Strategy (MSTR) investor relations material

Strategic priorities and capital allocation

• Focus remains on building a robust digital credit business, particularly stabilizing and growing STRC, as the foundation for long-term equity value creation.

• Equity buybacks or dividends are deprioritized in favor of reinvesting capital to strengthen credit instruments and increase Bitcoin per share.

• All capital market activities, including equity issuance and STRC buybacks, are evaluated for accretiveness to Bitcoin per share and overall shareholder value.

• Maintaining and growing USD and BTC reserves is a key strategy for optionality and opportunistic actions in various market cycles.

Digital credit and product development

• STRC is positioned as a pioneering digital credit instrument, aiming to strip volatility from Bitcoin and offer yield, with a focus on liquidity and stability around par value.

• The company is committed to keeping STRC trading tightly around $100 to maximize liquidity and investor confidence, avoiding significant premiums or discounts.

• Institutional adoption of STRC is rising, now representing 30% of holders, with retail participation also growing.

• Lessons from recent STRC volatility include the importance of USD liquidity backstopping dividends and dynamic reserve management.

Equity and shareholder considerations

• MSTR equity is designed to provide amplified exposure to Bitcoin, with higher volatility and long-term outperformance tied to Bitcoin per share growth.

• Dividend payments to common shareholders are not planned; capital is better deployed to grow Bitcoin holdings and credit products.

• Equity buybacks may be considered if MSTR trades at a significant discount to NAV, but current focus is on credit stabilization.