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Strategy (MSTR) investor relations material
Strategy H.C. Wainwright 27th Annual Global Investment Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Keynote insights and industry context
The period from 2025 to 2029 is expected to see rapid institutional adoption of Bitcoin, driven by a major political shift and positive regulatory changes.
The White House and key government agencies now actively support Bitcoin, with ETFs becoming the most successful in Wall Street history.
Public company adoption of Bitcoin has accelerated, with over 180 companies now holding Bitcoin and a million coins collectively, amplifying the asset's reach in capital markets.
Financial regulators and major political figures have shifted from skepticism to enthusiastic support, opening traditional finance to crypto assets.
The crypto industry has become politically aligned and active, forming a powerful coalition capable of influencing policy and driving adoption.
Business model and financial engineering
The treasury company model accumulates Bitcoin and issues credit instruments, offering structured products with varying yields, durations, and risk profiles.
Innovative products like Stride, Strife, and Stretch provide investors with options ranging from high-yield, long-duration credit to stable, money market-like instruments.
These instruments are highly overcollateralized with Bitcoin, offering yields significantly above traditional credit markets and targeting both institutional and retail investors.
The company’s approach enables the creation of a full yield and risk curve, with perpetual preferreds and customizable credit products.
The business model is designed to continually increase Bitcoin per share, outperforming both Bitcoin ETFs and traditional asset classes.
Capital strategy and market impact
By leveraging Bitcoin and issuing preferred equity and convertible bonds, the company amplifies returns, targeting 2–4x the performance of underlying Bitcoin.
The approach attracts passive and active capital flows, with a significant portion of shares held by major index funds.
The company’s capital structure is robust, with risk models showing investment-grade ratings for most instruments under various scenarios.
The market for Bitcoin-backed credit is massive, with potential to capture a share of the $90 trillion global credit market.
The company’s principles focus on long-term value creation, disciplined capital management, and promoting Bitcoin as a treasury reserve asset.
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