Strategy Inc (MSTR) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Tiri Jajotia, Corporate Treasurer and Head of Investor Relations at Strategy. I will be your moderator for Strategy's 2025 Fourth Quarter Earnings Webinar. We will start the call with a 60-minute presentation, starting with Andrew Kang, followed by Fong Lee, and then Michael Saylor. This will be followed by a 30-minute interactive Q&A session with four Wall Street equity analysts and four Bitcoin analysts. Before we proceed, I will read the Safe Harbor Statement. 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 statements due to various important factors, including fluctuations in the price of Bitcoin and the risk factors discussed in our current report on Form 8K filed with the SEC on October 6, 2025, and under the caption Risk Factors in Strategies Quarterly Report on Form 10Q filed with the SEC on November 3rd, 2025, and the risks described in other filings that Strategy may make with the SEC from time to time. We assume no obligations to update these forward-looking statements which speak only as of today. With that, I would like to turn the call over to Andrew Kang, the CFO of Strategy. Thank you, Sharish, and thank you everyone for joining our call today. I'll start by touching on a few of our highlights for Q4 as well as for the full year 2025. We closed the year with 713,502 Bitcoin on our balance sheet, which represented approximately 3.4% of all Bitcoin that will ever exist. This reflects continued discipline around Bitcoin accumulation through the fourth quarter and further reinforces our position as the largest corporate holder of Bitcoin in the world. Also during 2025, we successfully ra...