Slide 1: Q2 2025 Financial Results
Q2 2025 Financial Results July 31, 2025 Copyright © 2025 Strategy. All Rights Reserved.
Slide 2: Safe Harbor Statement
Strategy Q2 2025 Earnings Call Safe Harbor Statement FORWARD-LOOKING STATEMENTS Some of the information we provide in this presentation regarding our future expectations, plans, guidance, and prospects may constitute forward-looking statements, including, without limitation, our guidance with respec
Slide 3: Financial Performance
Financial Performance Andrew Kang Executive Vice President & Chief Financial Officer Copyright © 2025 Strategy. All Rights Reserved.
Slide 4: Strategy Highlights
Strategy Highlights Bitcoin Holdings Market Cap 628,791 $112 Billion 3.0% of all BTC ever to be in existence 96th largest publicly listed company in USA Four Listed Preferreds YTD 2025 Capital Raised STRF / STRK / STRD / STRC $18.3 Billion Largest USA IPO of 2025: STRC 81% of 2024’s total in just 7
Slide 5: EPS Results
EPS (“Earnings Per Share”) Results Copyright © 2025 Strategy. All Rights Reserved.
Slide 6: Q2 2025: $14.0B Op. Income, $10.0B Net Income, $32.60 EPS
Q2 2025: $14.0B Op. Income, $10.0B Net Income, $32.60 EPS Q2 2024 Q1 2025 Q2 2025 (Prev. Year) (Prev. Quarter) Operating Income ($0.2B) ($5.9B) $14.0B Strategy Net Income(1) ($0.1B) ($4.2B) $10.0B record highs EPS(2) ($0.57)/sh ($16.49)/sh $32.60/sh • Adopted FASB fair value accounting on January 1,
Slide 7: H1 2025: $8.1B Op. Income, $5.7B Net Income, $19.43 EPS
H1 2025: $8.1B Op. Income, $5.7B Net Income, $19.43 EPS H1 2024 H1 2025 Operating Income ($0.4B) $8.1B Strategy Net Income(1) ($0.2B) $5.7B record highs EPS(2) ($0.89)/sh $19.43/sh (1) Net Income attributable to common stockholders. (2) Diluted earnings per common share. 7
Slide 8: BPS Results
BPS (“Bitcoin Per Share”) Results Copyright © 2025 Strategy. All Rights Reserved.
Slide 9: Strategy's Business Model Accretes Bitcoin Per Share
Strategy’s Business Model Accretes Bitcoin Per Share (Change in Sats per Share) 67,730 39,716 26,752 6,226 1,521 2021 2022 2023 2024 YTD 2025 7/31/2025 (1) BPS is a KPI that represents the ratio between the Company’s bitcoin holdings and its Assumed Diluted Shares Outstanding, expressed in terms of
Slide 10: Strategy Has Consistently Delivered BTC Yield Since 2020
Strategy Has Consistently Delivered BTC Yield Since 2020 (Sats per Share) 198,543 158,827 BTC Yield 91,097 83,350 84,871 56,598 2020 2021 2022 2023 2024 7/31/2025 (1) BPS is a KPI that represents the ratio between the Company’s bitcoin holdings and its Assumed Diluted Shares Outstanding, expressed i
Slide 11: YTD BTC KPIs vs. 2025 Targets
YTD BTC KPIs vs. 2025 Targets Reflects the incremental value generated through Strategy treasury operations ₿TC Yield % (1) ₿TC Gain (1) ₿TC $ Gain ($ billion) (1) 25.0% 25.0% ₿111,894 $15.0 QTD QTD $13.2 Q3 Q3 QTD 19.7% ₿88,109 Q3 Q2 Q2 $9.5 11.0% ₿49,131 Q2 $4.1 Q1 Q1 Q1 Target 2025 YTD 2025 YTD 2
Slide 12: Balance Sheet Update
Balance Sheet Update Copyright © 2025 Strategy. All Rights Reserved.
Slide 13: Growth in Bitcoin Strategic Treasury Reserve
Growth in Bitcoin Strategic Treasury Reserve Strategy has acquired additional bitcoin in every quarter since Q3 2020 Represents 3.0% of all bitcoin ever to be in existence Bitcoin Holdings (in ‘000s) 628.8 628,791 bitcoins held on balance sheet, acquired for 597.3 a total cost of $46.08 billion, or
Slide 14: $22.6 Billion Increase in Digital Assets Value since 1/1/2025
$22.6 Billion Increase in Digital Assets Value since 1/1/2025 Fair Value 12/31/2024 1/1/2025 3/31/2025 6/30/2025 Adoption Digital Assets $23.9B +$17.9B $41.8B $43.5B $64.4B Deferred Tax Liability(1) ($1.5B) +$5.1B $3.6B $1.9B $5.9B Long-Term Debt(2) $7.2B - $7.2B $8.1B $8.2B Preferred Equity - - - $
Slide 15: $2 Billion of Digital Assets Value added in Q1 2025
$2 Billion of Digital Assets Value added in Q1 2025 ($ in Billions) $7.7 $43.5 $41.8 -$1.1 Unrealized FMV gain recognized -$4.9 in retained $17.9 Unrealized FMV loss earnings = ~$5.9B $23.9 12/31/2024 BTC Price BTC Purchased BTC Price 3/31/2025 BTC Holdings Change (Q1/25 Purchases) Change BTC Holdin
Slide 16: $21 Billion of Digital Assets Value Added in Q2 2025
$21 Billion of Digital Assets Value Added in Q2 2025 ($ in Billions) $6.8 $0.7 $64.4 $13.4 Unrealized FMV gain $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) (Q2/25 Purchases) Market
Slide 17: $9 Billion of Digital Assets Value Added in QTD Q3 2025
$9 Billion of Digital Assets Value Added in QTD Q3 2025 ($ in Billions) $3.7 $0.0 $74.2 $6.1 $64.4 Unrealized FMV gain = ~$6.2B 6/30/2025 BTC BTC Price BTC Purchased BTC Price 7/29/2025 Holdings Change (QTD Q3/25 Change BTC Holdings Market Value (Holdings as of Q2/25) Purchases) (QTD Q3/25 Purchases
Slide 18: Debt & Preferred Equity
Debt & Preferred Equity 39% of our $8.2B convertible debt is in-the-money Notional Market Conversion Earliest Maturity In-the-Money Value ($M) Value ($M) Price Call Date Debt: Convertible 2028 $1,010 $2,278 $183.19 9/14/2028 12/20/2027 Convertible 2029 $3,000 $2,865 $672.40 12/1/2029 12/4/2026 Conve
Slide 19: Strategy Capital Structure
Strategy Capital Structure Strategy’s debt and preferred securities are supported by the value of the Company’s bitcoin reserves and have a substantial equity cushion Equity $126B Bitcoin Surplus STRD Preferred Stock STRK Preferred Stock STRC Preferred Stock STRF Preferred Stock Converts $74B $112B
Slide 20: $614 Million Annual Dividend and Interest Expense
$614 Million Annual Dividend and Interest Expense Coupon or Annual Interest Expense or Notional Value ($M) Dividend % Dividend ($M)(2) Converts $8,214 0.421%(1) $35 Interest on Debt $8,214 $35 STRF $1,051 10.000% $105 STRC $2,801 9.000%(3) $252(4) STRK $1,278 8.000% $102 Cum. Dividends on Pref. Equi
Slide 21: Interest & Dividends to be covered via Common Equity ATM
Interest & Dividends to be covered via Common Equity ATM Interest & Dividends as a % of LTM Capital Raised, Equity Raised, & Daily Traded Volume LTM Total Capital Raised 1.6% $38.5B LTM Equity Raised (Common Equity) 2.3% $26.9B Average Daily Volume (Common Equity Last 30D) 13.7% $5.1B Note: As of Ju
Slide 22: Bitcoin Debt Coverage
Bitcoin Debt Coverage Strategy’s bitcoin holdings at $118,000 per bitcoin provide significant coverage of its indebtedness Bitcoin Debt Coverage ($B) $74 $69 $(5) 0% due March 1, 2030 and 0% due 2029 are $74B BTC the only convertible = ~15x Coverage notes for which the conversion option is not $5B O
Slide 23: Bitcoin Dividend Coverage
Bitcoin Dividend Coverage Strategy’s bitcoin holdings at $118,000 per bitcoin provide significant coverage of preferred dividends Bitcoin Dividend Coverage ($B) $74 $69 $(5) 0% due March 1, 2030 ~120 years of and 0% due 2029 are the only convertible ÷ = preferred dividends notes for which the conver
Slide 24: Bitcoin Update
Bitcoin Update Michael Saylor Executive Chairman Copyright © 2025 Strategy. All Rights Reserved.
Slide 25: The White House has embraced Bitcoin
The White House has embraced Bitcoin 25
Slide 26: 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 William Pulte Brian Quintenz Scott Bessent D
Slide 27: White House Crypto Policy Report
White House Crypto Policy Report 27
Slide 28: Wall Street Has Embraced Bitcoin
Wall Street Has Embraced Bitcoin 80+ 1.5M ~$170B ETFs launched globally BTC Holdings BTC Value (Spot ETPs) (Spot ETFs) 28
Slide 29: Public Companies Have Embraced Bitcoin
Public Companies Have Embraced Bitcoin 160+ ~950,000 ~$110B Publicly Listed BTC Acquired BTC Value Companies Globally Notable Existing Bitcoin Treasury USA USA Japan Companies USA France USA India New Entrants USA USA USA 29
Slide 30: More Companies are Embracing Bitcoin Each Year
More Companies are Embracing Bitcoin Each Year Publicly traded companies with BTC on balance sheet 160 64 39 43 33 0 2 2019 2020 2021 2022 2023 2024 2025 Source: Blockware 30
Slide 31: Companies are Racing to Get into the Bitcoin 100
Companies are Racing to Get into the Bitcoin 100 Note: As of July 30, 2025. 31
Slide 32: Institutional Research Analysts Have Embraced Bitcoin
Institutional Research Analysts Have Embraced Bitcoin The Average BTC Price Forecast of MSTR Coverage Analysts for EOY 2025 is $168,000 Firm EOY 2025 Barclays $116K Bernstein $200K Benchmark $167K BTIG $150K Compass Point $160K HC Wainwright $225K Maxim $235K Stifel $122K TD Cowen $137K Average $168
Slide 33: Technology Investors Have Embraced Bitcoin
Technology Investors Have Embraced Bitcoin 33
Slide 34: Financial Regulators Have Embraced Bitcoin
Financial Regulators Have Embraced Bitcoin 34
Slide 35: SEC Has Embraced Bitcoin
SEC Has Embraced Bitcoin g Paul Atkins @ g I'm pleased to share the SEC approved in-kind creations and redemptions for crypto ETPs. The approvals continue to build a rational regulatory framework for crypto, leading to a deeper and more dynamic market, which will benefit all American investors. ee I
Slide 36: US Federal Housing Authority Has Embraced Bitcoin
US Federal Housing Authority Has Embraced Bitcoin 36
Slide 37: Capitol Hill Has Embraced Bitcoin
Capitol Hill Has Embraced Bitcoin Clarity Act Genius Act Bitcoin Act 37
Slide 38: US States Have Embraced Bitcoin
US States Have Embraced Bitcoin 216 Total Measures 44 States 47 SBR Proposals Introduced 26 States 15 Live SBR Proposals 7 States 3 US states that currently have at least 1 active legislative proposal related to BTC States with SBRs Enacted Source: bitcoinlaws.io as of July 30, 2025. 38
Slide 39: International Governments Have Embraced Bitcoin
International Governments Have Embraced Bitcoin 39
Slide 40: The Crypto Industry Has Embraced Bitcoin
The Crypto Industry Has Embraced Bitcoin 40
Slide 41: Financial Products
Financial Products Copyright © 2025 Strategy. All Rights Reserved.
Slide 42: Strategy Enables a Wide Variety of Securities Based on Bitcoin
Strategy Enables a Wide Variety of Securities Based on Bitcoin Mkt Value TAM Yield Return(3) MSTR $600B+ $100B - - Higher Volatility & Options(2) (Mag7 Options) Bitcoin Leverage MSTR $200B+ $2.3 Trillion $8B (Leverage/Income 72% 145%+ ETFs(2) ETPs) MSTR $112B $57T - 150% (S&P/BTC) IBIT(2) $87B $1T -
Slide 43: STRK is Structured Bitcoin
STRK is Structured Bitcoin Growth-oriented income investors seeking Bitcoin exposure with yield protection 43
Slide 44: STRK (Strike) Preferred Equity
STRK (Strike) Preferred Equity 8% Dividend Coupon Plus MSTR Exposure Through Conversion Right Investment Highlights Conversion • 8% dividend coupon (~6x the S&P 500 average yield) Quarterly STRK Option Dividends • Convertible to common stock (0.1 shares per preferred) (0.1x MSTR (8% p.a.) per STRK)
Slide 45: Universe of Comparable Assets for STRK is $90 Trillion
Universe of Comparable Assets for STRK is $90 Trillion Asset Class Size of Market Effective Yield YTD Performance S&P 500(1) ~$53.8 trillion ~1.3% ~9% Nasdaq 100(2) ~$30.8 trillion ~1.1% ~9% Commercial Real Estate ~$30 trillion ~4.0% ~5% Hedge Funds ~$4.7 trillion - ~4% BTC ~$2.3 trillion - ~20% BTC
Slide 46: STRF is Long Duration Senior Credit
STRF is Long Duration Senior Credit Income-focused investors seeking premium yield with enhanced payment protection 46
Slide 47: STRF (Strife) Preferred Equity
STRF (Strife) Preferred Equity 10% Cash Dividend Coupon with Enhanced Payment Protection Features Investment Highlights • 10% annual cash dividend coupon (~7x the S&P 500 average yield) STRF 10% Cash Yield @ Stated Amount • Escalating dividend protection (1% increase per missed payment; 18% cap) • I
Slide 48: Universe of Comparable Assets for STRF is $40 Trillion
Universe of Comparable Assets for STRF is $40 Trillion Asset Class Size of Market Effective Yield Long-Term U.S. Treasury Notes/Bonds(1) ~$20.1 trillion ~4.4% – 4.9% Agency Mortgage-Backed Securities(2) ~$9.0 trillion ~5.2% U.S. IG Corporate Bonds(3) ~$5.7 trillion ~5.1% Municipal Bond Funds(4) ~$4.
Slide 49: STRD is Long Duration High Yield Credit
STRD is Long Duration High Yield Credit Yield-focused investors seeking high yield with strong collateral coverage 49
Slide 50: STRD (Stride) Preferred Equity
STRD (Stride) Preferred Equity 10% Cash Dividend Coupon with Strong Collateral Coverage Investment Highlights • 10% annual cash dividend coupon (~7x 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 • Up
Slide 51: Universe of Comparable Assets for STRD is $2 Trillion
Universe of Comparable Assets for STRD is $2 Trillion Asset Class Size of Market Effective Yield U.S. High Yield Corporate Bonds(1) ~$1.7 trillion ~7.4% Closed-End Funds(2) ~$249.0 billion ~7.3% Preferred Stock ETFs(3) ~$33.4 billion ~6.0% – 7.0% Emerging Market Debt ETFs(4) ~$27.1 billion ~6.5% STR
Slide 52: STRC is Short Duration High Yield Credit
STRC is Short Duration High Yield Credit Short-duration investors seeking stable value with higher yield than money markets 52
Slide 53: STRC (Stretch) Preferred Equity
STRC (Stretch) Preferred Equity Variable monthly cash dividend; designed to promote stable price dynamics Investment Highlights • Monthly variable cash dividend with effective yield of 10.0% p.a. at IPO • Designed to enable price stability near $100 via variable dividend, call option and ATM • Any m
Slide 54: Universe of Comparable Assets for STRC is $30 Trillion
Universe of Comparable Assets for STRC is $30 Trillion Asset Class Size of Market Effective Yield USD Bank Accounts(3) ~$18.3 trillion ~0.1% – 4.0% Money Market Funds(1) ~$7.4 trillion ~4.2% Short-Term Treasury Bills(2) ~$5.8 trillion ~4.3% Corporate Commercial Paper(4) ~$1.4 trillion ~4.3% Stableco
Slide 55: Seniority & Volatility of our Securities
Seniority & Volatility of our Securities High 10.00 STRF 9.00 10% quarterly fixed dividend, perpetual preferred 8.00 STRC $2.1 billion ATM 7.00 Variable rate monthly dividend, perpetual preferred $4.2 billion ATM Seniority 6.00 STRK 5.00 8% quarterly fixed dividend, convertible preferred $21 billion
Slide 56: Building out the Yield Curve for BTC Credit
Building out the Yield Curve for BTC Credit STRD 12% 11% 10% STRC 9% Future Opportunity STRF $30 trillion in medium-duration corporate credit 8% STRK Yield (%) Junk Bonds 7% 6% Leveraged Loans Preferred Stocks 5% Long-term U.S. 4% Agency MBS Treasury Bonds 3% 2% 0 2 4 6 8 10 12 14 16 Effective Durat
Slide 57: Our Preferred Equities offer Superior Yield and Liquidity
Our Preferred Equities offer Superior Yield and Liquidity 15% STRD 10% STRC STRF STRK Yield (%) 5% 0% $0 $50 $100 $150 $200 $250 $300 30D Average Daily Trading Volume ($M) Source: Bloomberg for other preferreds as of 7/3/2025. Strategy’s preferreds as of 7/29/2025. Preferreds includes exchange-liste
Slide 58: Our Preferred Equities offer Superior Yield and Collateral
Our Preferred Equities offer Superior Yield and Collateral 15% STRD 10% STRC STRF Yield (%) STRK 5% 0% 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x Collateral (x) Source: Bloomberg for other preferreds as of 7/3/2025. Strategy’s preferreds as of 7/29/2025. Preferreds includes exchange-listed, USD preferreds issue
Slide 59: ETF Market Comparisons
ETF Market Comparisons Asset Net Ticker Yield(1) Volatility(2) Fees Liquidity(3) Duration(4) Class Assets PFF $14 B 7% 11% 0.46% $122 M 5.3(5) 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 PSK $1 B 6% 9% 0.45% $6 M 5.3(5) HYG $17 B 6%
Slide 60: Universe of Comparable Assets
Universe of Comparable Assets Asset # of Aggregate Yield Duration Collateral Liquidity Class Securities Outstanding U.S. Treasury 497 $28.3 trillion 4.1% 5.9 N/A $2 billion Agency MBS 35 $9.2 trillion 5.0% 6.1 1.3x $10 billion IG Bonds 12,263 $5.0 trillion 5.0% 6.8 2.1x $9 million Junk Bonds 3,571 $
Slide 61: MSTR is Amplified Bitcoin
MSTR is Amplified Bitcoin Growth investors that want to benefit from the digital transformation of capital. 61
Slide 62: MSTR Performance Metrics
MSTR Performance Metrics (1) Annualized Return Options Market BSE Return (2) 101% 3.1x 3093% #1 vs top S&P 500 IBIT, #1 amongst Crypto Complex #1 vs top S&P 500 Implied Volatility (3) Options Open Interest (4) Options Open Interest as % of Market Cap 53% $92.9 B 89% #18 vs top S&P 500 #6 vs top S&P
Slide 63: Annualized Asset Performance Chart since Aug 10, 2020
Annualized Asset Performance Chart since Aug 10, 2020 3093% 885% 332% 90% 64% 34% -19% Total performance 101% 58% 27% 14% 10% 6% -4% (1) (2) MSTR Bitcoin Magnificent 7 S&P 500 Gold Real Estate Bonds Source: FactSet as of July 29, 2025. Note: Past performance is not indicative of future results. (1)
Slide 64: Asset Performance Chart for Last 12 Months
Asset Performance Chart for Last 12 Months 134% 74% 40% 29% 17% 6% 0% (1) (2) MSTR Bitcoin Gold Magnificent 7 S&P 500 Real Estate Bonds Source: FactSet as of July 29, 2025. Note: Past performance is not indicative of future results. (1) Real Estate refers to iShares Residential and Multisector Real
Slide 65: MSTR Amplifies BTC through Intelligent Leverage
MSTR Amplifies BTC through Intelligent Leverage BTC Factor is the ratio of ending BPS to starting BPS (assuming 30% BTC ARR, 8% dividend rate) (Sats per Share) Baseline 0% Leverage Column1 199K 199K 199K 199K 199K 199K 199K 199K 199K 199K 199K 1.0x BTC Factor 0 1 2 3 4 5 6 7 8 9 10 Year For illustra
Slide 66: MSTR Amplifies BTC through Intelligent Leverage
MSTR Amplifies BTC through Intelligent Leverage BTC Factor is the ratio of ending BPS to starting BPS (assuming 30% BTC ARR, 8% dividend rate) (Sats per Share) Baseline 10% Leverage Column1 1.3x 251K 256K 262K 267K BTC 227K 232K 237K 241K 246K 223K Factor 199K 0 1 2 3 4 5 6 7 8 9 10 Year For illustr
Slide 67: MSTR Amplifies BTC through Intelligent Leverage
MSTR Amplifies BTC through Intelligent Leverage BTC Factor is the ratio of ending BPS to starting BPS (assuming 30% BTC ARR, 8% dividend rate) (Sats per Share) Baseline 20% Leverage Column1 359K 376K 1.9x 328K 343K BTC 300K 314K 274K 287K Factor 262K 237K 199K 0 1 2 3 4 5 6 7 8 9 10 Year For illustr
Slide 68: MSTR Amplifies BTC through Intelligent Leverage
MSTR Amplifies BTC through Intelligent Leverage BTC Factor is the ratio of ending BPS to starting BPS (assuming 30% BTC ARR, 8% dividend rate) (Sats per Share) Baseline 30% Leverage Column1 555K 2.8x 514K BTC 475K Factor 440K 407K 377K 349K 323K 281K 237K 199K 0 1 2 3 4 5 6 7 8 9 10 Year For illustr
Slide 69: MSTR Amplifies BTC through Intelligent Leverage
MSTR Amplifies BTC through Intelligent Leverage BTC Factor is the ratio of ending BPS to starting BPS (assuming 8% Dividend Rate; 10Y duration) Leverage % BTC ARR % 0% 10% 20% 30% 40% 50% 0% 1.0x 1.0x 1.1x 1.1x 1.2x 1.3x 10% 1.0x 1.1x 1.3x 1.5x 1.8x 2.2x 20% 1.0x 1.2x 1.6x 2.1x 2.9x 4.3x 30% 1.0x 1.
Slide 70: MSTR Amplifies BTC through Intelligent Leverage
MSTR Amplifies BTC through Intelligent Leverage BTC Factor is the ratio of ending BPS to starting BPS (assuming 30% Leverage; 10Y duration) Dividend Rate % BTC ARR % 10% 9% 8% 7% 6% 5% 0% 1.0x 1.1x 1.1x 1.2x 1.2x 1.2x 10% 1.4x 1.5x 1.5x 1.6x 1.6x 1.7x 20% 1.9x 2.0x 2.1x 2.2x 2.2x 2.3x 30% 2.6x 2.7x
Slide 71: MSTR Amplifies BTC through Intelligent Leverage
MSTR Amplifies BTC through Intelligent Leverage BTC Factor is the ratio of ending BPS to starting BPS (assuming 30% BTC ARR; 10Y duration) Dividend Rate % Leverage % 10% 9% 8% 7% 6% 5% 0% 1.0x 1.0x 1.0x 1.0x 1.0x 1.0x 10% 1.3x 1.3x 1.3x 1.4x 1.4x 1.4x 20% 1.8x 1.8x 1.9x 1.9x 2.0x 2.0x 30% 2.6x 2.7x
Slide 72: Universe of Comparable Assets for MSTR is $57 Trillion
Universe of Comparable Assets for MSTR is $57 Trillion Asset Class Size of Market YTD Performance S&P 500(1) ~$53.8 trillion ~9% Nasdaq 100(2) ~$30.8 trillion ~9% Magnificent 7(3) ~$19.0 trillion ~6% BTC ~$2.3 trillion ~20% BTC Spot ETPs(4) ~$152.5 billion ~20% MSTR(5) ~$111.9 billion ~32% Sources:
Slide 73: BTC Credit Model
BTC Credit Model Copyright © 2025 Strategy. All Rights Reserved.
Slide 74: Strategy Liabilities and Capital Structure Today
BTC Inv. Grade Strategy Liabilities and Capital Structure Today BTC Mezzanine BTC High Yield Assuming $118,000 BTC Price, 40% BTC Volatility, and 0% BTC ARR (“Skeptic”) Cum. Market Notional Duration BTC BTC BTC Spread As of July 29, 2025 ($M) Notional (Yrs)(1) Rating Risk(2) Credit(3) Credit Premium
Slide 75: Strategy Liabilities and Capital Structure Today
BTC Inv. Grade Strategy Liabilities and Capital Structure Today BTC Mezzanine BTC High Yield Assuming $118,000 BTC Price, 35% BTC Volatility, and 0% BTC ARR (“Skeptic”) Cum. Market Notional Duration BTC BTC BTC Spread As of July 29, 2025 ($M) Notional (Yrs)(1) Rating Risk(2) Credit(3) Credit Premium
Slide 76: Strategy Liabilities and Capital Structure Today
BTC Inv. Grade Strategy Liabilities and Capital Structure Today BTC Mezzanine BTC High Yield Assuming $118,000 BTC Price, 30% BTC Volatility, and 0% BTC ARR (“Skeptic”) Cum. Market Notional Duration BTC BTC BTC Spread As of July 29, 2025 ($M) Notional (Yrs)(1) Rating Risk(2) Credit(3) Credit Premium
Slide 77: Strategy Liabilities and Capital Structure Today
BTC Inv. Grade Strategy Liabilities and Capital Structure Today BTC Mezzanine BTC High Yield Assuming $118,000 BTC Price, 40% BTC Volatility, and 10% BTC ARR (“Trader”) Cum. Market Notional Duration BTC BTC BTC Spread As of July 29, 2025 ($M) Notional (Yrs)(1) Rating Risk(2) Credit(3) Credit Premium
Slide 78: Strategy Liabilities and Capital Structure Today
BTC Inv. Grade Strategy Liabilities and Capital Structure Today BTC Mezzanine BTC High Yield Assuming $118,000 BTC Price, 40% BTC Volatility, and 20% BTC ARR (“Investor”) Cum. Market Notional Duration BTC BTC BTC Spread As of July 29, 2025 ($M) Notional (Yrs)(1) Rating Risk(2) Credit(3) Credit Premi
Slide 79: Strategy Liabilities and Capital Structure Today
BTC Inv. Grade Strategy Liabilities and Capital Structure Today BTC Mezzanine BTC High Yield Assuming $118,000 BTC Price, 40% BTC Volatility, and 30% BTC ARR (“Maximalist”) Cum. Market Notional Duration BTC BTC BTC Spread As of July 29, 2025 ($M) Notional (Yrs)(1) Rating Risk(2) Credit(3) Credit Pre
Slide 80: Strategy Pro-Forma Liabilities and Equitized Capital Structure
Strategy Pro-Forma Liabilities and Equitized Capital Structure Assuming $118,000 BTC Price, 40% BTC Volatility, 0% BTC ARR (“Skeptic”), and conversion of all convertible notes Cum. Market Notional Duration BTC BTC BTC Spread As of July 29, 2025 ($M) Notional (Yrs)(1) Rating Risk(2) Credit(3) Credit
Slide 81: Strategy Pro-Forma Liabilities and Equitized Capital Structure
Strategy Pro-Forma Liabilities and Equitized Capital Structure Assuming $118,000 BTC Price, 40% BTC Volatility, 10% BTC ARR (“Trader”), and conversion of all convertible notes Cum. Market Notional Duration BTC BTC BTC Spread As of July 29, 2025 ($M) Notional (Yrs)(1) Rating Risk(2) Credit(3) Credit
Slide 82: Strategy Pro-Forma Liabilities and Equitized Capital Structure
Strategy Pro-Forma Liabilities and Equitized Capital Structure Assuming $118,000 BTC Price, 40% BTC Volatility, 10% BTC ARR (“Trader”), conversion of all convertible notes, and illustrative example of higher notional value of Preferred Equity Cum. Market Notional Duration BTC BTC BTC Spread 30% Leve
Slide 83: Strategy Pro-Forma Liabilities and Equitized Capital Structure
Strategy Pro-Forma Liabilities and Equitized Capital Structure Assuming $118,000 BTC Price, 30% BTC Volatility, 10% BTC ARR (“Trader”), conversion of all convertible notes, and illustrative example of higher notional values of Preferred Equity Cum. Market Notional Duration BTC BTC BTC Spread 50% Lev
Slide 84: Capital Plan
Capital Plan Phong Le President & Chief Executive Officer Copyright © 2025 Strategy. All Rights Reserved.
Slide 85: Strategy Enables a Wide Variety of Securities Based on Bitcoin
Strategy Enables a Wide Variety of Securities Based on Bitcoin Mkt Value TAM Yield Return(3) MSTR $600B+ $100B - - Higher Volatility & Options(2) (Mag7 Options) Bitcoin Leverage MSTR $200B+ $2.3 Trillion $8B (Leverage/Income 72% 145%+ ETFs(2) ETPs) MSTR $112B $57T - 150% (S&P/BTC) IBIT(2) $87B $1T -
Slide 86: Mid-Term Target BTC Capital Structure (~3 Years)
Mid-Term Target BTC Capital Structure (~3 Years) $1B BTC Rating 10x+ STRF “Investment Grade Equivalent”(1) $3B BTC Rating 10x+ STRC BTC Rating 6x+ “Mezzanine $1B Equivalent”(1) STRK $1B BTC Rating 3x+ “High Yield Equivalent”(1) STRD $74B Unencumbered Bitcoin BTC $112B Equity MSTR Note: Includes curr
Slide 87: We leverage our BTC Treasury to Issue Financial Products
We leverage our BTC Treasury to Issue Financial Products Berkshire Hathaway $348B Amazon $98B Google $95B Microsoft $95B Strategy $74B #5 NVIDIA $54B Apple $48B Meta $47B Tesla $37B Cash & Short-Term Investments Ford $35B Bitcoin Holdings General Motors $32B Boeing $23B Visa $23B Note: As of July 29
Slide 88: Robust Access to Capital Markets
Robust Access to Capital Markets Raised $18B YTD 2025 through six different securities (in $ billion) Common Equity Fixed Income FY 2024 $16.3 $6.2 $22.6 YTD 2025 $10.7 $7.6 $18.3 $2.00 $0.94 $2.52 $1.13 $1.02 Convertible STRF STRC STRK STRD Notes Note: As of 8-K filed on July 28, 2025. 88
Slide 89: STRC is the Largest U.S. IPO in 2025
STRC is the Largest U.S. IPO in 2025 $2,521M $1,750M $1,570M $1,485M $1,380M $1,212M $1,050M $1,000M $1,000M $994M STRC Venture CoreWeave Microchip SailPoint Circle NIQ STRD Shift4 Chime Global Technology Payments (Pref) (Pref) Source: Bloomberg USA Equity Offerings Data. IPO Sizing inclusive of fin
Slide 90: Building Retail Distribution Channels for our Securities
Building Retail Distribution Channels for our Securities Institutional Retail $2,521M $570M 23% $1,000M $153M 15% $1,951M 77% $723M $584M $33M 5% $25M 4% $847M 85% $689M 95% $559M 96% STRK STRF STRD STRC 90
Slide 91: Timeline to Convertible Equitization
Timeline to Convertible Equitization Reflects the remaining notional amount of convertible notes outstanding each year, assuming Strategy equitizes each tranche at the earliest allowable call date and all contractual conditions have been satisfied $8.2B $5.2B $1.4B $0.8B 2025 2026 2027 2028 2029 Not
Slide 92: Strategy's BTC Capital Plan and Credit Strategy
Strategy’s BTC Capital Plan and Credit Strategy 1. Mid-term target BTC Ratings(1): • STRF: 10x+ • STRC: 10x+ • STRK: 6x+ • STRD: 3x+ 2. We currently intend to reduce the overall senior convertible debt outstanding over time. We will seek to equitize the existing convertibles over time, simplifying t
Slide 93: 2025 Guidance
2025 Guidance Copyright © 2025 Strategy. All Rights Reserved.
Slide 94: BTC Guidance for 2025
BTC Guidance for 2025 We expect 30% BTC Yield and $20B BTC $ Gain, assuming $150K BTC Price EOY BTC Price (1) BTC Yield % (1) BTC $ Gain (1) $150K 30% $20B 25.0% 25.0% $118K $15.0B $93K $13.2B 12/31/2024 7/29/2025 Estimate YTD 2025 Target 2025 Target 2025 YTD 2025 Target 2025 Target 2025 12/31/2025
Slide 95: Earnings Guidance for 2025
Earnings Guidance for 2025 We expect $34B Operating Income, $24B Net Income & $80 EPS, assuming $150K BTC Price EOY Operating Income Net Income(1) EPS(2) $34B $80 $24B $8.1B $21.6 $5.7B H1 2025 Target 2025 H1 2025 Target 2025 H1 2025 Target 2025 Note: We have adopted ASU 2023-08, which requires that
Slide 96: MSTR Equity Guidance
MSTR Equity Guidance We will not issue MSTR below 2.5x mNAV(1) except to pay interest and dividends mNAV(1) Implied 5.0x Above 4.0x mNAV MSTR Strategy will actively issue MSTR to acquire Bitcoin Price(2) 4.5x 4.0x $1,000 3.5x Between 2.5x and 4.0x mNAV 3.0x Strategy will opportunistically issue MSTR
Slide 97: STRC Credit Guidance
STRC Credit Guidance We will recommend an increase in the dividend rate if the price(1) is below $99 $105 $104 If 5-day VWAP at the end of 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 5-day VWAP at the e
Slide 98: Comparables
Comparables Copyright © 2025 Strategy. All Rights Reserved.
Slide 99: Benchmarking Strategy vs Top S&P 500 Companies
Benchmarking Strategy vs Top S&P 500 Companies (1) 2025 Estimated Operating Income Market Cap Microsoft $137B Microsoft $3,810B Google $130B Google $2,205B Apple $130B Apple $3,155B NVIDIA $121B NVIDIA $4,282B Amazon $78B Amazon $2,452B Meta $77B Meta $1,520B Broadcom $42B Broadcom $1,399B Exxon $42
Slide 100: Benchmarking Strategy vs Top S&P 500 Companies
Benchmarking Strategy vs Top S&P 500 Companies 2025 Estimated Net Income Market Cap P/E Multiple Google $120B Google $2,205B Google 18.0x Apple $109B Apple $3,155B Apple 29.3x Microsoft $107B Microsoft $3,810B Microsoft 35.2x NVIDIA $104B NVIDIA $4,282B NVIDIA 40.8x Meta $66B Meta $1,520B Meta 22.5x
Slide 101: Benchmarking Strategy vs Top Financial Services Companies
Benchmarking Strategy vs Top Financial Services Companies 2025 Estimated Net Income Market Cap P/E Multiple JP Morgan $55B JP Morgan $826B JP Morgan 14.9x Berkshire Berkshire Berkshire $41B $1,027B Hathaway 24.8x Hathaway Hathaway Bank of Bank of Bank of $28B $361B America 12.9x America America Stra
Slide 102: Benchmarking Strategy vs Top Crypto Companies
Benchmarking Strategy vs Top Crypto Companies 2025 Estimated Net Income Strategy $24B Tether $13.7B (2024) Block $1.7B Coinbase $1.3B Cleanspark $0.2B Circle ($0.2B) Galaxy Digital ($0.3B) Riot ($0.5B) MARA ($0.8B) Note: Actual results of Strategy may vary materially. Source: FactSet on July 29, 202
Slide 103: Benchmarking Strategy vs Top BTC Treasury Companies
Benchmarking Strategy vs Top BTC Treasury Companies 2025 YTD BTC $ Gain Strategy $13B MetaPlanet $939M KULR $75M Semler Scientific $73M Capital ₿ $66M LQWD $9M Source: https://strategytracker.com/ as of July 29, 2025 103
Slide 104: Publicly Listed Companies Ranked by BTC Count
Publicly Listed Companies Ranked by BTC Count 629K 50K 44K 30K 19K 18K 17K 13K 13K 12K 10K 9K 9K 6K 5K 5K 5K 4K 4K 4K Source: https://bitcointreasuries.net/ as of July 30, 2025 104
Slide 105: MSTR Performance Metrics
MSTR Performance Metrics (1) Annualized Return Options Market BSE Return (2) 101% 3.1x 3093% #1 vs top S&P 500 IBIT, #1 amongst Crypto Complex #1 vs top S&P 500 Implied Volatility (3) Options Open Interest (4) Options Open Interest as % of Market Cap 53% $92.9 B 89% #18 vs top S&P 500 #6 vs top S&P
Slide 106: MSTR Valuation
MSTR Valuation Copyright © 2025 Strategy. All Rights Reserved.
Slide 107: How to Value MSTR
How to Value MSTR Traditional Bitcoin Treasury BTC NAV + Earnings X Multiple BTC $ Gain X Multiple Net income of Based on: USD Value of Bitcoin Based on: company from • Earnings growth acquired without • BTC $ Gain growth accretive share dilution operating, • Margins and efficiency • Scale and liqui
Slide 108: ~24x is the Average P/E Multiple of S&P 500 Companies
~24x is the Average P/E Multiple of S&P 500 Companies 2025 Estimated Net Income Market Cap P/E Multiple Google $120B Google $2,205B Google 18.0x Apple $109B Apple $3,155B Apple 29.3x Microsoft $107B Microsoft $3,810B Microsoft 35.2x NVIDIA $104B NVIDIA $4,282B NVIDIA 40.8x Meta $66B Meta $1,520B Met
Slide 109: ~97% of Institutional Capital is Mandated to Equity & Credit
~97% of Institutional Capital is Mandated to Equity & Credit MSTR, STRK STRF, STRK, STRD, STRC $35T ~30x Equity $60T more institutional Credit capital available for BTC Equity and BTC Credit compared to BTC in Commodity form. BTC IBIT $3T Commodities $2.3T in central $700B in banks (primarily privat
Slide 110: Hypothetical MSTR Valuation
Hypothetical MSTR Valuation Traditional Bitcoin Treasury BTC NAV + $75B Earnings X Multiple BTC $ Gain X Multiple $24B X 10x – 40x $20B 10x – 40x $240B - $600B - $960B $275B - $575B - $875B Note: Actual results of Strategy may vary materially. 110
Slide 111: Why MSTR Trades at a Premium to Bitcoin NAV
Why MSTR Trades at a Premium to Bitcoin NAV Strategy Spot Bitcoin ETPs Bitcoin 2 - 4x amplification to BTC Credit Amplification None None through intelligent leverage $100B+ in ~$30B in ~$20B Options Advantage(1) Open Interest Open Interest CME Futures NASDAQ 100, MSCI, Passive Flows Russell 1000 No
Slide 112: Our BTC Principles
Our BTC Principles 5 Acquire BTC continually while achieving positive BTC Yield. 1 Buy and Hold BTC indefinitely, exclusively, securely. 6 Grow rapidly & responsibly subject to market dynamics. 2 Prioritize MSTR common stock long-term value creation. 7 Issue innovative fixed income securities backed
Slide 113: Q&A
Q&A Michael Saylor, Phong Le, Andrew Kang, Shirish Jajodia Copyright © 2025 Strategy. All Rights Reserved.
Slide 114: Appendix
Appendix Copyright © 2025 Strategy. All Rights Reserved.
Slide 115: Fixed Income Instruments for the Bitcoin Era
Fixed Income Instruments for the Bitcoin Era Strife (NASDAQ: STRF) 10% Dividend Senior, fixed preferred 8.0x BTC Rating Stretch (NASDAQ: STRC) 9% Dividend (Variable) Senior, variable preferred 6.1x BTC Rating Strike (NASDAQ: STRK) 8% Dividend Convertible preferred + Perpetual Call Option 5.6x BTC Ra
Slide 116: Software Highlights
Software Highlights Q2 2025 ($ in Millions) Total Revenues Subscription Services Revenues Non-GAAP Subscription Billings(1) $114.5M Q2 2025 +70% YOY increase Q2 2025 +133% YOY increase Q2 2025 Total Revenues 2.7% YoY Increase $40.8 $64.8 $37.1 $57.0 $31.9 13% 6% $27.8 $24.1 $33.4 $32.4 $24.5 36% 45%
Slide 117: Real-time mNAV can be Tracked on Strategy.com
Real-time mNAV can be Tracked on Strategy.com mNAV is “Multiple of Bitcoin NAV”, calculated by dividing Enterprise Value by Bitcoin NAV. Enterprise Value is the sum of the current Market Cap of all Basic Shares Outstanding, our total Notional Debt, and our total Notional Pref, less our most recently
Slide 118: BTC Key Performance Indicators (KPIs)
BTC Key Performance Indicators (KPIs) • Bitcoin Per Share (BPS) is the ratio between the Company’s bitcoin holdings and its Assumed Diluted Shares Outstanding. • BTC Yield is the % change in BPS from the beginning of a period to the end of a period. • BTC Gain is the number of bitcoins held by the C
Slide 119: Basic and Assumed Diluted Shares Outstanding Calculation
Basic and Assumed Diluted Shares Outstanding Calculation 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 3/31/2025 6/30/2025 7/29/2025 Total Bitcoin Holdings 70,470 124,391 132,500 189,150 447,470 528,185 597,325 628,791 Shares Outstanding (in '000s)(1) Class A 76,230 93,220 95,850 149,041 22
Slide 120: Bitcoin Per Share (BPS) or Sats Per Share (SPS) Calculation
Bitcoin Per Share (BPS) or Sats Per Share (SPS) Calculation (4) 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 3/31/2025 6/30/2025 7/29/2025 Total Bitcoin Holdings 70,470 124,391 132,500 189,150 447,470 528,185 597,325 628,791 (1) Shares Outstanding (in '000s) Class A 76,230 93,220 95,850 14
Slide 121: Non-GAAP Reconciliations
Non-GAAP Reconciliations ($ in Millions) Q2 2025 Reconciliation of GAAP to non-GAAP income (loss) from operations Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Revenues $120.4 $129.5 $124.5 $115.2 $111.4 $116.1 $120.7 $111.1 $114.5 Cost of Revenues $27.1 $26.7 $28.2 $30.0 $30.9 $34.3 $34.2 $
Slide 122: Non-GAAP Reconciliations
Non-GAAP Reconciliations ($ in Millions) Q2 2025 Reconciliation of non-GAAP operating expenses Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 GAAP Operating Expenses $120.0 $128.0 $139.0 $288.9 $280.8 $514.3 $1,102.9 $92.5 $94.3 Share-Based Compensation(1)(1) $14.4 $15.6 $18.5 $16.4 $18.9 $17
Slide 123: Non-GAAP Reconciliations
Non-GAAP Reconciliations ($ in Millions) Q2 2025 Reconciliation of total non-GAAP expenses Q2 24 Q2 25 GAAP Expenses Cost of Revenues $30.9 $37.3 Sales & Marketing $34.3 $34.6 Research & Development $30.3 $24.1 General & Administrative $36.1 $35.6 Digital Asset Impairment Losses, Net of Gains on Sal
Slide 124: 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 125: Important Information about KPIs used in this Presentation
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 126: Important Information about KPIs used in this Presentation
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 127: 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 128: 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 129: 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 130: 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