Slide 1: Q1 2026 Financial Results
Q1 2026 Financial Results May 5, 2026 Copyright © 2026 Strategy. All Rights Reserved.
Slide 2: Safe Harbor Statement
Strategy Q1 2026 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 Market Cap 818,334 $62 Billion 3.9% of all BTC ever to be in existence STRC Size YTD 2026 Capital Raised $8.5 Billion 714,644 $11.7 Billion Note: As of 8-K filed on May 4, 2026. Market capitalization as of May 1, 2026. 4
Slide 5: EPS Results
EPS (“Earnings Per Share”) Results Copyright © 2026 Strategy. All Rights Reserved.
Slide 6: Q1 2026 Financial Results
Q1 2026 Financial Results Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 (Prev. Year) (Prev. Quarter) Operating Income ($5.9B) $14.0B $3.9B ($17.4B) ($14.5B) Net Income(1) ($4.2B) $10.0B $2.6B ($12.6B) ($12.8B) EPS(2) ($16.49)/sh $32.60/sh $8.42/sh ($42.93)/sh ($38.25)/sh • Adopted FASB fair value accounti
Slide 7: BPS Results
BPS (“Bitcoin Per Share”) Results Copyright © 2026 Strategy. All Rights Reserved.
Slide 8: BTC KPIs 2025 vs. 2026
BTC KPIs 2025 vs. 2026 Reflects the incremental value generated through Strategy treasury operations ₿TC Per Share YoY ₿TC Yield (%) (1) May 2025 181,030 FY 2025 22.8% May 2026 213,371 YTD 2026 9.4% ₿TC Gain ₿TC $ Gain ($ billion) (1) FY 2025 ₿101,873 FY 2025 $8.9B YTD 2026 ₿63,410 YTD 2026 $5.0B YT
Slide 9: Strategy Has Consistently Delivered BTC Yield Since 2020
Strategy Has Consistently Delivered BTC Yield Since 2020 (1) (Sats Per Share) 213,371 194,986 158,826 BTC Yield 91,097 83,353 84,872 56,598 2020 2021 2022 2023 2024 2025 5/3/2026 Note: Provided for illustrative purposes only. Past performance is not indicative of future results. Actual results may v
Slide 10: Balance Sheet Update
Balance Sheet Update Copyright © 2026 Strategy. All Rights Reserved.
Slide 11: Growth in Bitcoin Treasury Reserve
Growth in Bitcoin Treasury Reserve Strategy has acquired additional bitcoin in every quarter since Q3 2020 – 108 acquisitions 818,334 $64B (1) $62B $76K 3.9% BTC Holdings BTC Reserve Total Acquisition Average BTC of all BTC ever to 818.3 Cost Purchase Price be in existence 762.1 (2) Bitcoin Holdings
Slide 12: Q1 2026 Balance Sheet Snapshot
Q1 2026 Balance Sheet Snapshot 12/31/2025 3/31/2026 1 Digital Assets $58.9B $51.6B 1 While we acquired 89,599 BTC during Q1, the $7.2B decrease in Digital Assets is due Cash & Cash Eq. $2.3B $2.2B to a 23% drawdown in BTC price. 2 Deferred Tax Asset / ($1.9B) $0.0B 2 In Q1 2026, we established a val
Slide 13: $7.2 Billion Decline in Digital Assets Value in Q1 2026
$7.2 Billion Decline in Digital Assets Value in Q1 2026 ($ in Billions) $58.9 $7.3 $51.6 -$1.2 -$13.3 Unrealized FMV loss = ~$14.5B 12/31/2025 BTC Price BTC Purchased BTC Price 3/31/2026 BTC Holdings Change (Q1/26 Purchases) Change BTC Holdings Market Value (Holdings as of Q4/25) (Q1/26 Purchases) M
Slide 14: $12.5 Billion Increase in Digital Assets Value in QTD Q2 2026
$12.5 Billion Increase in Digital Assets Value in QTD Q2 2026 ($ in Billions) $4.1 $0.3 $64.1 $8.1 $51.6 Unrealized FMV gain = ~$8.3B 3/31/2026 BTC Price BTC Purchased BTC Price Change 5/1/2026 BTC Holdings Change (QTD Q2/26 (QTD Q2/26 BTC Holdings Market Value(1) (Holdings as of Q1/26) Purchases) P
Slide 15: Strategy's Balance Sheet is a Digital Fortress
Strategy’s Balance Sheet is a Digital Fortress $82B 1.27x mNAV $64B 34% Amplification 9% Net Leverage $13.5B $8.2B Enterprise Value BTC Reserve Preferred Equity Convertible Debt Note: Market data as of May 1, 2026. BTC and ATM data as of 8-K filed on May 4, 2026. Amplification is equal to the sum of
Slide 16: Strategy Has $58 Billion of Equity Capital
Strategy Has $58 Billion of Equity Capital Approaching bank-scale capital base with structurally lower balance sheet leverage Total Equity Capital (Book Value)(1) $363B $303B $214B $183B $125B $58B JP Morgan Bank of America Citigroup Wells Fargo Goldman Sachs Strategy Liabilities / Assets(2) 92% 91%
Slide 17: Strategy's Leverage Remains Below Most S&P Companies
Strategy’s Leverage Remains Below Most S&P 500 Companies $6.0B 9.3% 10.8x Net Debt(1) Net Leverage (2) BTC Rating Average Net Debt / Assets by Rating Average Net Debt / Assets by Sector 65.0% 48.8% 42.4% 38.5% 33.3% 33.2% 27.1% 22.6% 21.9% 22.1% 23.0% 24.5% 16.4% 9.3% 9.3% Strategy A - AAA B - BBB C
Slide 18: Converts Are Fully Covered Even After 91% BTC Price Decline
Converts Are Fully Covered Even After 91% BTC Price Decline Current Balance Sheet Extreme Downside $78K BTC Price 91% Decline: $7.3K BTC Price $64.1B Convertible Debt Notes have staggered maturities & put dates between 2027-32. 91% price decline Strategy plans to equitize existing convertible debt o
Slide 19: Our USD Reserve Strengthens Our Creditworthiness
Our USD Reserve Strengthens Our Creditworthiness $2.25B USD Reserve 1.5 Years of Dividend $1.5B Coverage(2) USD Reserve Dividends (1) (1) Annual dividends and interest expense as of May 3, 2026. USD Reserve as of 8-K filed on May 4, 2026. Assumes EUR/USD conversion rate of 1.175. (2) Assumes no use
Slide 20: Our BTC Reserve Creates Long-Term Durability
Our BTC Reserve Creates Long-Term Durability $64B BTC Reserve 43 Years of Dividend Coverage (2) 2.3% BTC Breakeven ARR (3) $1.5B BTC Reserve Dividends (1) (1) Annual dividends and interest expenses as of May 3, 2026. BTC data as of 8-K filed on May 4, 2026. Assumes USD/EUR conversion rate of 0.852.
Slide 21: STRC Amendment
STRC Amendment Copyright © 2026 Strategy. All Rights Reserved.
Slide 22: Proposing to Pay STRC Dividends Semi-Monthly
Proposing to Pay STRC Dividends Semi-Monthly 1) Dividends paid two times a month instead of once: 15 & month-end; th economics unchanged(1) 2) Designed to Stabilize Price, Dampen Cyclicality, Drive Liquidity, Grow Demand 3) Nasdaq Rules Limit Frequency (10 Days between Declaration & Record) (1) Annu
Slide 23: 12 Month Calendar – Old vs New Dividend Cadence
12 Month Calendar – Old vs New Dividend Cadence Same total dividend amount; each payment amount is half as much as before & is paid twice as often 12 Payment Dates – Month-end Jan-1 Mar-31 Jun-30 Sep-30 Dec-31 $ $ $ $ $ $ $ $ $ $ $ $ PA YMEN T S / YEA R Old Cadence Payment Dates – 15th &
Slide 24: Monthly Calendar – Old vs New Dividend Cadence
Monthly Calendar – Old vs New Dividend Cadence Record dates on 15th and last day of the month; payment date on subsequent Record Date $ 1 PA YMEN T / M O N T H Old Cadence Last day of previous month Announcement Date 15th of month Record Date Last day of month Payment Date $ $ R2 2 Same STRC Rate w
Slide 25: Semi-Monthly Dividends Would Start After Vote is Passed
Semi-Monthly Dividends Would Start After Vote is Passed Under New Cadence: First Record Date June 30 th First Payment Date July 15 th Dividends on STRC Stock are payable when, as and if declared by the Board of Directors or any duly authorized committee thereof, out of funds legally available for th
Slide 26: Capital Markets Update
Capital Markets Update Phong Le President & Chief Executive Officer Copyright © 2026 Strategy. All Rights Reserved.
Slide 27: Robust Access to Capital Markets
Robust Access to Capital Markets Raised $11.7 Billion in 4 Months YTD 2026 ($ in billions) Common Equity Preferred Equity Convertible Debt FY 2024 $16.3 $6.2 $22.6 72% 28% FY 2025 $16.3 $7.0 $2.0 $25.3 64% 28% 8% YTD 2026 $6.1 $5.6 $11.7 52% 48% Note: As of 8-K filed on May 4, 2026. Common equity is
Slide 28: Strategy is the Largest US Equity Issuer in 2025 and YTD 2026
Strategy is the Largest US Equity Issuer in 2025 and YTD 2026 Total Equity Raised Common Equity Raised Preferred Equity Raised Strategy’s 8% Market Share $23.2B 6% $16.3B 10% $11.6B 33% 6% $7.0B 60% $6.1B $5.6B 2025 YTD 2026 Source: ECM Analytics, Company filings, Dealogic, Capital IQ, Private Raise
Slide 29: Strategy ATM is Shifting Towards More Credit
Strategy ATM is Shifting Towards More Credit ATM % Split: Credit MSTR 17% 48% 81% 88% 83% 52% 19% 12% Jan-26 Feb-26 Mar-26 Apr-26 Note: Each bar reflects cumulative ATM activity for the respective month based on weekly 8-K filings. April 2026 as of 8-K filed May 4, 2026. 29
Slide 30: Institutional Research Analysts Have Embraced Bitcoin
Institutional Research Analysts Have Embraced Bitcoin BTC MSTR Firm 2026 Price Target Price Target Rating As of Benchmark $225K $705 Buy 4/29/26 Bernstein $150K $450 Buy 3/24/26 New B.Riley $200 Buy 4/28/26 BTIG $95K $250 Buy 4/29/26 Canaccord $185 Buy 2/4/26 Cantor $108K $212 Buy 4/20/26 Citi $112K
Slide 31: Digital Equity
Digital Equity Copyright © 2026 Strategy. All Rights Reserved.
Slide 32: MSTR Common Equity is Amplified Bitcoin
MSTR Common Equity is Amplified Bitcoin Annualized Asset Performance since we adopted a bitcoin standard, August 10, 2020(1) 1333% 559% 410% 126% 123% 40% 18% -3% 59% Total performance 39% 26% 15% 15% 6% 3% -1% (3) MSTR Bitcoin Magnificent S&P 500 Gold Real Estate (2) Money Bonds (4) 7 Source: FactS
Slide 33: Our Business Objective is to Increase Bitcoin Per Share (BPS)
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) 213,371 194,986 158,826 BTC Yield 91,097 83,353 84,872 56,598 2020 2021 2022 2023 2024 2025 5/3/2026 Note: Past performance is not indic
Slide 34: Strategy BPS Increase Has Accelerated Since March
Strategy BPS Increase Has Accelerated Since March (Sats Per Share) 213K BTC Yield 202K 196K 0.1% 196K 195K 0.4% Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 Note: Each bar reflects BPS as reported in the final 8-K filing of the respective month. BTC Yield is not equivalent to "yield" in the traditional financ
Slide 35: Objective: Double Bitcoin Per Share in 7 Years
Objective: 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 214K BPS 317K in 4 Months in 2026 262K 288K 10% 237K Annual BTC Yield 215K 195K 24% Amplification 2025 2026 2027 2028 2029 203
Slide 36: MSTR is the World's Most Widely Held Bitcoin Proxy
MSTR is the World’s Most Widely Held Bitcoin Proxy Estimated number of holders and beneficiaries of MSTR common shares ~1,400 ~927,000 ~1,300 Institutions(1) Retail Accounts(2) ETFs & Funds(3) • Asset Managers: BlackRock, Capital • Brokerages • Nasdaq 100 Group, Fidelity, Vanguard • Retirement Accou
Slide 37: Digital Credit
Digital Credit Copyright © 2026 Strategy. All Rights Reserved.
Slide 38: Digital Credit is the Re-Emergence of Preferred Capital
Digital Credit is the Re-Emergence of Preferred Capital From railroads to Digital Credit, preferred stock is re-emerging as a core financing tool 2025+ 1800s – early 1900s Digital Credit is Preferred was a core part of the re-establishing preferred as capital structure and represented a core financi
Slide 39: Digital Credit Overview
Digital Credit Overview STRC STRF STRD STRK STRE Treasury Credit Lowest Risk Highest Yield Upside Exposure Euro-Denominated Size $8.5B $1.3B $1.4B $1.4B $0.9B(5) Liquidity(1) $375M $10M $5M $9M - Dividend % 11.5% (Variable) 10% (Fixed) 10% (Fixed) 8% (Fixed) 10% (Fixed) Div. Frequency Monthly Quarte
Slide 40: STRC ("Stretch") Highlights
STRC (“Stretch”) Highlights Current Yield Hist. Volatility (30D) 30D Sharpe 11.5% Tax-Deferred (“ROC”) / 3.1% Designed to be stable 2.53 18.3% Tax-Eq. Yield (1) at $100 Notional Value Avg. Daily Liquidity (30D) 2026 YTD ATM $8.5B 714,644 $375M $5.6B Nasdaq-Listed BTC Rating Dividend Coverage (2) 4.1
Slide 41: STRC Has Rapidly Grown to $8.5 Billion in Just 9 Months
STRC Has Rapidly Grown to $8.5 Billion in Just 9 Months Notional Value Outstanding (in $B) $8.5B $8.0B ~340% Annualized Growth Rate $6.5B $5.7B $5.0B Added through ATM $2.8B $3.5B $2.0B Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 Note: As of 8-K filed on May 4, 2026. Histor
Slide 42: STRC is the Largest Tradeable Preferred in the World
STRC is the Largest Tradeable Preferred in the World Tradeable preferreds ranked by market cap USD billions $8.5B $4.7B $3.7B $3.6B $3.0B $2.7B $2.5B $1.9B $1.7B $1.5B STRC WFC/PL BAC/PL FNMAS FMCKJ C/PN POW.PR.E JPM/PC JPM/PD WFC/PZ Strategy Wells Fargo Bank of Fannie Mae Freddie Mac Citi Power Cor
Slide 43: STRC Liquidity is ~25x the Second Largest Preferred
STRC Liquidity is ~25x the Second Largest Preferred Tradeable preferreds 30D average daily liquidity ranked by market cap USD millions $375M $15M $16M $9M $5M $4M $4M $3M $4M <$1M STRC WFC/PL BAC/PL FNMAS FMCKJ C/PN POW.PR.E JPM/PC JPM/PD WFC/PZ Strategy Wells Fargo Bank of Fannie Mae Freddie Mac Ci
Slide 44: STRC Has 10x the Turnover of the Next Best Preferred
STRC Has 10x the Turnover of the Next Best Preferred Tradeable preferreds 30D average daily liquidity as % of market cap 4.4% 0.3% 0.4% 0.3% 0.2% 0.2% 0.2% 0.2% 0.2% 0.0% STRC WFC/PL BAC/PL FNMAS FMCKJ C/PN POW.PR.E JPM/PC JPM/PD WFC/PZ Strategy Wells Fargo Bank of Fannie Mae Freddie Mac Citi Power
Slide 45: STRC Traded Near Par & Paid Dividends While BTC Fell 37%
STRC Traded Near Par & Paid Dividends While BTC Fell 37% STRC Price BTC Price STRC Rate +6.4% in Dividends(1) 13.00% $120 11.25% 11.50% 11.50% 11.50% 12.00% 10.75% 11.00% 10.50% 11.00% $100 0% 10.00% 9.00% $80 8.00% 7.00% $60 (37%) 6.00% 5.00% $40 4.00% 3.00% $20 2.00% 1.00% $0 0.00% 6-Oct-25 6-Nov-
Slide 46: ATM Velocity of STRC Has Accelerated
ATM Velocity of STRC Has Accelerated Weekly Issuance of STRC (in $M) $2,176M $1,180M $1,001M $377M $330M $294M $119M $78M $7M $7M Jan-11 Jan-18 Jan-25 Feb-1 Feb-8 Feb-15 Feb-22 Mar-1 Mar-8 Mar-15 Mar-22 Mar-29 Apr-5 Apr-12 Apr-19 Apr-26 May-3 Note: As of 8-K filed on May 1, 2026. Historical performa
Slide 47: STRC is Consistently Trading in its Target Range Since March
STRC is Consistently Trading in its Target Range Since March $104.00 200.00% Monthly VWAP % of Time in Target Range ($99 – $101) 180.00% $102.00 160.00% $99.64 $99.92 $99.69 $99.87 $99.18 $100.00 $98.47 140.00% $98.69 $98.00 $97.45 $97.84 120.00% 100% 100% 100% $96.31 90% 100.00% $96.00 80% 80.00% 4
Slide 48: Daily Liquidity Has Grown ~7x in 5 Months to $365M
Daily Liquidity Has Grown ~7x in 5 Months to $365M Average Daily Traded Volume for Each Month (in $M) $365M $257M $121M $118M $54M Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 Historical performance does not guarantee future results. Actual results may vary materially. 48
Slide 49: STRC Sharpe Ratio Compared to Traditional Credit
STRC Sharpe Ratio Compared to Traditional Credit 2.53 0.66 0.26 0.22 0.15 -0.14 STRC Junk Investment Banks Mortgage Treasury Bonds Grade Preferreds Backed Bills Note: As of market close on May 1, 2026. With respect to credit and preferred equity instruments, calculated as (Effective Yield - Risk-Fre
Slide 50: STRC Sharpe Ratio Compared to Traditional Asset Classes
STRC Sharpe Ratio Compared to Traditional Asset Classes 2.53 0.93 0.86 0.86 0.41 0.17 STRC SPY BTC QQQ GLD VNQ Note: As of market close on May 1, 2026. With respect to credit and preferred equity instruments, calculated as (Effective Yield - Risk-Free Rate) / Hist Volatility (30D). With respect to c
Slide 51: STRC Sharpe Ratio Compared to Traditional Equities
STRC Sharpe Ratio Compared to Traditional Equities 2.53 1.82 1.01 0.59 0.52 0.41 0.34 0.20 STRC NVDA GOOG AAPL TSLA MSFT META AMZN Note: As of market close on May 1, 2026. With respect to credit and preferred equity instruments, calculated as (Effective Yield - Risk-Free Rate) / Hist Volatility (30D
Slide 52: STRC Sharpe Ratio Compared to Hedge Fund Strategies
STRC Sharpe Ratio Compared to Hedge Fund Strategies Higher Risk-Adjusted Returns with Zero Fees and Daily Liquidity 2.53 2.18 1.76 1.68 1.43 1.17 1.07 1.04 0.80 STRC Multistrategy Macro Municipal Equity Arbitrage Emerging Credit and Event Driven Credit Markets Fixed Income Note: STRC Sharpe ratio ca
Slide 53: Hedge Funds, Private Credit, Private Equity vs Digital Credit
Hedge Funds, Private Credit, Digital Credit Private Equity Liquid Illiquid Lockups from ~90 days (Hedge Funds) to 3-7 yrs (Private Credit) to 7-10 yrs (Private Equity); limited or no interim liquidity No Fee High Fee 1-2% mgmt. fee + 10-20% carry/performance fee Homogeneous Heterogeneous Many differ
Slide 54: Capital Markets Strategy
Capital Markets Strategy Copyright © 2026 Strategy. All Rights Reserved.
Slide 55: 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 56: Our Treasury Operations Provide Significant Optionality
Our Treasury Operations Provide Significant Optionality Sources of Capital Uses of Capital MSTR BTC STRC USD Dividends (2) USD Reserve USD Reserve BTC Debt STRK, STRF, STRD, STRE STRK, STRF, STRD, STRE BTC Derivatives(1) (1) Potential source of capital in the future. (2) We also use capital to pay E
Slide 57: Adding More Engines to our Bitcoin Accretion Vehicle
Adding More Engines to our Bitcoin Accretion Vehicle Sell MSTR Buy BTC Buy USD Current Trades Sell STRC Buy BTC Sell MSTR Buy BTC Buy USD Buy Debt Future Sell STRC Buy BTC Trades Buy USD Buy Debt Sell BTC Buy USD Buy Debt For illustrative purposes only. Examples of potential capital raising and allo
Slide 58: Decision Making Framework for Capital Markets Activities
Decision Making Framework for Capital Markets Activities Every action is evaluated through both an equity performance and a credit risk lens Equity Performance Credit Risk BTC Per Share BTC Rating BTC Yield MSTR Duration BTC Gain MSTR Risk Note: BTC Risk depends on BTC ARR and Vol assumptions. MSTR
Slide 59: BPS accretion is primary goal, with mNAV as one input
BPS accretion is primary goal, with mNAV as one input mNAV breakeven for accretive MSTR issuance to purchase BTC is ~ 1.22x; breakeven changes with capital structure changes ~1.22x mNAV breakeven BPS accretion occurs when ADSO Market Cap > BTC Reserves ADSO Market Cap (Assumed Diluted Shares BPS Acc
Slide 60: Bitcoin Holdings by Cost Basis Tier
Bitcoin Holdings by Cost Basis Tier $7.6B $2.2B Assuming $80K Unrealized Loss Tax Benefit(1) BTC Sale Price ₿305,082 $3.7B Unrealized Gain ₿184,410 $7.5B Unrealized Gain ₿129,000 ₿81,779 ₿67,177 ₿50,886 $0-$20K $20K-$40K $40K-$60K $60K-$80K $80K-$100K $100K+ Average Price ~$13K ~$30K ~$50K ~$70K ~$9
Slide 61: Strategy Has Capacity to Further Increase Amplification
Strategy Has Capacity to Further Increase Amplification Digital Credit allows for significantly higher Amplification compared to Converts 75% Amplification (%) 50% Convertible Introduction of Debt Only Digital Credit 34% 25% 20% Baseline 0% Jan-24 Apr-24 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 Oct-25 Jan
Slide 62: USD Reserve Strategy Balances BTC Yield and Credit Risk
USD Reserve Strategy Balances BTC Yield and Credit Risk Coupon or Annual Interest Expense or Notional Value ($M) Dividend % Dividend ($M)(2) Converts $8,214 0.42%(1) $35 Total Converts $8,214 $35 STRF $1,284 10.00% $128 STRC $8,537 11.50%(3) $982(4) STRE $911 10.00% $91 STRK $1,402 8.00% $112 Total
Slide 63: Our Capital Markets Principles
Our Capital Markets Principles 1 4 Monitor STRC demand & Create long-term value for MSTR by credit risk to determine size of increasing Bitcoin Per Share (BPS) USD Reserve 2 Grow demand for STRC and continue to improve its features 5 Adjust amplification based on market conditions 3 Proactively redu
Slide 64: Digital Capital
Digital Capital Michael Saylor Founder & Executive Chairman Copyright © 2026 Strategy. All Rights Reserved.
Slide 65: 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 Kevin Warsh Tulsi Gabbard Kelly Loeffler William Pulte Fed Chair Nominee National Intelligence SBA Administrator Federal Housing FHFA Director Direct
Slide 66: Capitol Hill Has Embraced Bitcoin
Capitol Hill Has Embraced Bitcoin Bitcoin Act Genius Act Clarity Act Bitcoin for America Act 66
Slide 67: Announcements From Banks at Bitcoin for Corporations
Announcements From Banks at Bitcoin for Corporations 67
Slide 68: Global Banks' Recent Bitcoin-Related Announcements
Global Banks’ Recent Bitcoin-Related Announcements 68
Slide 69: Global Banks Have Embraced Bitcoin
Legend Global Banks Have Embraced Bitcoin None Early Stage Partial Full IBIT Trading Credit Against IBIT BTC Trading 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
Slide 70: TradFi and FinTech Have Embraced Bitcoin
TradFi and FinTech Have Embraced Bitcoin Number of Accounts with BTC Trading Access 2024 2025 2026 980M 985M 840M 860M 800M 715M 615M 430M 125M Crypto Native Exchange FinTech and Neobanks Brokerages, Banks, and Wealth Management Note: Approximate figures from public sources. Totals show gross accoun
Slide 71: ETFs Have Embraced Bitcoin
ETFs Have Embraced Bitcoin BTC Holdings of US-Listed Spot BTC ETFs 1.6M 1.4M 125+ 1.2M 1.3M ETPs Launched 1.1M 1.1M Globally 0.9M 1.6M 0.8M 0.9M BTC Holdings $126B BTC Value Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Source: Dune & ETFGI. Bitcoin market data as of May 1, 2026. 71
Slide 72: 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 $86B 39 43 BTC Value 33 0 2 2019 2020 2021 2022 2023 2024 2025 Source: Blockware & BitcoinTreasuries.Net. As of May 1, 2026. 72
Slide 73: Public Markets Have Embraced Bitcoin
Public Markets Have Embraced Bitcoin Index Inclusion IPOs S&P 500 Q2 2025 Q2 2025 Goldman Sachs S&P 500 Q3 2025 Q2 2025 J.P. Morgan S&P 500 Q3 2025 Q3 2025 J.P. Morgan Q3 2025 Goldman Sachs Q1 2026 Goldman Sachs (Future) Morgan Stanley (Future) (Confidential) Note: As of April 30, 2026. Showing left
Slide 74: Digital Credit Ecosystem
Digital Credit Ecosystem Copyright © 2026 Strategy. All Rights Reserved.
Slide 75: Digital Credit is Designed for Every Investor Class
Digital Credit is Designed for Every Investor Class Retail Investors Corporate Treasuries ~80% 120K Accessible through leading Held by Retail (1) Retail Accounts(2) brokerages Institutional TradFi Crypto Native Innovations Investors (1) ~80% held by retail represents STRC holders and is management's
Slide 76: STRC is Widely Held Across All Leading Retail Brokerages
STRC is Widely Held Across All Leading Retail Brokerages Broadly accessible to retail investors across brokerages and ETFs STRC Ownership ~ 20% Institutional ~ 80% Retail Ownership(1) Ownership ~% of STRC Held through 4% 23% 17% 5% 5% (ETF) 2% 5% 2% 2% 2% <1% Unknown (ETF) ~3M estimated beneficiarie
Slide 77: ~3 Million Households Benefit From STRC
~3 Million Households Benefit From STRC STRC ~3 Million Households Management estimate based on ETF and fund assets under management divided by assumed average position sizes per investor, informed by industry data on retail brokerage account sizes and typical allocations. Actual investor counts may
Slide 78: Corporates are Allocating Treasury Capital to STRC
Corporates are Allocating Treasury Capital to STRC Adoption across operating companies, financial institutions, and bitcoin treasury firms $80M $50M $10M $10M Feb 2026 March 2026 Feb 2026 Feb 2026 Ongoing discussions with more corporates; increased liquidity expected to unlock larger capital allocat
Slide 79: STRC is a Top Holding in Leading Preferred ETFs
STRC is a Top Holding in Leading Preferred ETFs Included in the largest preferred ETF platforms including BlackRock and VanEck #1 Largest #6 Largest Preferred ETF Preferred ETF PFF ($14B AUM) PFXF ($2B AUM) iShares Preferred and Income Securities ETF VanEck Preferred Securities ex Financials ETF Com
Slide 80: Third-Party ETFs Expanding the STRC TradFi Ecosystem
Third-Party ETFs Expanding the STRC TradFi Ecosystem New ETF filings and issuer engagement signal growing demand for STRC-based products Announced products Pipeline & momentum Strive – Filed U.S. ETF focused on STRC and SATA ✓ Active discussions with 4 U.S. and international ETF issuers ✓ Interest i
Slide 81: Digital Money & Digital Yield
Digital Money & Digital Yield Copyright © 2026 Strategy. All Rights Reserved.
Slide 82: Bitcoin Transformed Into Programmable Capital
Bitcoin Transformed Into Programmable Capital Strategy transforms Digital Capital into Digital Credit and Equity, enabling financial innovation Layer 3 0% Vol, 5-10% Yield STRC Digital Money 3% Vol, 11.5% Yield Higher Vol, 15-25% Yield Digital Credit Digital Yield Enabling structured portfolios 34%
Slide 83: Digital Money and Digital Yield Defined
Digital Money is 0% volatility, daily liquid instruments built on Digital Credit. Digital Yield is non-zero volatility or illiquid instruments built on Digital Credit. 83
Slide 84: Digital Credit is Programmable Across Dimensions
Digital Credit is Programmable Across Dimensions Dimension Range Type Token, Private Fund, Public Fund, Account Platform Exchange, Bank, Network, Corporate Volatility 0 – 10% Liquidity Continuous, Daily, Monthly, Quarterly, Annual Yield 5% – 25% Currency GBP, EUR, JPY, CHF, CAD, AUD 84
Slide 85: 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 Digital Money Commercial Banks or JP Morgan, Citi, FAB Account Crypto Exchanges Coinbase, Binance 85
Slide 86: STRC Can Be Stepped Down or Stepped Up with Leverage
STRC Can Be Stepped Down or Stepped Up with Leverage Leverage Performance Volatility % <1x STRC 20% - 80% 5% - 10% 0% 1x STRC 100% 11.5% 3% >1x STRC 150% - 300% 15% - 25% 0% - 10% Note: For illustrative purposes only. Historical performance does not guarantee future results. Does not constitute inve
Slide 87: Layer 3 Adoption
Layer 3 Adoption STRC serves as the building block for further innovation across crypto and TradFi ecosystems Company STRC Held Description (if reported) $130M Dividend-Backed Stablecoin $5M(1) BTC-Backed Synthetic Dollar $81M Tokenized STRC Trading (xSTRC) Crypto - Tokenized Wrapped STRC Trading (S
Slide 88: Distribution of STRC in DeFi Industry
Distribution of STRC in DeFi Industry STRC adoption in DeFi has scaled rapidly, growing to $270M+ $270M+ Ondo Launch May 2026 Saturn Launch Hermetica Launch Apr 2026 Apyx Launch Roxom STRC Launch Mar 2026 STRC Tokenized on Kraken xStocks STRC Launch Dec 2025 Jul 2025 1 STRC in DeFi AUM ($M) STRC DeF
Slide 89: Outlook & Vision
Outlook & Vision Copyright © 2026 Strategy. All Rights Reserved.
Slide 90: We Structure and Securitize Bitcoin
We Structure and Securitize Bitcoin Ann. 30-D Effective Mkt Value Return(2) Volatility Yield Bitcoin Higher Volatility MSTR $62B 59% 71% - ~$1.6 Trillion Mkt Cap BTC 39% 34% - 818,334 BTC(1) ~$64B USD STRK $1.1B 19% 10.0% ~$40 Billion STRD $1.0B 12% 13.0% Daily Liquidity STRE €0.8B 13.0% STRF $1.3B
Slide 91: If BTC ARR > 2.3%, BTC Sales Can Fund Dividends Forever
If BTC ARR > 2.3%, BTC Sales Can Fund Dividends Forever Assuming Capital Structure Remains Unchanged Years of Dividend Coverage ∞ 43 Years BTC ARR 0% 2.3% BTC Breakeven ARR Note: As of May 1, 2026. For illustrative purposes only; does not constitute investment advice and should not form the basis fo
Slide 92: BTC Breakeven ARR Updates on Website Every 15 Seconds
BTC Breakeven ARR Updates on Website Every 15 Seconds 92
Slide 93: Selling BTC to Pay Dividends While Remaining a Net BTC Buyer
Selling BTC to Pay Dividends While Remaining a Net BTC Buyer Illustrative 1-year scenario: Sell BTC to pay $1.5B dividends; Sell STRC to buy BTC STRC Sales 0% 2.3% 5% 10% 15% 20% (as % of BTC Reserve) STRC Sales 0 $1.5B $3.2B $6.4B $9.6B $12.8B BTC Breakeven 144,675 Net BTC 103,758 Bought 62,842 21,
Slide 94: Equity & Risk Model
Equity & Risk Model Copyright © 2026 Strategy. All Rights Reserved.
Slide 95: Strategy's Risk Can Be Quantified
Strategy’s Risk Can Be Quantified 3.3x 10.9 yrs 8.18% 61 bps BTC Rating MSTR Duration MSTR Risk MSTR Credit BTC Reserves / Weighted Avg. Stochastic Weighted Avg. BTC Weighted Avg. BTC Credit (Net Debt + Pref) Duration of All Debt & Pref Risk of All Debt & Pref Spread of All Debt & Pref Driven by 10%
Slide 96: MSTR Risk is Driven by BTC Price, ARR, & Vol Assumptions
MSTR Risk is Driven by BTC Price, ARR, & Vol Assumptions Impact of BTC ARR and BTC Vol on MSTR Risk BTC ARR Assuming $78,350 BTC Price -10% 0% 10% 20% 30% 30% 43.80% 15.77% 1.70% 0.05% 0.00% 35% 45.86% 21.38% 4.34% 0.33% 0.01% BTC Vol 40% 47.94% 26.68% 8.18% 1.20% 0.08% 45% 50.01% 31.60% 12.86% 3.01
Slide 97: MSTR Risk is Driven by BTC Price, ARR, & Vol Assumptions
MSTR Risk is Driven by BTC Price, ARR, & Vol Assumptions Impact of BTC Price and BTC Vol on MSTR Risk Assuming 10% BTC ARR BTC Price $33K $48K $63K $78K $93K $108K $123K 30% 7.35% 4.11% 2.56% 1.70% 1.19% 0.87% 0.65% 35% 12.44% 8.17% 5.80% 4.34% 3.36% 2.68% 2.18% BTC Vol 40% 17.99% 13.11% 10.15% 8.18
Slide 98: MSTR Risk is Driven by BTC Price, ARR, & Vol Assumptions
MSTR Risk is Driven by BTC Price, ARR, & Vol Assumptions Impact of BTC Price and BTC ARR on MSTR Risk Assuming 40% BTC Vol BTC Price $33K $48K $63K $78K $93K $108K $123K -10% 57.89% 53.82% 50.62% 47.94% 45.62% 43.56% 41.72% 0% 40.81% 34.57% 30.10% 26.68% 23.94% 21.71% 19.83% BTC ARR 10.0% 17.99% 13.
Slide 99: Sell MSTR to Buy BTC for a $1 Billion Trade
Sell MSTR to Buy BTC for a $1 Billion Trade Metric Delta Absolute value BTC Gain Sell MSTR Buy BTC Yield BTC Rating MSTR Duration MSTR Risk BTC $ Gain -₿3,956 1.00x mNAV BTC -48 bps -$310M 1.22x mNAV BTC No Change ₿2,940 1.50x mNAV BTC 36 bps $230M +5.1 bps -13.2 bps No Change 3.3x 8.04% ₿4,666 1.75
Slide 100: Sell MSTR or BTC to Pay Dividends for a $1 Billion Trade
Sell MSTR or BTC to Pay Dividends for a $1 Billion Trade Metric Delta Absolute value Sell BTC Gain Buy BTC Yield BTC Rating MSTR Duration MSTR Risk MSTR / BTC BTC $ Gain -₿16,463 1.00x mNAV Dividends -201 bps -$1,290M -₿12,567 1.22x mNAV Dividends -154 bps -$985M -₿9,672 1.50x mNAV Dividends -118 bp
Slide 101: Sell MSTR or BTC to Fund USD Reserve for a $1 Billion Trade
Sell MSTR or BTC to Fund USD Reserve for a $1 Billion Trade Metric Delta Absolute value Sell BTC Gain Buy BTC Yield BTC Rating MSTR Duration MSTR Risk MSTR / BTC BTC $ Gain -₿16,463 1.00x mNAV USD -201 bps -$1,290M -₿12,567 1.22x mNAV USD -154 bps -$985M -₿9,672 1.50x mNAV USD -118 bps -$758M +160 d
Slide 102: Sell STRC to Buy Converts for a $500 Million Trade
Sell STRC to Buy Converts for a $500 Million Trade Metric Delta Absolute value Buy BTC Gain MSTR Sell BTC Yield BTC Rating MSTR Risk Net Leverage Bond Price / Conv. Price BTC $ Gain Duration Conv 2028 ₿4,633 -1.8 bps +108 days +31.2 bps -61.7 bps STRC 57 bps $126 / $183 $363M 3.3x 11.2 yrs 8.49% 8.6
Slide 103: Sell BTC to Buy MSTR for a $1 Billion Trade
Sell BTC to Buy MSTR for a $1 Billion Trade Metric Delta Absolute value BTC Gain Sell Buy MSTR BTC Yield BTC $ Gain BTC Rating MSTR Duration MSTR Risk ₿52,080 BTC 0.50x mNAV 636 bps $4,080M ₿13,693 BTC 0.75x mNAV 167 bps $1,073M ₿4,122 BTC 1.00x mNAV 50 bps $323M -5.1 bps +13.6 bps BTC 1.22x mNAV No
Slide 104: Sell STRC to Buy MSTR for a $1 Billion Trade
Sell STRC to Buy MSTR for a $1 Billion Trade Metric Delta Absolute value BTC Gain Sell Buy MSTR BTC Yield BTC $ Gain BTC Rating MSTR Duration MSTR Risk ₿65,870 STRC 0.50x mNAV 805 bps $5,161M ₿26,875 STRC 0.75x mNAV 328 bps $2,106M ₿17,153 STRC 1.00x mNAV 210 bps $1,344M ₿12,965 -16.1 bps +87 days +
Slide 105: Sell USD Reserve to Buy MSTR for a $1 Billion Trade
Sell USD Reserve to Buy MSTR for a $1 Billion Trade Metric Delta Absolute value BTC Gain Sell Buy MSTR BTC Yield BTC $ Gain BTC Rating MSTR Duration MSTR Risk ₿65,870 USD 0.50x mNAV 805 bps $5,161M ₿26,875 USD 0.75x mNAV 328 bps $2,106M ₿17,153 USD 1.00x mNAV 210 bps $1,344M ₿12,965 -16.1 bps -144 d
Slide 106: We Can Continue the Conventional Strategy at 1.0x mNAV
We Can Continue the Conventional Strategy at 1.0x mNAV Sell STRC to Buy BTC; Sell MSTR to Fund Dividends & USD Reserve Equity Assumptions: 1x mNAV 1.35x 30% BTC ARR Bitcoin Per Share Increase in BPS 20% STRC Issuance (In Sats) 11% Dividend Rate 10.6% 1.5 yr USD Reserve Annual BTC Yield 8.8% 263K 9.9
Slide 107: We Can Continue the Conventional Strategy at 1.22x mNAV
We Can Continue the Conventional Strategy at 1.22x mNAV Sell STRC to Buy BTC; Sell MSTR to Fund Dividends & USD Reserve Equity Assumptions: 1.22x mNAV 1.41x 30% BTC ARR Bitcoin Per Share Increase in BPS 20% STRC Issuance (In Sats) 11% Dividend Rate 12.2% 1.5 yr USD Reserve Annual BTC Yield 10.8% 275
Slide 108: We Can Continue the Conventional Strategy at 1.5x mNAV
We Can Continue the Conventional Strategy at 1.5x mNAV Sell STRC to Buy BTC; Sell MSTR to Fund Dividends & USD Reserve Equity Assumptions: 1.5x mNAV 1.46x 30% BTC ARR Bitcoin Per Share Increase in BPS 20% STRC Issuance (In Sats) 11% Dividend Rate 13.4% 1.5 yr USD Reserve 12.3% 284K Annual BTC Yield
Slide 109: We Can Continue the Conventional Strategy at 2.0x mNAV
We Can Continue the Conventional Strategy at 2.0x mNAV Sell STRC to Buy BTC; Sell MSTR to Fund Dividends & USD Reserve Equity Assumptions: 2.0x mNAV 1.51x 30% BTC ARR Bitcoin Per Share Increase in BPS 20% STRC Issuance (In Sats) 11% Dividend Rate 14.6% 1.5 yr USD Reserve 13.8% 294K Annual BTC Yield
Slide 110: We Can Fund Dividends with BTC & Still Grow BTC Holdings
We Can Fund Dividends with BTC & Still Grow BTC Holdings Sell STRC to Buy BTC; Sell BTC to Fund Dividends & USD Reserve Equity Assumptions: 30% BTC ARR 1.41x 20% STRC Issuance Bitcoin Per Share Increase in BPS 11% Dividend Rate (In Sats) 1.5 yr USD Reserve 12.2% Annual BTC Yield 10.9% 276K 11.6% 249
Slide 111: We Can Fund Dividends with BTC and Fix the USD Reserve
We Can Fund Dividends with BTC and Fix the USD Reserve Sell STRC to Buy BTC; Sell BTC to Fund Dividends; Maintain $2.25B USD Reserve Equity Assumptions: 30% BTC ARR 1.51x 20% STRC Issuance Bitcoin Per Share Increase in BPS 11% Dividend Rate (In Sats) $2.25B USD Reserve 14.7% 294K Annual BTC Yield 13
Slide 112: We Can Retire All Converts with STRC
We Can Retire All Converts with STRC Sell STRC to Retire Debt; Sell MSTR to Fund Dividends & USD Reserve Equity Assumptions: 30% BTC ARR 1.42x 20% STRC Issuance Bitcoin Per Share Increase in BPS 20% STRC Proceeds to Retire Debt (In Sats) 11% Dividend Rate 12.4% 1.5 yr USD Reserve Annual BTC Yield 1.
Slide 113: Metrics at the End of 3 Years
Metrics at the End of 3 Years Scenarios: Sell MSTR or BTC to Fund Dividends & USD Reserve Equity Model 30% 20% 11% Credit Model 10% 40% Assumptions: BTC ARR STRC Issuance Dividend Rate Assumptions: BTC ARR BTC Vol USD BTC BPS Ann. BTC BTC mNAV BPS Risk Duration Reserve Holdings Increase Yield Rating
Slide 114: Stochastic Cost of Capital for STRC is Not Fixed at 11.50%
Stochastic Cost of Capital for STRC is Not Fixed at 11.50% Fixed Dividend Rate at 11.5% vs Illustrative STRC Dividend Rate over 20 years Fixed Dividend Rate 11.50% Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 11.5% Variable Dividend 8.75% Rate (Avg.) 6.0% SOFR Year 1 2 3 4 5 6 7 8 9 10 11
Slide 115: Our Capital Markets Principles
Our Capital Markets Principles 1 4 Monitor STRC demand & Create long-term value for MSTR by credit risk to determine size of increasing Bitcoin Per Share (BPS) USD Reserve 2 Grow demand for STRC and continue to improve its features 5 Adjust amplification based on market conditions 3 Proactively redu
Slide 116: Voting for STRC Amendment Is Now Open
Voting for STRC Amendment Is Now Open Learn about: Scan Here • Timeline • Amendment Rationale • How to Vote • FAQ Strategy.com/strc/vote 116
Slide 117: Q&A
Q&A Michael Saylor, Phong Le, Andrew Kang, CJ (Chaitanya Jain) Copyright © 2026 Strategy. All Rights Reserved.
Slide 118: Strategy Q&A with Retail Investors
Strategy? Strategy Q&A with Retail Investors Michael Saylor, Phong Le & Natalie Brunell Date: May 13, 2026 gg. lime: SPMET a Streaming: X & YouTube Scan to Submit Your Questions
Slide 119: Thank You
Thank You Copyright © 2026 Strategy. All Rights Reserved.
Slide 120: Appendix
Appendix Copyright © 2026 Strategy. All Rights Reserved.
Slide 121: Software Highlights
Software Highlights Q1 2026 Total Revenues Subscription Services Revenues Q1 2026 +59% YoY increase $124.3M ($ in Millions) $58.9 Q1 2026 Total Revenues 11.9% YoY increase $51.8 $46.0 Q1 2026 $40.8 13% 4% Breakdown $37.1 36% 47% Product Licenses Support Subscription Services Other Services Q1 25 Q2
Slide 122: 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 Debt, and our total Pref, less our most recently reported cash bal
Slide 123: 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 124: 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 125: 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 126: 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 12/31/2025 3/31/2026 5/3/2026 Total Bitcoin Holdings 70,470 124,391 132,500 189,150 447,470 672,500 762,099 818,334 Shares Outstanding (in '000s) (1) Class A 76,230 93,214 95,847 149,041 2
Slide 127: Bitcoin Per Share (in Sats) (BPS) or Sats Per Share (SPS) Calculation
(4) Bitcoin Per Share (in Sats) (BPS) or Sats Per Share (SPS) Calculation 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 3/31/2026 5/3/2026 Total Bitcoin Holdings 70,470 124,391 132,500 189,150 447,470 672,500 762,099 818,334 Shares Outstanding (in '000s) (1) Class A 76,230 93,214
Slide 128: Important Information about KPIs used in this Presentation
Important Information about KPIs used in this Presentation The Company seeks to increase BPS (defined below) by growing its bitcoin holdings faster than Assumed Diluted Shares Outstanding (defined below) through a combination of bitcoin acquisitions and disciplined use of equity and credit markets.
Slide 129: Important Information about KPIs used in this Presentation (Cont'd)
Important Information about KPIs used in this Presentation (Cont’d) The Company uses BPS, BTC Yield, BTC Gain and BTC $ Gain as KPIs to help assess the performance of its strategy of acquiring bitcoin in a manner the Company believes is accretive to shareholders. The Company also believes these KPIs
Slide 130: Important Information about KPIs used in this Presentation (Cont'd)
Important Information about KPIs used in this Presentation (Cont’d) The trading price of the Company’s class A common stock is informed by numerous factors in addition to the Company’s bitcoin holdings and its actual or potential shares of class A common stock outstanding, and as a result, the tradi
Slide 131: Important Information about KPIs used in this Presentation (Cont'd)
Important Information about KPIs used in this Presentation (Cont’d) Change in Method of Calculating KPIs for Interim Periods Effective January 1, 2026, the Company changed the method by which it calculates BTC Yield, BTC Gain and BTC $ Gain when presenting such KPIs for any period that is a subdivis
Slide 132: 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 133: Important Information about other Terms used in this Presentation
Important Information about other Terms used in this Presentation BTC & MSTR 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 t
Slide 134: 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 135: 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