Strategy (MSTR) investor relations material

Digital asset strategy and market positioning

• Emphasizes the need to attract capital from traditional finance by offering digital capital, credit, money, and currency instruments, with Bitcoin positioned as digital capital competing against gold, real estate, and equities.

• Highlights the creation of digital credit (STRC) and digital money instruments, aiming to merge stability and yield, and expects proliferation of such products, including ETFs and private funds.

• Stresses that growing the Bitcoin ecosystem requires facilitating capital flows from credit and money markets, not just fiat-backed stablecoins.

Equity and shareholder value approach

• Outperformance of Bitcoin is the primary goal for equity holders, achieved by increasing Bitcoin per share through leverage, convertible bonds, and digital credit amplification.

• Dividend payouts are not planned; capital is best deployed to strengthen digital credit and accumulate more Bitcoin, benefiting long-term equity holders.

• Equity is positioned as an amplified Bitcoin play, with higher volatility and long-term value tied to the success of the credit business.

• Buybacks of equity (MSTR) are considered only if trading at a significant discount to NAV, with current focus on stabilizing credit instruments.

Digital credit (STRC) management and lessons learned

• Maintaining robust U.S. dollar liquidity is crucial for backstopping dividends and building institutional confidence.

• Flexibility in buying and selling both Bitcoin and STRC is essential for fair valuation and stability of credit instruments.

• The company is committed to keeping STRC trading tightly around par to maximize liquidity and investor confidence, avoiding volatility that would undermine the product's value proposition.