Strategy (MSTR) investor relations material

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.