Strategy (MSTR) H.C. Wainwright 27th Annual Global Investment Conference summary

Keynote insights and industry context

• Bitcoin is positioned as digital capital, with 2025–2029 expected to see rapid institutional adoption and mainstream acceptance, driven by significant political and regulatory shifts.

• The U.S. government and financial regulators have shifted to a pro-Bitcoin stance, with policy changes, ETF launches, and growing cabinet-level support accelerating adoption.

• Public company adoption of Bitcoin has surged, with over 180 listed firms now holding Bitcoin, amplifying its reach and creating a new asset class in capital markets.

• The crypto industry has become politically active, forming a powerful coalition capable of influencing policy and driving further adoption.

• The speaker forecasts a $10–$20 trillion crypto industry by 2028, with widespread retail and institutional participation.

Business model and financial engineering

• The treasury company model accumulates Bitcoin and issues credit instruments, offering investors structured products with varying risk, yield, and duration.

• Innovative products like Stride, Strife, and Stretch provide yields from 8.4% to 12.7%, with high over-collateralization and tailored risk profiles.

• The company leverages Bitcoin holdings to amplify returns, targeting 2–4x the performance of Bitcoin through credit amplification and strategic issuance of preferred equity.

• The approach enables the creation of a full yield and risk curve, with digital credit instruments that are more transparent and liquid than traditional bonds.

• The business model is designed to continually accrete Bitcoin per share, outperforming ETFs and traditional asset strategies.

Market opportunity and competitive positioning

• The global credit market is estimated at $75–$90 trillion, with significant demand for higher-yield, over-collateralized instruments.

• Passive index funds and institutional investors are increasingly allocating to Bitcoin treasury companies, with structural flows supporting long-term growth.

• The company’s products compete with S&P index funds, real estate, and hedge funds, offering superior yield and risk-adjusted returns.

• The model is not replicable with traditional commodities or equities due to regulatory constraints and the unique properties of Bitcoin.

• The company’s disciplined capital strategy and focus on long-term value creation differentiate it from peers that prioritize buybacks and dividends.