Slide 1: Q3 2025 Financial Results
Q3 2025 Financial Results October 30, 2025 Copyright © 2025 Strategy. All Rights Reserved.
Slide 2: Safe Harbor Statement
Strategy Q3 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 640,808 $83 Billion 3.1% of all BTC ever to be in existence 131st largest publicly listed company in USA Four Listed Preferreds YTD 2025 Capital Raised STRF / STRK / STRD / STRC $19.8 Billion Largest USA IPO of 2025: STRC 88% of 2024’s total Note: As o
Slide 5: EPS (Earnings Per Share) Results
EPS (“Earnings Per Share”) Results Copyright © 2025 Strategy. All Rights Reserved.
Slide 6: Q3 2025: $3.9B Op. Income, $2.8B Net Income, $8.42 EPS
Q3 2025: $3.9B Op. Income, $2.8B Net Income, $8.42 EPS Q3 2024 Q1 2025 Q2 2025 Q3 2025 (Prev. Year) (Prev. Quarter) Operating Income ($0.4B) ($5.9B) $14.0B $3.9B Net Income(1) ($0.3B) ($4.2B) $10.0B $2.8B EPS(2) ($1.72)/sh ($16.49)/sh $32.60/sh $8.42/sh • Adopted FASB fair value accounting on Januar
Slide 7: 9M 2025: $12.0B Op. Income, $8.6B Net Income, $27.71 EPS
9M 2025: $12.0B Op. Income, $8.6B Net Income, $27.71 EPS 9M 2024 9M 2025 (9 months ended 9/30/24) (9 months ended 9/30/25) Operating Income (0.8B) $12.0B Strategy Net Income(1) ($0.5B) $8.6B record highs EPS(2) ($2.71)/sh $27.71/sh (1) Net Income attributable to common stockholders. (2) Diluted earn
Slide 8: BPS (Bitcoin Per Share) 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 (1) (Change in Sats per Share) 67,730 41,370 26,755 6,225 1,519 2021 2022 2023 2024 YTD 2025 10/26/2025 (1) BPS is a KPI that represents the ratio between the Company’s bitcoin holdings and its Assumed Diluted Shares Outstanding, expressed in term
Slide 10: Strategy Has Consistently Delivered BTC Yield Since 2020
Strategy Has Consistently Delivered BTC Yield Since 2020 (1) (Sats per Share) 200,197 158,826 BTC Yield 91,097 83,353 84,872 56,598 2020 2021 2022 2023 2024 10/26/2025 (1) BTC Yield is not equivalent to "yield" in the traditional financial context. BTC Yield is a KPI that represents the percentage c
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) ₿116,555 $20.0 30.0% ₿115,956 26.0% Q3 25.9% Q3 ₿88,109 $12.9 19.7% $12.8 Q2 Q3 Q2 $9.7 ₿49,132 11.0% Q2 $5.4 Q1 Q1 Q1 Target 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 – 84 acquisitions Represents ~3.1% of all bitcoin ever to 640,808 $71B (1) $47B $74K be in existence BTC Holdings BTC NAV Total Acquisition Average BTC 640.0 640.8 Cost Purchase Price
Slide 14: $66 Billion Increase in Digital Assets Value since 9/30/2024
$66 Billion Increase in Digital Assets Value since 9/30/2024 Fair Value 9/30/2024 12/31/2024 1/1/2025 3/31/2025 6/30/2025 9/30/2025 Adoption Digital Assets $6.9B $23.9B +$17.9B $41.8B $43.5B $64.4B $73.2B Deferred Tax Liability(1) ($1.2B) ($1.5B) +$5.1B $3.6B $1.9B $5.9B $6.9B Long-Term Debt(2) $4.2
Slide 15: $9 Billion of Digital Assets Value Added in Q3 2025
$9 Billion of Digital Assets Value Added in Q3 2025 ($ in Billions) $5.0 $73.2 $4.0 -$0.1 $64.4 Unrealized FMV gain = ~$3.9B 6/30/2025 BTC Price BTC Purchased BTC Price 9/30/2025 BTC Holdings Change (Q3/25 Purchases) Change BTC Holdings Market Value (Holdings as of Q2/25) (Q3/25 Purchases) Market Va
Slide 16: Strategy has a Robust Capital Structure
Strategy has a Robust Capital Structure $98B 72% of $83B Ent. Value $71B 1.1x 1.2x 100+ Levered Amplified Years 11.6% of 9.3% of BTC NAV BTC NAV 0.97% of BTC NAV $8.2B $6.6B $689M Enterprise Value Market Cap BTC NAV Convertible Debt Preferred Equity Annual Dividend & Interest Note: As of October 24,
Slide 17: Debt & Preferred Equity
Debt & Preferred Equity 39% of our $8.2B convertible debt is in-the-money Notional Market Conversion Earliest In-the- Maturity Put Date Value ($M) Value ($M) Price Call Date Money Debt: Convertible 2028 $1,010 $2,081 $183.19 9/15/2028 9/15/2027 12/20/2027 Convertible 2029 $3,000 $2,643 $672.40 12/1/
Slide 18: $689 Million Annual Dividend and Interest Expense
$689 Million Annual Dividend and Interest Expense Coupon or Annual Interest Expense or Notional Value ($M) Dividend % Dividend ($M)(2) Converts $8,214 0.421%(1) $35 Interest on Debt $8,214 $35 STRF $1,239 10.00% $124 (3) (4) STRC $2,801 10.50% $294 STRK $1,387 8.00% $111 Cum. Dividends on Pref. Equi
Slide 19: Interest & Dividends to be covered via Common Equity ATM
Interest & Dividends to be covered via Common Equity ATM Interest & Dividends as a % of Capital Raised, Operating Income, and Liquidity 1.7% LTM Total Capital Raised $40.4B 2.6% LTM Equity Raised $26.9B (Common Equity) 6.1% YTD 2025 Operating Income $12.0B 21.7% Average Daily Volume $3.9B (Common Eq
Slide 20: CAMT Update
CAMT Update • As a result of Treasury and IRS interim guidance issued on Sept. 30, Strategy does not expect to be subject to the Corporate Alternate Minimum Tax (CAMT) due to unrealized gains on its bitcoin holdings. • Without this, Bitcoin Treasury Companies could have faced billions in “phantom” t
Slide 21: Capital Markets Update
Capital Markets Update Phong Le President & Chief Executive Officer Copyright © 2025 Strategy. All Rights Reserved.
Slide 22: Join us at Strategy World 2026 in Las Vegas
Join us at Strategy World 2026 in Las Vegas 22
Slide 23: Strategy's Bitcoin Holdings vs. Biggest Corporate Treasuries
Strategy’s Bitcoin Holdings vs. Biggest Corporate Treasuries Berkshire Hathaway $344B Amazon $97B Google $95B Microsoft $95B Strategy $71B #5 NVIDIA $57B Apple $55B Meta $47B Tesla $42B Cash & Short-Term Investments Ford $42B Bitcoin Holdings General Motors $33B Intel $31B Boeing $23B Note: As of Oc
Slide 24: Robust Access to Capital Markets
Robust Access to Capital Markets Raised $20B YTD 2025 through six different securities ($ in billions) Common Equity Preferred Equity Convertible Debt FY 2024 $16.3 $6.2 $22.6 YTD 2025 $11.8 $6.0 $2.0 $19.8 $1.10 $2.52 $1.24 $1.06 STRF STRC STRK STRD Note: As 8-K filed on of October 27, 2025. 24
Slide 25: 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 26: Seasoning and Marketing of U.S. Preferreds
Seasoning and Marketing of U.S. Preferreds Notional Value Outstanding (in $B) STRK STRF STRD STRC $6.7B $6.0B $5.0B $4.0B $3.0B $2.0B $1.0B $0.0B Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Note: As 8-K filed on of October 27, 2025. 26
Slide 27: Expanding the Distribution & Awareness of our Credit
Expanding the Distribution & Awareness of our Credit Distribution Field Marketing Digital Marketing • Brokerages including • Industry conferences • Social media (X, YouTube) Robinhood • Leveraged finance events • Traditional media • Wealth management, • Teach-in sessions for • Strategy.com, Strategy
Slide 28: Expanding Geographic Access to Bitcoin Backed Credit
Expanding Geographic Access to Bitcoin Backed Credit Strategy intends to offer new preferred securities in Europe, Canada, and beyond Strategy’s Current Investor Base • Strategy has raised over $6 Billion through its preferred stock offerings, targeted solely at the U.S. market Target International
Slide 29: S&P has Assigned a 'B-' Issuer Credit Rating to Strategy
S&P has Assigned a ‘B-’ Issuer Credit Rating to Strategy First-ever published rating of a Bitcoin Treasury Company by a major credit rating agency • Assigned Corporate Family Rating: B- • Outlook: Stable outlook reflects expectation that Strategy will continue to manage its capital structure prudent
Slide 30: Expanding Access to Global Corporate Credit
Expanding Access to Global Corporate Credit S&P’s ‘B-’ rating substantially expands the addressable market of our securities Longer Term → Adoption ~$23.6 Trillion Investment Grade Rated (BBB to AAA) 11x Incremental Access → ~$4.9 Trillion 3x S&P has initiated a ‘B-’ corporate High Yield Rated credi
Slide 31: S&P 500 Has Embraced Crypto
S&P 500 Has Embraced Crypto Recent entrants Where do we stack up? Q2 2025 Set to capture a portion of the Q3 2025 #131 $13T+ by market cap(1) that tracks the Q3 2025 S&P 500(2) Strategy has met all inclusion criteria… …so why are we not yet included? ✓ U.S. company and U.S. listed • Eligible ≠ immed
Slide 32: Big Banks have Embraced Crypto
Big Banks have Embraced Crypto 32
Slide 33: Institutional Research Analysts have Embraced Bitcoin
Institutional Research Analysts have Embraced Bitcoin BTC & MSTR Forecasts from Coverage Analysts BTC Price MSTR Firm 2025 2026 Price Target Rating Benchmark $154K $225K $705 Buy Bernstein $200K $600 Buy BTIG $150K $700 Buy Canaccord $464 Buy Cantor $697 Buy New Citi $115K $181K $485 Buy Clear Stree
Slide 34: 2025 Guidance
2025 Guidance Copyright © 2025 Strategy. All Rights Reserved.
Slide 35: Reaffirming BTC Guidance for 2025
Reaffirming 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 26.0% 25.0% $111K $15.0B $93K $12.9B 12/31/2024 10/24/2025 Estimate YTD 2025 Target 2025 Target 2025 YTD 2025 Target 2025 Target 202
Slide 36: Reaffirming Earnings Guidance for 2025
Reaffirming Earnings Guidance for 2025 We expect $34B Operating Income, $24B Net Income & $80 EPS, assuming $150K BTC Price EOY. YTD metrics based Q1-Q3 actuals and BTC price of $114,378 on 9/30/25. Operating Income Net Income(1) EPS(2) $34B $80 $24B $12.0B $27.7 $8.6B Q1-Q3 2025 Target 2025 Q1-Q3 2
Slide 37: Reaffirming STRC Credit Guidance
Reaffirming 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 V
Slide 38: STRC Rate History
STRC Rate History If 5-day VWAP at the end of the month is between $95- $99, we will recommend a 25 bps or more rate increase. 0.25% increase effective 11/1/2025 (based on VWAP). If 5-day VWAP at the end of the month is less than $95, we will recommend a 50 bps or more rate increase. 10.50% 10.25% 1
Slide 39: Return of Capital (ROC) Dividend Guidance
Return of Capital (“ROC”) Dividend Guidance Strategy Expects ROC Treatment for 10 Years or More, Resulting in Tax-Deferred Dividends Dividend Tax Dividend Tax Typical / Income Type Characterization Rate(2) Instruments • Strategy has become the world’s most scalable, tax-efficient generator of fixed
Slide 40: Bitcoin is Digital Capital
Bitcoin is Digital Capital Michael Saylor Executive Chairman Copyright © 2025 Strategy. All Rights Reserved.
Slide 41: The U.S. Government has embraced Bitcoin
The U.S. Government has embraced Bitcoin Donald J. Trump J.D. Vance Scott Bessent Paul Atkins President Vice President Treasury Secretary SEC Chairman Tulsi Gabbard Kelly Loeffler William Pulte Robert F. Kennedy National Intelligence SBA Administrator Federal Housing FHFA Health and Human Services D
Slide 42: Wall Street Has Embraced Bitcoin
Wall Street Has Embraced Bitcoin 85+ 1.5M ~$170B ETFs Launched Globally BTC Holdings BTC Value (Spot ETPs) (Spot ETFs) Note: As of October 26, 2025. 42
Slide 43: Public Companies Have Embraced Bitcoin
Public Companies Have Embraced Bitcoin 200+ ~1M ~$116B Publicly Listed BTC Acquired BTC Value Companies Globally Notable Existing Bitcoin Treasury USA Japan Companies USA France USA India New Entrants USA USA USA Note: As of October 26, 2025. 43
Slide 44: Bitcoin Market Metrics
Bitcoin Market Metrics $2.3T $1.1T $58B BTC Market Cap BTC Realized Value BTC Daily Liquidity 54% 300M+ $76B 5Y Ann. Performance Bitcoin Holders Globally BTC Open Interest 1,100+ ~26 GW 1,000+ Exahash Power Exchanges 700M+ $3.9T 30% Crypto Users Globally Crypto Market cap US Registered Voters Hold C
Slide 45: Digital Credit & Digital Equity Offerings
Digital Credit & Digital Equity Offerings Copyright © 2025 Strategy. All Rights Reserved.
Slide 46: Strategy Enables a Wide Variety of Securities Based on Bitcoin
Strategy Enables a Wide Variety of Securities Based on Bitcoin 5Y Ann. Effective Mkt Value Volatility Return Yield Bitcoin Higher Volatility MSTR $83B 83% 62% - & Leverage $2.6 Trillion Mkt Cap (2) (3) IBIT $85B 53% 38% - 640,808 BTC(1) ~$71B USD STRK $1B 28% 9% $60 Billion STRD $1B 16% 13% Daily Li
Slide 47: Annualized Asset Performance since August 10, 2020
Annualized Asset Performance since August 10, 2020 (1) 2238% 822% 383% 103% 102% 34% 16% -17% Total performance 83% 53% 28% 15% 14% 6% 3% -3% (2) (3) (4) MSTR Bitcoin Magnificent Gold S&P 500 Real Estate Money Bonds 7 Source: FactSet as of October 24, 2025. Note: Past performance is not indicative o
Slide 48: STRK (Strike) is Structured Bitcoin
STRK (Strike) is Structured Bitcoin 8% Dividend Coupon Plus Equity Exposure Through MSTR Conversion Right Effective Yield Adjusted Yield(1) BTC Rating Equity Component %(2) 9.1% 21.6% 5.2x 33% STRK offers a blend of capital appreciation along with consistent quarterly income. YTD Comparable Assets(6
Slide 49: STRD (Stride) is Long Duration High Yield Credit
STRD (Stride) is Long Duration High Yield Credit 10% Cash Dividend Coupon with Strong Asset Coverage Effective Yield Tax-Equiv. Yield(1) BTC Rating Duration 12.5% 19.9% 4.8x 8 years STRD offers the highest effective yield for those wishing to maximize cash flows. Tax-Equiv. Collateral Comparable Ass
Slide 50: STRF (Strife) is Long Duration Senior Credit
STRF (Strife) is Long Duration Senior Credit 10% Cash Dividend Coupon with Enhanced Payment Protection Features Effective Yield Tax-Equiv. Yield(1) BTC Rating Duration 9.1% 14.4% 7.5x 11 years STRF offers the longest duration yield with the highest seniority and investor protections. Tax-Equiv. Coll
Slide 51: STRC (Stretch) is Treasury Credit
STRC (Stretch) is Treasury Credit Variable monthly cash dividend; designed to promote stable price dynamics Effective Yield Tax-Equiv. Yield(1) BTC Rating Hist Volatility (30D) 10.4% 16.5% 5.8x 8% STRC offers pure yield for those seeking stability, simplicity, and minimal volatility. Tax-Equiv. Comp
Slide 52: Dividends Expected to be Treated as ROC (Return Of Capital)
Dividends Expected to be Treated as ROC (Return Of Capital) ROC to the Extent of Investor’s Cost Basis; due to Absence of Current or Accumulated tax E&P Dividend Tax Dividend Tax Typical / Income Type Characterization Rate(2) Instruments Benefits of Return of Capital? ✓ Dividends are not taxed when
Slide 53: MSTR is Amplified Bitcoin
MSTR is Amplified Bitcoin Strategy issues Digital Credit to increase BTC exposure and create shareholder value. 5Y Ann. Return Hist Volatility (30D) Open Interest Amplification(1) 83% 62% $80B 21% Bitcoin per Share(3) 559K (In Sats) 517K 479K 410K 443K 2.8x 380K BTC Factor(2) 351K 325K 283K 239K 30%
Slide 54: Strategy mNAV: Historical Trend
Strategy mNAV : Historical Trend (1) 2.5x 2.0x 1.5x 1.0x Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 As of October 24, 2025. (1) mNAV, or multiple on NAV, equals Strategy’s Enterprise Value divided by BTC NAV. 54
Slide 55: Digital Credit Innovations
Digital Credit Innovations Copyright © 2025 Strategy. All Rights Reserved.
Slide 56: Digital Capital
Digital Capital Illustrative yield (%) Traditional collateral is Bitcoin is an a depreciating asset. appreciating asset. Digital Capital Traditional Savings Credit Accounts DigitalDigital Capital Innovation Credit Note: For illustrative purposes only. There is no guarantee that Bitcoin will apprecia
Slide 57: Digital Risk
Digital Risk Illustrative yield (%) Traditional risk is Bitcoin is transparent, opaque, heterogenous, homogenous, discrete. continuous. Digital Risk Digital Capital Traditional Savings Credit Accounts DigitalCredit Digital Risk Note: For illustrative purposes only. 57
Slide 58: Preferred Equity
Preferred Equity Illustrative yield (%) Deposits and debt are Preferred equity is an asset liabilities that amplify risk. that mitigates risk. Preferred Equity Digital Risk Digital Capital Traditional Savings Credit Accounts Preferred Equity Digital Credit Note: For illustrative purposes only. 58
Slide 59: Perpetual Life
Perpetual Life Illustrative yield (%) Debt is temporary capital Perpetual Preferred with refinance and Equity is permanent withdrawal risk. capital. Perpetual Life Preferred Equity Digital Risk Digital Capital Traditional Savings Credit Accounts Perpetual Life Digital Credit Note: For illustrative p
Slide 60: Public Security
Public Security Illustrative yield (%) Private credit is illiquid, Public credit is liquid, unbranded, local, and branded, global, and easy difficult to access. to access. Public Security Perpetual Life Preferred Equity Digital Risk Digital Capital Traditional Savings Credit Accounts Public DigitalS
Slide 61: Digital Creation
Digital Creation Illustrative yield (%) Creation of credit is Creation of credit is slow, expensive, instant, efficient, and labor intensive. automated. Digital Creation Public Security Perpetual Life Preferred Equity Digital Risk Digital Capital Traditional Savings Credit Accounts DigitalLiquidity
Slide 62: ROC Dividends (Return of Capital Dividends)
ROC Dividends (Return of Capital Dividends) Illustrative yield (%) Taxable Income Tax Deferred Income ROC Dividends Digital Creation Public Security Perpetual Life Preferred Equity Digital Risk Digital Capital Traditional Savings Credit Accounts Digital ROC Credit Dividends Note: For illustrative pu
Slide 63: The Bitcoin Treasury Model
Strategy is a Scalable Tax-Efficient Fixed Income Generator Purchase BTC, which appreciates(1) The Bitcoin tax-deferred Treasury Model Pay Issue digital dividends on equity and digital credit, that is credit, that is tax-deferred (2) tax-deferred (1) There is no guarantee that Bitcoin will appreciat
Slide 64: Strategy has Built a Digital Credit Factory
Strategy has Built a Digital Credit Factory EPS generation Strong collateral (Equity Positive) Tax Deferred (Credit Positive) 30% ARR BTC NAV growth(1) USD $ USD $ BTC Yield USD Yield Equity investors BTC USD $ Credit Investors get amplified get BTC exposure ROC dividends Tax-deferred Tax-deferred g
Slide 65: Benefit of Return of Capital Dividends
Benefit of Return of Capital Dividends Future value in year 10 of a $100 instrument yielding 10% at par (pre-tax) Assuming quarterly reinvestment of after-tax dividends $269 $221 $187 +44% +18% Taxable Interest Qualified Dividends ROC Dividends (37% tax rate) (20% tax rate) (tax deferred) Note: Illu
Slide 66: Digital Credit Opportunities
Digital Credit Opportunities Copyright © 2025 Strategy. All Rights Reserved.
Slide 67: STRC Tax Equivalent Yield vs. Other Credit Instruments
STRC Tax Equivalent Yield vs. Other Credit Instruments 16.5% 7.6% 6.7% 6.5% 4.7% 4.5% 4.1% 4.0% 3.9% 0.4% STRC Private Junk Bonds Bank Investment Mortgage Money Treasury Commercial Bank (Tax-Equivalent Yield) Credit Preferreds Grade Backed Markets Bills Paper Accounts Provided for illustrative purpo
Slide 68: Digital Credit is Superior to Conventional Credit Instruments
Digital Credit is Superior to Conventional Credit Instruments 21.6% 19.9% 16.5% 14.4% 7.6% 6.7% 6.5% 4.7% 4.5% 4.1% 4.0% 3.9% STRK STRD STRC STRF Private Junk Bonds Bank Investment Mortgage Money Treasury Commercial (Tax-Equiv. / Adj. Yield) Credit Preferreds Grade Backed Markets Bills Paper Provide
Slide 69: STRC Tax Equivalent Yield vs. Other Currencies
STRC Tax Equivalent Yield vs. Other Currencies (1) 16.5% 4.1% 4.0% 4.0% 3.5% 2.7% 2.5% 1.9% 1.4% 0.5% -0.1% STRC USD AED GBP AUD CAD KRW EUR SGD JPY CHF (Tax-Equivalent Yield) Provided for illustrative purposes only; does not constitute investment advice and should not form the basis for making an i
Slide 70: Digital Equity, Digital Capital, and Digital Credit Opportunities
Digital Equity, Digital Capital, and Digital Credit Opportunities 62% 60% MSTR is Digital Equity – Amplified BTC for those who want 50% 42% enhanced exposure to Digital Capital amplified by Digital Credit. 40% 28% 30% 16% 20% 14% 10% 8% 0% MSTR BTC STRK STRD STRF STRC 30D Historic Volatility Source:
Slide 71: Digital Equity, Digital Capital, and Digital Credit Opportunities
Digital Equity, Digital Capital, and Digital Credit Opportunities 62% 60% BTC is Digital Capital for those who want a long-term store of 50% 42% value without currency and counterparty risk. 40% 28% 30% 16% 20% 14% 10% 8% 0% MSTR BTC STRK STRD STRF STRC 30D Historic Volatility Source: Strategy.com a
Slide 72: Digital Equity, Digital Capital, and Digital Credit Opportunities
Digital Equity, Digital Capital, and Digital Credit Opportunities 62% STRK is Structured Bitcoin 60% designed to offer a blend of 50% 42% capital appreciation and consistent quarterly income. 40% 28% 30% 16% 20% 14% 10% 8% 0% MSTR BTC STRK STRD STRF STRC 30D Historic Volatility Source: Strategy.com
Slide 73: Digital Equity, Digital Capital, and Digital Credit Opportunities
Digital Equity, Digital Capital, and Digital Credit Opportunities 62% STRD is Long Duration, High Yield 60% Credit for those desiring to maximize cashflows. 50% 42% 40% 28% 30% 16% 20% 14% 10% 8% 0% MSTR BTC STRK STRD STRF STRC 30D Historic Volatility Source: Strategy.com as of October 24, 2025. 73
Slide 74: Digital Equity, Digital Capital, and Digital Credit Opportunities
Digital Equity, Digital Capital, and Digital Credit Opportunities 62% STRF is Long Duration, Senior Credit with the highest seniority and investor protections. 42% 28% 16% 14% 8% MSTR BTC STRK STRD STRF STRC 30D Historic Volatility Source: Strategy.com as of October 24, 2025. 74
Slide 75: Digital Equity, Digital Capital, and Digital Credit Opportunities
Digital Equity, Digital Capital, and Digital Credit Opportunities 62% STRC is Treasury Credit with pure yield for those seeking stability, simplicity, and minimal volatility. 42% 28% 16% 14% 8% MSTR BTC STRK STRD STRF STRC 30D Historic Volatility Source: Strategy.com as of October 24, 2025. 75
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Slide 77: 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 78: Thank You
Thank You Copyright © 2025 Strategy. All Rights Reserved.
Slide 79: Q&A
Q&A Michael Saylor, Phong Le, Andrew Kang, Shirish Jajodia Copyright © 2025 Strategy. All Rights Reserved.
Slide 80: Appendix
Appendix Copyright © 2025 Strategy. All Rights Reserved.
Slide 81: Software Highlights
Software Highlights Q3 2025 ($ in Millions) Total Revenues Subscription Services Revenues $128.7M Q3 2025 +65% YOY increase Q3 2025 Total Revenues 10.9% YoY Increase $46.0 $40.8 $37.1 11% 13% $31.9 $27.8 36% 40% Product Licenses Support Subscription Services Other Services Q3 24 Q4 24 Q1 25 Q2 25 Q3
Slide 82: Real-time mNAV can be Tracked on Strategy.com
Real-time mNAV can be Tracked on Strategy.com mNAV is “Multiple of BTC NAV”, calculated by dividing Enterprise Value by BTC 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 reporte
Slide 83: 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 84: 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 10/26/2025 Total Bitcoin Holdings 70,470 124,391 132,500 189,150 447,470 528,185 597,325 640,031 640,808 Shares Outstanding (in '000s) (1) Class A 76,230 93,2
Slide 85: 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 10/26/2025 Total Bitcoin Holdings 70,470 124,391 132,500 189,150 447,470 528,185 597,325 640,031 640,808 (1) Shares Outstanding (in '000s) Class A 76,2
Slide 86: 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 87: 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 88: 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 89: 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 90: 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 91: 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 92: 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