Strategy (MSTR) investor relations material

Executive summary

• Ended Q2 2026 with 846,000 Bitcoin, representing about 4% of all Bitcoin to ever exist, and a market cap of $38 billion.

• Year-to-date, raised $17.06 billion in capital, primarily to increase Bitcoin holdings and support digital credit growth.

• STRC (digital credit) notional value increased 250% year-to-date, with $7.53 billion issued and $25 million repurchased.

• Total revenues were $122.4 million for Q2 2026, up 7% year-over-year, entirely from the Software segment.

• Realigned reporting into Software and Bitcoin segments, with new KPIs introduced for enhanced transparency.

Financial highlights

• Q2 2026 net loss of $8.22 billion ($24.45 per share), driven by an $8.32 billion unrealized loss on digital assets.

• Acquired a net 83,901 Bitcoin in Q2 at an average price of $75,500, ending with 846,000 Bitcoin at quarter end.

• Cash and short-term investments increased to $2.4 billion at Q2 end, now $3.75 billion.

• Long-term debt reduced from $8.2 billion to $6.7 billion; preferred equity rose from $9 billion to $14.4 billion.

• Software segment Q2 2026 revenues grew 6.9% YoY to $122.4M, with subscription services up 54% YoY.

Outlook and guidance

• Focus remains on increasing Bitcoin per share, strengthening digital credit, and maintaining robust USD reserves.

• Objective to double Bitcoin Per Share in 7 years through digital credit sales equal to 10-20% of BTC reserves annually.

• STRC targeted to trade at $99-$100 over time, with a 12% annualized dividend rate maintained until recovery.

• Return of capital dividend guidance expects tax-deferred dividends for 10 years or more.

• Ongoing transition of software customers from on-premises licenses to cloud subscriptions is expected to drive future revenue mix changes.