/31/2025 BTC Holdings Change (Q4/25 Purchases) Change BTC Holdings Market Value (Holdings as of Q3/25) (Q4/25 Purchases) Ma
Slide 15: $17 Billion Increase in Digital Assets Value in FY 2025
$17 Billion Increase in Digital Assets Value in FY 2025 ($ in Billions) $22.5 $58.9 -$2.8 $41.8 Unrealized FMV gain recognized -$2.6 in retained $17.9 earnings Unrealized FMV loss = ~$5.4B $23.9 12/31/2024 BTC Price BTC Purchased BTC Price 12/31/2025 BTC Holdings Change (2025 Purchases) Change BTC H
Slide 16: 2.5 Years of Dividend Coverage through USD Reserve
2.5 Years of Dividend Coverage through USD Reserve Coupon or Annual Interest Expense or Notional Value ($M) Dividend % Dividend ($M)(2) Converts $8,214 0.42%(1) $35 Interest on Debt $8,214 $35 STRF $1,284 10.00% $128 STRC $3,379 11.25%(3) $380(4) STRE $921 10.00% $92 STRK $1,402 8.00% $112 Cum. Divi
Slide 17: MSCI Announced Results of the Consultation on DATs
MSCI Announced Results of the Consultation on DATs Oct 10, 2025: MSCI’s Consultation on DATs Jan 6, 2026: MSCI announcement “MSCI is conducting a consultation on a proposal whether to exclude “MSCI has determined at this time not to companies whose primary business involves Bitcoin or other digital
Slide 18: Capital Markets Update
Capital Markets Update Phong Le President & Chief Executive Officer Copyright © 2026 Strategy. All Rights Reserved.
Slide 19: Join us at Strategy World 2026 in Las Vegas
Join us at Strategy World 2026 in Las Vegas 19
Slide 20: Growth in Bitcoin Treasury Reserve
Growth in Bitcoin Treasury Reserve Strategy has acquired additional bitcoin in every quarter since Q3 2020 – 97 acquisitions 713,502 $54B $76K 3.4% 713.5 BTC Holdings Total Acquisition Average BTC of all BTC ever to 672.5 Cost Purchase Price be in existence 640.0 (1) 597.3 Bitcoin Holdings (in ‘000s
Slide 21: Robust Access to Capital Markets
Robust Access to Capital Markets Raised $25B in 2025 through seven different securities ($ in billions) Common Equity Preferred Equity Convertible Debt FY 2024 $16.3 $6.2 $22.6 FY 2025 $16.3 $7.0 $2.0 $25.3 YTD 2026 $3.4 $3.9 $1.20 $2.68 $0.72 $1.25 $1.19 $0.4 STRF STRC STRE STRK STRD Note: As of 8-
Slide 22: Strategy was the Largest US Equity Issuer in 2025
Strategy was the Largest US Equity Issuer in 2025 8% Banking Partners of Equity Market $23.3B 6% of Common Equity Market $16.3B 33% of Pref Equity Market $7.0B Total Equity Common Equity Preferred Equity Raised Source: ECM Analytics, Company filings, Dealogic, Capital IQ, Private Raise and InsiderSc
Slide 23: Institutional Research Analysts have Embraced Bitcoin
Institutional Research Analysts have Embraced Bitcoin BTC & MSTR Forecasts from Coverage Analysts BTC MSTR Firm 2026 Price Target Price Target Rating Benchmark $225K $705 Buy Bernstein $150K $450 Buy BTIG $150K $630 Buy Canaccord $185 Buy Cantor $108K $213 Buy Citi $143K $325 Buy Clear Street $90K $
Slide 24: Digital Credit
Digital Credit Copyright © 2026 Strategy. All Rights Reserved.
Slide 25: 2025 Marked the Launch of Digital Credit
2025 Marked the Launch of Digital Credit Jan 31 Mar 21 Jun 6 Jul 25 Nov 7 STRK IPO STRD IPO STRE IPO $584M $1.0B $717M 1st digital credit 1st non cum. digital 1st Euro digital instrument credit instrument STRF IPO credit instrument STRC IPO $723M $2.5B 1st fixed perpetual 1st treasury digital digita
Slide 26: Digital Credit Overview
Digital Credit Overview STRC STRF STRD STRK STRE Treasury Credit Lowest Risk Highest Yield Upside Exposure Euro-Denominated Size $3.4B $1.3B $1.4B $1.4B $0.9B(5) Liquidity(1) $118M $33M $11M $14M - Dividend % 11.25% (Variable) 10% (Fixed) 10% (Fixed) 8% (Fixed) 10% (Fixed) Div. Frequency Monthly Qua
Slide 27: Seasoning of Digital Credit
Seasoning of Digital Credit Building BTC Base +105,732 BTC Acquired since STRC IPO Jul 25 Oct 1 Oct 27 Nov 4 Dec 1 Today STRC IPO S&P Rating USD Reserve $2.5B ‘B-’ Issuer Credit Rating 2-3 Yrs. of Dividend 1st treasury digital credit Coverage instrument CAMT Guidance STRC at Par No unrealized capita
Slide 28: STRC is Treasury Credit
STRC (Stretch) is Treasury Credit Designed to provide income, price stability, liquidity 11% / 18% Monthly dividends; ROC treatment expected for 10+ years Effective Yield / Tax- Versus ~4% average yield on traditional credit ($300 trillion market)(2) (1) Equivalent Yield $100 price Mechanism designe
Slide 29: Strategy's Balance Sheet is a Digital Fortress
Strategy’s Balance Sheet is a Digital Fortress 1.1x mNAV $64B $60B 28% 10% Amplification Net Leverage $8.4B $8.2B Enterprise Value BTC Reserve Preferred Equity Convertible Debt Note: Market data as of January 30, 2026. BTC and ATM data as of 8-K filed on February 2, 2026. Amplification is equal to t
Slide 30: Strategy's Leverage Remains Well Below the S&P Universe
Strategy’s Leverage Remains Well Below the S&P 500 Universe $6.0B 10.0% 10.0x Net Debt(1) Net Leverage (2) BTC Rating Average Net Debt / Assets by Rating Average Net Debt / Assets by Sector 48.2% 42.4% 40.1% 34.4% 31.9% 23.1% 23.1% 23.6% 24.9% 20.7% 22.0% 15.7% 10.0% 10.0% Strategy A - AAA B - BBB R
Slide 31: Converts are Fully Covered Even After 90% BTC Price Decline
Converts are Fully Covered Even After 90% BTC Price Decline Current Balance Sheet Extreme Downside $84K BTC Price 90% Decline: $8K BTC Price Convertible Debt Notes have $59.7B staggered maturities & put dates between 2027-32. 90% price decline Strategy plans to equitize existing convertible debt ove
Slide 32: Our BTC Reserve Creates Long-Term Durability
Our BTC Reserve Creates Long-Term Durability $60B BTC Reserve 67 Years of Dividend Coverage(2) 1.5% BTC Breakeven ARR(3) $888M (1) BTC Reserve Dividends (1) Annual dividends and interest expenses as of February 1, 2026. BTC data as of 8-K filed on February 2, 2026. Assumes USD/EUR conversion rate of
Slide 33: Our USD Reserve Strengthens Our Creditworthiness
Our USD Reserve Strengthens Our Creditworthiness $2.25B USD Reserve 30 Months of Dividend Coverage(2) $888M 2.5 Years of Dividend Coverage(2) USD Reserve Dividends (1) (1) Annual dividends and interest expense as of February 1, 2026. USD Reserve as of 8-K filed on February 2, 2026. Assumes USD/EUR c
Slide 34: We have Taken Positive Actions since Getting an S&P Rating
We have Taken Positive Actions since Getting an S&P Rating ‘B-’ Positive Actions taken since Stable Outlook Receiving the Rating in Oct 2025 Issuer Credit Rating from S&P • USD Reserve: Established a $1.44B USD • First-ever published rating of a Bitcoin Reserve in less than 2 weeks and Treasury Comp
Slide 35: Expanding the Distribution & Awareness of STRC
Expanding the Distribution & Awareness of STRC • Brokerages including Robinhood, Cash App • Wealth management, broker dealers, RIAs • Integration into crypto (Buck, Saturn, APYX) & TradFi products (hope) Distribution • Tokenization & ETF integrations • Industry conferences • Leveraged finance events
Slide 36: 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 $100 Target Price Range $99 $98 $97 If VWAP for the month is be
Slide 37: Digital Equity
Digital Equity Copyright © 2026 Strategy. All Rights Reserved.
Slide 38: MSTR Common Equity is Amplified Bitcoin
MSTR Common Equity is Amplified Bitcoin Annualized Asset Performance since we adopted Bitcoin Strategy, August 10, 2020(1) 1111% 604% 397% 133% 106% 33% 17% -17% 58% Total performance 43% 27% 17% 14% 5% 3% -3% (3) MSTR Bitcoin Magnificent Gold S&P 500 Real Estate (2) Money Bonds (4) 7 Source: FactSe
Slide 39: 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 (Sats per Share) 194,986 195,563 158,826 BTC Yield 91,097 83,353 84,872 56,598 2020 2021 2022 2023 2024 2025 2/1/2026 Note: BTC Yield is not equivalent t
Slide 40: Low: 1.4x Increase in Bitcoin Per Share in 7 Years
Low: 1.4x Increase in Bitcoin Per Share in 7 Years Assuming 10% Digital Credit Sales, 10% Dividend Rate, and 1.34x mNAV Bitcoin per Share (In Sats) 1.4x Increase in BPS 262K 274K 5% 238K 250K Annual BTC Yield 216K 227K 195K 205K 2025 2026 2027 2028 2029 2030 2031 2032 Year Note: Provided for illustr
Slide 41: Medium: Double Bitcoin Per Share in 7 Years
Medium: Double Bitcoin Per Share in 7 Years Assuming 16% Digital Credit Sales, 9% Dividend Rate, and 1.75x mNAV Bitcoin per Share (In Sats) 381K 2.0x 348K Increase in BPS 317K 262K 288K 10% 237K Annual BTC Yield 215K 195K 2025 2026 2027 2028 2029 2030 2031 2032 Year Note: Provided for illustrative p
Slide 42: High: 2.5x Increase in Bitcoin Per Share in 7 Years
High: 2.5x Increase in Bitcoin Per Share in 7 Years Assuming 20% Digital Credit Sales, 8% Dividend Rate, and 2.25x mNAV Bitcoin per Share (In Sats) 492K 432K 379K 2.5x Increase in BPS 333K 255K 291K 14% Annual BTC Yield 222K 195K 2025 2026 2027 2028 2029 2030 2031 2032 Year Note: Provided for illust
Slide 43: Objective of Doubling BPS in 7 Years through Digital Credit
Objective of Doubling BPS in 7 Years through Digital Credit Sell Digital Credit Generate Increase BPS Outperform Target selling Digital Amplification BTC Credit equal to 10-20% of BTC Reserves annually Enhanced by flexing these levers 1 2 3 Lower cost Higher Digital Higher mNAV of credit Credit sale
Slide 44: Digital Capital
Digital Capital Michael Saylor Executive Chairman Copyright © 2026 Strategy. All Rights Reserved.
Slide 45: Donald J. Trump is the Bitcoin President
Donald J. Trump is the Bitcoin President Intent on Making America: 1. The Bitcoin Superpower 2. The Crypto Capital of the World 3. The Leader in Digital Assets 45
Slide 46: The U.S. Government has embraced Bitcoin
The U.S. Government has embraced Bitcoin J.D. Vance Scott Bessent Paul Atkins Kevin Warsh Vice President Treasury Secretary SEC Chairman Fed Chair Nominee Tulsi Gabbard Kelly Loeffler William Pulte Robert F. Kennedy National Intelligence SBA Administrator Federal Housing FHFA Health and Human Servic
Slide 47: Capitol Hill Has Embraced Bitcoin
Capitol Hill Has Embraced Bitcoin Bitcoin Act Genius Act Clarity Act Bitcoin for America Act 47
Slide 48: Big Banks Have Embraced Bitcoin
Legend Big Banks Have Embraced Bitcoin None Partial Early Stage Full IBIT Trading Credit Against IBIT Trade BTC 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 Secu
Slide 49: TradFi and FinTech Have Embraced Bitcoin
TradFi and FinTech Have Embraced Bitcoin Number of Accounts with BTC Trading Access 2024 2025 2026 980M 835M 860M 800M 715M 615M 500M 430M 125M Crypto Native Exchange FinTech and Neobanks Brokerages, Banks, and Wealth Management Note: Approximate figures from public sources. Totals show gross accoun
Slide 50: ETFs Have Embraced Bitcoin
ETFs Have Embraced Bitcoin BTC Holdings of US-Listed Spot BTC ETFs 1.2M 1.3M 1.4M 125+ ETPs Launched 1.1M 1.1M Globally 0.9M 0.8M 0.9M 1.4M BTC Holdings $120B BTC Value Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Source: Dune & ETFGI. As of January 26, 2026. 50
Slide 51: More Companies Are Embracing Bitcoin Each Year
More Companies Are Embracing Bitcoin Each Year Publicly Traded Companies with BTC on Balance Sheet 194 1.1M BTC Acquired 64 $100B 39 43 BTC Value 33 0 2 2019 2020 2021 2022 2023 2024 2025 Source: Blockware & BitcoinTreasuries.Net. As of January 2026. 51
Slide 52: Public Markets Have Embraced Bitcoin
Public Markets Have Embraced Bitcoin Index Inclusion IPOs S&P 500 Q2 2025 Q3 2025 J.P. Morgan S&P 500 Q3 2025 Q3 2025 J.P. Morgan S&P 500 Q3 2025 Q3 2025 Goldman Sachs Q1 2026 Goldman Sachs (Future) (Confidential) Note: As of January 26, 2026. 52
Slide 53: Quantum and our Commitment to Bitcoin Security
Quantum and our Commitment to Bitcoin Security Bitcoin FUD is Inevitable Our Position on Quantum Computing: Functionality FUD 1. Quantum computing is 10+ years away; it is a promising but nascent Ponzi FUD technology. Volatility FUD Critical Bug FUD Illicit Activity FUD 2. Many industries, including
Slide 54: Digital Credit
Digital Credit Copyright © 2026 Strategy. All Rights Reserved.
Slide 55: We Structure and Securitize Bitcoin
We Structure and Securitize Bitcoin Ann. 30-D Effective Mkt Value Return(2) Volatility Yield Bitcoin Higher Volatility MSTR $50B 58% 63% - ~$1.7 Trillion Mkt Cap & Leverage BTC 43% 45%(3) - 713,502 BTC(1) ~$60B USD STRK $1B 32% 9% ~$70 Billion STRD $1B 27% 14% Daily Liquidity STRE €1B 13% Lower Vola
Slide 56: We have built the world's first Digital Credit Vehicle
We have built the world’s first Digital Credit Vehicle BTC Derivatives $100B/day 0.2 bps STRF $60B STRE $2.2B BTC USD Dividends STRC BTC 30 Months 67 Years STRK $70B/day 0.3 bps STRD MSTR $2.4M/day $3.5B/day 6.9 bps For illustrative purposes only. Bps metric shows ratio of daily Dividends to the dai
Slide 57: Strategy transforms Digital Capital into Digital Credit
Strategy transforms Digital Capital into Digital Credit Value Value 57
Slide 58: Strategy transforms Digital Capital into Digital Credit
Strategy transforms Digital Capital into Digital Credit We create Currency USD, EUR, etc. We reduce Risk Overcollateralized, Seniority We dampen Volatility Par value $100 We distill Yield Fixed income rate % We compress Duration Monthly cash dividends 58
Slide 59: STRC Tax-Equivalent Yield vs. Other Credit Instruments
STRC Tax-Equivalent Yield vs. Other Credit Instruments 17.9% 11.3% 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 (Tax-Eq. Yield) (at Par) Credit Preferreds Grade Backed Bills Markets Paper Accounts Provided for illus
Slide 60: STRC Tax-Equivalent Yield vs. Other Currencies
STRC Tax-Equivalent Yield vs. Other Currencies (1) 17.9% 11.3% 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 (Tax-Eq. Yield) (at Par) Provided for illustrative purposes only; does not constitute investment advice and should not form the basis fo
Slide 61: STRC has Seasoned and is Trading Near Par
STRC has Seasoned and is Trading Near Par STRC Price BTC Price STRC Rate +5.3% in Dividends 13.00% $120 12.00% 11.25% 10.75% 11.00% 10.25% 10.50% 11.00% 10.00% $100 1% 10.00% 9.00% $80 8.00% 7.00% (30%) $60 6.00% 5.00% $40 4.00% 3.00% $20 2.00% 1.00% $0 0.00% 12-Aug-25 1-Sep-25 12-Sep-251-Oct-25 12-
Slide 62: Volatility of STRC has Declined
Volatility of STRC has Declined STRC Historical Volatility (30D) Launched $1.44B USD Scaled USD Reserve to Reserve $2.25B 20% 15% 10% 7% 5% 0% 18-Nov-25 1-Dec-25 5-Jan-26 30-Jan-26 62
Slide 63: Size of STRC is Growing through ATM
Size of STRC is Growing through ATM Notional Value Outstanding (in $B) $3.4B $3.4B $578M Added through ATM in 3 months $3.2B $3.0B $2.8B $2.8B $2.6B $2.4B $2.2B Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Note: As of 8-K filed on of February 2, 2026. 63
Slide 64: Daily Liquidity of STRC is >$100M
Daily Liquidity of STRC is >$100M STRC trades at over 100x the daily volume of the average listed preferred ($ millions) $118.3 $1.1 $0.1 STRC Avg Listed Pref Avg OTC Pref Note: Data as of January 30, 2026. Avg USD Listed / Non-Listed Prefs reflects 30D ADTV for the top 500 largest U.S. prefs based
Slide 65: STRC's BTC Rating has Improved Relative to BTC Price
STRC’s BTC Rating has Improved Relative to BTC Price USD Reserve and BTC Equity Base has Expanded Significantly through MSTR ATM Issuance STRC BTC Rating BTC Price 7.0x 6.0x 5.6x 5.0x 4.0x 3.0x 11-Nov-25 1-Dec-25 11-Dec-25 1-Jan-26 11-Jan-26 30-Jan-26 65
Slide 66: Digital Credit Ecosystem is Emerging
Digital Credit Ecosystem is Emerging Layer 3: Digital Money Crypto Token Projects: TradFi Projects: ETFs: 6-8% Yield / <1% Vol Buck, Saturn, APYX hope (UK-Regulated MPS) Upcoming STRC $3 Billion Market Cap Others Layer 2: Digital Credit 11.3% Yield / 7% Vol $100 Million Liquidity SATA $60 Billion BT
Slide 67: 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 JP Morgan, Citi, Digital Money Commercial Banks or First Abu Dhabi Bank, Account Crypto Exchanges Coinbase, Binance
Slide 68: Illustrative Models
Illustrative Models Copyright © 2026 Strategy. All Rights Reserved.
Slide 69: Low: 1.4x Increase in Bitcoin Per Share in 7 Years
Low: 1.4x Increase in Bitcoin Per Share in 7 Years Assuming 10% Digital Credit Sales, 10% Dividend Rate, and 1.34x mNAV Bitcoin per Share (In Sats) 1.4x Increase in BPS 262K 274K 5% 238K 250K Annual BTC Yield 216K 227K 195K 205K 2025 2026 2027 2028 2029 2030 2031 2032 Year Note: Provided for illustr
Slide 70: Medium: Double Bitcoin Per Share in 7 Years
Medium: Double Bitcoin Per Share in 7 Years Assuming 16% Digital Credit Sales, 9% Dividend Rate, and 1.75x mNAV Bitcoin per Share (In Sats) 381K 2.0x 348K Increase in BPS 317K 262K 288K 10% 237K Annual BTC Yield 215K 195K 2025 2026 2027 2028 2029 2030 2031 2032 Year Note: Provided for illustrative p
Slide 71: High: 2.5x Increase in Bitcoin Per Share in 7 Years
High: 2.5x Increase in Bitcoin Per Share in 7 Years Assuming 20% Digital Credit Sales, 8% Dividend Rate, and 2.25x mNAV Bitcoin per Share (In Sats) 492K 432K 379K 2.5x Increase in BPS 333K 255K 291K 14% Annual BTC Yield 222K 195K 2025 2026 2027 2028 2029 2030 2031 2032 Year Note: Provided for illust
Slide 72: MSTR is Designed to Outperform BTC
MSTR is Designed to Outperform BTC Hypothetical MSTR vs BTC Performance over 7 Years (MSTR measured as Net BPS Appreciation) Low Medium High 10% Digital Credit Sales, 16% Digital Credit Sales, 20% Digital Credit Sales, 10% Dividend Rate, and 9% Dividend Rate, and 8% Dividend Rate, and 1.34x mNAV 1.7
Slide 73: Strategy
Strategy®
Slide 74: Our BTC Principles
Our BTC Principles 5 Acquire BTC continually while achieving positive BTC Yield. 1 Buy and Hold BTC indefinitely, exclusively, securely. 6 Grow rapidly & responsibly subject to market dynamics. 2 Prioritize MSTR common stock long-term value creation. 7 Issue innovative fixed income securities backed
Slide 75: Thank You
Thank You Copyright © 2026 Strategy. All Rights Reserved.
Slide 76: Q&A
Q&A Michael Saylor, Phong Le, Andrew Kang, Shirish Jajodia Copyright © 2026 Strategy. All Rights Reserved.
Slide 77: Appendix
Appendix Copyright © 2026 Strategy. All Rights Reserved.
Slide 78: Software Highlights
Software Highlights Q4 2025 & FY 2025 Total Revenues Subscription Services Revenues Q4 2025 +62% YoY increase $123.0M $477.2M Q4 2025 Total Revenues FY 2025 Total Revenues ($ in Millions) $51.8 2% YoY increase 3% YoY increase $46.0 $40.8 FY 2025 $37.1 12% 8% Breakdown $31.9 37% 43% Product Licenses
Slide 79: Real-time mNAV can be Tracked on Strategy.com
Real-time mNAV can be Tracked on Strategy.com mNAV is “Multiple of BTC Reserve”, calculated by dividing Enterprise Value by BTC Reserve. Enterprise Value is the sum of the current Market Cap of all Basic Shares Outstanding, our total Notional Debt, and our total Notional Pref, less our most recently
Slide 80: BTC Key Performance Indicators (KPIs)
BTC Key Performance Indicators (KPIs) • Bitcoin Per Share (BPS) is the ratio between the Company’s bitcoin holdings and its Assumed Diluted Shares Outstanding. • BTC Yield is the % change in BPS from the beginning of a period to the end of a period. • BTC Gain is the number of bitcoins held by the C
Slide 81: Return of Capital (ROC) Dividend Guidance
Return of Capital (“ROC”) Dividend Guidance Strategy Expects US ROC Treatment for 10 Years or More, Resulting in Tax-Deferred Dividends(1) US Dividend Tax Dividend Tax Typical / Income Type Characterization Rate(2) Instruments • Strategy has become the world’s most scalable, tax-efficient STRE, STRK
Slide 82: 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 6/30/2025 9/30/2025 12/31/2025 2/1/2026 Total Bitcoin Holdings 70,470 124,391 132,500 189,150 447,470 528,185 597,325 640,031 672,500 713,502 Shares Outstanding (in '000s) (1) Cl
Slide 83: Bitcoin Per Share (BPS) or Sats Per Share (SPS) Calculation
Bitcoin Per Share (BPS) or Sats Per Share (SPS) Calculation (4) 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 2/1/2026 Total Bitcoin Holdings 70,470 124,391 132,500 189,150 447,470 528,185 597,325 640,031 672,500 713,502 Shares Outstanding (in '000s)
Slide 84: 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 Outst
Slide 85: 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
Slide 86: 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 87: 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 88: Important Information about other Terms used in this Presentation
Important Information about other Terms used in this Presentation BTC 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 that are
Slide 89: 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 90: 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