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Edge28 Nov 2025
Keeping the Streak Alive: The Story of Duolingo
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Strategy (MSTR) investor relations material
Strategy Status Update summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Status Update summary1 Dec, 2025
Bitcoin Holdings and Updated Guidance
Increased Bitcoin holdings to 650,000 BTC, equating to a $59 billion net asset value.
Updated FY2025 guidance assumes a year-end bitcoin price range of $85,000–$110,000, down from $150,000, reflecting recent market volatility.
BTC yield percentage expected to end the year between 22% and 26%, below the original 30% target.
BTC dollar gain now projected at $8.4–$12.8 billion, down from the $20 billion target.
GAAP earnings and income are highly sensitive to year-end Bitcoin price, with positive results above $94,000.
Capital Structure and USD Reserve
Enterprise value stands at $68 billion, with a BTC reserve of $59 billion and a 1.2x MNAV ratio.
Convertible debt totals $8.2 billion and preferred equity $7.8 billion, resulting in a conservative 22–23% loan-to-value.
A $1.44 billion USD reserve has been established to support dividend and interest payments, currently covering 21 months with a goal to reach 24 months.
The reserve is funded by class A common stock sales and will be adjusted at management's discretion based on market and liquidity needs.
Recent equity issuance was accretive, selling above 1x MNAV.
Digital Credit Model and Risk Management
Digital credit model shows BTC rating of 3.7, with credit spreads much lower than market rates.
USD reserve reduces credit risk and allows dynamic management of dividend obligations.
Can fund dividends through equity, Bitcoin sales, or derivatives, depending on market conditions.
Bitcoin appreciation above 10.3% annually makes digital credit instruments profitable for shareholders.
Even with Bitcoin price declines, robust reserves and flexible funding options provide long-term stability.
What is the USD reserve's long-term strategic value?
How will dividend funding sources be optimized?
What factors influence reaching 26% BTC yield?
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Frequently asked questions
MicroStrategy Incorporated provides enterprise analytics software and services worldwide. The company offers MicroStrategy Analytics Platform platform that offers data discovery, mobile analytics, visual data mining, and predictive analytic capabilities; MicroStrategy AWS Edition for stateless deployment of MicroStrategy Analytics Platform on the Amazon Web Services marketplace; cloud platform; and MicroStrategy Library Services that include various APIs to connect modern application development frameworks, such as Python, R, Java, and JavaScript with the MicroStrategy Analytics Platform. The company was incorporated in 1989 and is headquartered in Tysons Corner, Virginia.
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