Strategy Inc · NASDAQ:MSTR

Strategy — Q3 2026 Earnings Presentation

96 slides from Strategy's earnings presentation, Oct 29, 2026

  1. Slide 1: Q3 2026 Financial Results

    Q3 2026 Financial Results October 29, 2026 Copyright © 2026 Strategy. All Rights Reserved.

  2. Slide 2: Safe Harbor Statement

    Strategy Q3 2026 Earnings Call Safe Harbor Statement FORWARD-LOOKING STATEMENTS Some of the information we provide in this presentation regarding our future expectations, plans, and prospects may constitute forward-looking statements. Actual results may differ materially from these forward- looking

  3. Slide 3: Financial Results

    Financial Results Andrew Kang Executive Vice President & Chief Financial Officer Copyright © 2026 Strategy. All Rights Reserved.

  4. Slide 4: Strategy Highlights

    Strategy Highlights Digital Capital Digital Equity Digital Credit 848,517 $62B $99.27 Bitcoin Holdings Market Capitalization STRC 1M VWAP(1) $21B +76% 49 Yrs Q3 Digital Asset Gain Q3 MSTR Price Performance Dividend Coverage(2) Note: As of 8-K filed on October 26, 2026. Market figures as of October 2

  5. Slide 5: Growth in Bitcoin Treasury Reserve

    Growth in Bitcoin Treasury Reserve Strategy has acquired bitcoin in every quarter since Q3 2020 848,517 $69B (1) $64B $75K 4.0% BTC Holdings BTC Reserve Total Acquisition Average BTC of all BTC ever to Cost Purchase Price be in existence 846 848 849 (2) 762 Bitcoin Holdings (in ‘000s) 673 640 597 52

  6. Slide 6: Strategy is the Largest Institutional Holder of BTC

    Strategy is the Largest Institutional Holder of BTC ₿848,517 ₿809,780 Strategy ETFs Countries DeFi ₿329,693 ₿190,000 ₿176,281 ₿125,278 ₿116,150 ₿100,000 ₿97,703 ₿65,301 Strategy IBIT United China FBTC GBTC WBTC Tether cbBTC BTCB States Custodied by Custodied by Custodied by BitGo & BiT Coinbase Bina

  7. Slide 7: Strategy's Treasury Assets vs. Top S&P 500 Companies

    Strategy’s Treasury Assets vs. Top S&P 500 Companies Cash & Short-Term Investments Bitcoin Holdings Q1 2026 Latest Available Berkshire Berkshire Hathaway $397B Hathaway $366B Amazon $146B Google $242B Google $127B Amazon $123B Meta $82B NVIDIA $99B Microsoft $78B Meta $83B Apple $69B Microsoft $77B

  8. Slide 8: 21 Million Bitcoin. $21 Billion Gain.

    21 Million Bitcoin. $21 Billion Gain. (1) M Maximum Bitcoin Supply Gain in Q3 2026 B Note: (1) Q3 2026 gain on digital assets of $20.91 billion (unaudited management estimate), shown rounded. Bitcoin supply is capped at 21 million by protocol. Sources: Strategy Form 8-K filed Oct. 5, 2026. 8

  9. Slide 9: $20.9 Billion Gain in Digital Assets Value in Q3 2026

    $20.9 Billion Gain in Digital Assets Value in Q3 2026 ($ in Billions) $21.0 $0.2 $70.8 ($0.1) $49.7 Gain = ~$20.9B 6/30/2026 BTC Price Net BTC Purchased(2) BTC Price 9/30/2026 BTC Holdings Change (Q3/26 Net Change BTC Holdings Market Value (Holdings as of Q2/26) Purchases) (Q3/26 Net Purchases) Mark

  10. Slide 10: Q3 2026 Financial Results

    Q3 2026 Financial Results Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 (Prev. Year) (Prev. Quarter) Operating Income $3.9B ($17.4B) ($14.5B) ($8.3B) $20.9B Net Income(1) $2.6B ($12.6B) ($12.8B) ($8.6B) $19.1B EPS(2) $8.42/sh ($42.93)/sh ($38.25)/sh ($24.45)/sh $44.75/sh Note: (1) Net Income attributable

  11. Slide 11: Strategy Has Delivered Significant Long-Term BTC Yield

    Strategy Has Delivered Significant Long-Term BTC Yield (Sats Per Share) 194,986 187,753 158,826 BTC Yield: 23% CAGR (’20-’26 YTD) 91,097 83,353 84,872 56,598 2020 2021 2022 2023 2024 2025 10/25/2026 Note: Past performance is not indicative of future results. Actual results may vary materially. BTC Y

  12. Slide 12: Robust Access to Capital Markets in a BTC Bear and Bull

    Robust Access to Capital Markets in a BTC Bear and Bull Raised $21B YTD in 2026 BTC Price Capital Raised $140K $120K $18.1B $100K $80K BTC Price $60K $8.4B $7.7B $7.4B $6.9B $40K $5.1B $5.5B $5.4B $20K $2.1B $1.5B $0.8B $0.06B $0K Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 QTD 2024 2025 2026 YTD $22.6B $25

  13. Slide 13: Total Equity Increased $23.2B in Q3 to $68.5B

    Total Equity Increased $23.2B in Q3 to $68.5B 6/30/2026 9/30/2026 1 Digital Assets $49.7B $70.8B 1 Acquired net 1,666 BTC during Q3 2 Cash & Short-Term Investments $2.4B $5.9B 2 USD Assets of $5.80B at quarter end Deferred Tax Asset / (Liability)(1) $0.0B ($1.4B) Debt(2) $6.7B $6.7B 3 Preferred Equi

  14. Slide 14: $74B of Assets on Our Balance Sheet

    $74B of Assets on Our Balance Sheet $74B $74B Key Metrics USD Assets $5.1B OTM Debt(1) $6.7B Pref 1.15x $13.3B mNAV 1.28x BTC Reserve $67.3B Amplification $68.9B Net Reserve Net of OTM debt $53.9B 2.38% Net Leverage 3.4 yrs USD Duration Assets Liabilities + Equity Note: BTC holdings and capital stru

  15. Slide 15: Our Converts Are Sufficiently Covered Through Our Assets

    Our Converts Are Sufficiently Covered Through Our Assets With $69B BTC Reserve and $5.1B USD Assets, our converts have a BTC Rating of 42x Notional Security Put Date Maturity Conversion Price Bond Price ($M) Convert 2028 $1,010 9/15/27 9/15/28 $183.19 $115.73 Convert 2030B $2,000 3/1/28 3/1/30 $433.

  16. Slide 16: Institutional Research Analysts Have Embraced Bitcoin

    Institutional Research Analysts Have Embraced Bitcoin BTC Price Target MSTR Firm 2026 EOY / 12-month Price Target Δ vs. Prior Rating As of New AGP $100K $217 - Buy 09/01/26 Barclays - $175 40% Buy 10/08/26 Bernstein $150K $350 (22%) Buy 08/26/26 B. Riley - $195 26% Buy 09/22/26 BTIG $105K $250 - Buy

  17. Slide 17: Thank You, Shareholders, for Approving Daily Dividends

    Thank You, Shareholders, for Approving Daily Dividends STRF, STRC, STRK and STRD will accrue dividends every calendar day of MSTR votes cast FOR (1) Oct 28, 2026 Nov 1 / Nov 2 Jan 1 / Jan 4 Approved STRC STRF, STRK, STRD first record / payment(2) first record / payment(2) Note: (1) 64% of outstandin

  18. Slide 18: Digital Equity

    Digital Equity Phong Le President & Chief Executive Officer Copyright © 2026 Strategy. All Rights Reserved.

  19. Slide 19: Digital Equity Summary

    Digital Equity Summary 1 MSTR is Amplified BTC 76% MSTR vs 43% BTC return in Q3 4 Reduced Net Leverage to 2.4% Down from 8.4% in Q2 2 176,017 BTC added YTD 2026 MSTR’s treasury ranked #7 vs S&P 500 companies 5 Downside is well protected BTC could fall 78% (~$18K) before 1x BTC Rating 3 6 Objective o

  20. Slide 20: Digital Equity = Amplified Bitcoin + Digital Credit

    Digital Equity = Amplified Bitcoin + Digital Credit Bitcoin exposure plus a credit platform, in one stock MSTR = + Digital Equity Amplified Bitcoin Digital Credit Operating business More Bitcoin Per Share STRF, STRC, STRE, STRK, STRD + future innovation 20

  21. Slide 21: Our Capital Structure is a Volatility Transformer

    Our Capital Structure is a Volatility Transformer We engineer and transform Bitcoin’s risk, volatility, and return into Digital Equity and Digital Credit Historical Volatility (30D) as of Oct 23, 2026 Digital Equity MSTR Digital Capital BTC 36% 82% Digital Credit STRC 10% 12% dividend rate Note: Pre

  22. Slide 22: MSTR is Among the Most Liquid Stocks Relative to Its Size

    MSTR is Among the Most Liquid Stocks Relative to Its Size Options Open Interest as % of Market Cap Daily Traded Volume(1) as % of Market Cap 70% #2 6.7% 65% #2 5.6% 5.5% 46% 44% 4.6% 4.6% 4.6% 4.3% 4.3% 4.1% 38% 3.8% 31% 30% 30% 23% 23% FSLR MSTR LULU COIN SMCI MU WYNN ENPH MRNA DELL SMCI MSTR CTVA

  23. Slide 23: Strategy Was the #1 U.S. Equity Issuer in 2025, #4 in 2026 YTD

    Strategy Was the #1 U.S. Equity Issuer in 2025, #4 in 2026 YTD Top 5 US-domiciled primary common and preferred equity issuers in U.S. capital markets ($B) #2 #1 #4 Strategy rank in 2024 Strategy rank in 2025 Strategy rank in 2026 YTD $18.5B $23.3B $86.3B $16.3B $17.6B $8.5B $7.4B $9.2B $5.1B $25.7B

  24. Slide 24: MSTR Outperformed BTC During the 2023–2024 Bull Market

    MSTR Outperformed BTC During the 2023–2024 Bull Market Cumulative return, January 2023 – December 2024 MSTR BTC MSTR Return 3,000% +1,897% 2,000% BTC Return +454% 1,000% MSTR Outperformance 3.6x 0% Jan 23 Apr 23 Jul 23 Oct 23 Jan 24 Apr 24 Jul 24 Oct 24 Note: Split-adjusted MSTR price returns, daily

  25. Slide 25: We Built a Stronger Balance Sheet Through This Downturn

    We Built a Stronger Balance Sheet Through This Downturn Bitcoin could fall 78% today before reaching our BTC Floor; in 2022, it traded below it $68K $124K Past Present $81K $17K $59K 8-Nov-21 31-Dec-22 6-Oct-25 23-Oct-26 Metric Past Present BTC Holdings ₿132,500 (37% encumbered) ₿848,517 (0% encumbe

  26. Slide 26: A Stronger Balance Sheet Creates Bull-Market Optionality

    A Stronger Balance Sheet Creates Bull-Market Optionality Start of Previous Bull Market Today Jan 2023 (1) Oct 2026(2) BTC Reserve ₿132,500 ₿848,517 BTC Reserve $ $2.2B $68.9B USD Assets $0 $5.1B Digital Credit $0 $13.3B Net Leverage 108% 2.4% Note: Net Leverage = Net Debt / BTC Reserve $, where Net

  27. Slide 27: Since BTC ATH, BTC Fell 35% While Our Holdings Rose 33%

    Since BTC ATH, BTC Fell 35% While Our Holdings Rose 33% October 6, 2025 to October 25, 2026 849K BTC Strategy holdings $124,387 $81,200 Bitcoin price 640K BTC Oct 2025 Oct 2026 Note: Total holdings, not per share. Bitcoin price as of Oct 23, 2026 close; holdings as of 8-K filed Oct 26, 2026. 27

  28. Slide 28: Selling Digital Credit Can Grow the Value of Our Equity

    Selling Digital Credit Can Grow the Value of Our Equity MSTR can be valued on its Net BTC plus the BTC $ Gain the market expects MSTR = Net BTC + BTC $ Gain × Multiple Net Reserve $53.9B, Potential future BTC $ Gain amplified 1.28x Can grow as we issue Digital Credit mNAV can expand when the market

  29. Slide 29: mNAV Has Expanded During Previous Bitcoin Bull Markets

    mNAV Has Expanded During Previous Bitcoin Bull Markets Median daily mNAV in bitcoin bull-market years 3x 2.57x 2.60x 2.28x 2x 1.15x 1x 0x 2021 2023 2024 Today (1) Current mNAV Note: (1) Current mNAV, not a median; MSTR price as of Oct 23, 2026 close, holdings as of 8-K filed Oct 26, 2026. Other bars

  30. Slide 30: Objective of Doubling BPS in 7 Years Through Digital Credit

    (1) Objective of Doubling BPS in 7 Years Through Digital Credit Sell Digital Credit Generate Increase BPS Outperform Target selling Digital Amplification BTC Credit equal to 10-20% of BTC Reserves annually Enhanced by Flexing These Levers 1 2 3 Lower Cost Higher Digital Higher mNAV of Credit Credit

  31. Slide 31: Digital Credit

    Digital Credit Copyright © 2026 Strategy. All Rights Reserved.

  32. Slide 32: Digital Credit Summary

    Digital Credit Summary 1 Ecosystem is scaling fast 6 issuers and a $16B market in 20 months 4 Supporting our Digital Credit securities Repurchased $2B of STRC, $957M remaining capacity 2 STRC returned to health Trading at $99–$100 per our commitment 5 Daily Dividends approved STRF, STRC, STRK, STRD

  33. Slide 33: Digital Credit is an Alloy of BTC and USD

    Digital Credit is an Alloy of BTC and USD Strategy transforms Digital Capital into Digital Credit and Equity, enabling financial innovation Bitcoin 60%; 46 years of coverage Chromium 25% Dollars 40%; 3.4 years of coverage Iron 75% Note: Illustrative. USD share = USD Duration / notional-weighted Maca

  34. Slide 34: Digital Credit Has Scaled to $16 Billion in 20 Months

    Digital Credit Has Scaled to $16 Billion in 20 Months Strategy holds ~84% of the Digital Credit market share at $13B $14M CHAD IPO Added 4th Digital Asset Digital Credit Notional Outstanding (in $B) treasury issuer (SOL) STRC moved to semi-monthly $700M SATA moved to daily SATS IPO $16 $200M SATA IP

  35. Slide 35: Digital Credit Tax-Equivalent Yield vs. Other Credit

    Digital Credit Tax-Equivalent Yield vs. Other Credit Digital Credit Tax-Equivalent Yield 29.9% 37% federal rate 26.4% 25.2% 24.1% Up to 52% combined federal, state and local rate 22.8% 20.6% 20.1% 19.2% 18.3% 15.7% 10.0% 8.2% 7.4% 5.9% 5.8% 4.3% 4.1% 3.7% 0.4% STRD STRE STRC STRK STRF Private Junk B

  36. Slide 36: ROC: Defer Taxes, Retain More Cash

    ROC: Defer Taxes, Retain More Cash Strategy Expects ROC Treatment for 10+ Years, Resulting in Tax-Deferred Dividends Illustrative: Amount kept per $100 of dividends ROC Tax Deferred: Lowers Basis $100 Qualified Dividends 20%-35% tax $65-80 Taxable Interest 37%-52% tax $48-63 Kept at higher tax rate

  37. Slide 37: We Expanded Our Digital Credit Framework With USD Cash

    We Expanded Our Digital Credit Framework With USD Cash Dedicated reserves and flexible liquidity strengthen credit, liquidity & long-term BTC exposure Digital Credit Capital Framework USD USD BTC Digital Credit MSTR STRC Reserve Cash Monetization Repurchases Repurchases Dividend $4.83B $242M 3 Purpo

  38. Slide 38: USD Reserve and USD Cash Serve Distinct Purposes

    USD Reserve and USD Cash Serve Distinct Purposes $5.07B $242M USD Cash USD Cash Flexible liquidity for BTC purchases, buybacks, or other treasury purposes $4.83B USD Reserve USD Reserve Designated to support preferred dividends and debt interest USD Assets Note: USD balances as of October 25, 2026,

  39. Slide 39: USD Duration Rose Nearly 7x From May Lows

    USD Duration Rose Nearly 7x From May Lows USD Duration in years, and as a % of blended preferred Macaulay duration USD Duration, years 5 yrs 4 yrs 3 yrs 2 yrs 1 yrs 0.5 → 3.4 yrs 0 yrs USD Strength, USD Duration % of blended preferred Macaulay duration 50% 40% 30% 20% 10% 6% → 40% 0% Dec '25 Feb '26

  40. Slide 40: We Have Paid All Digital Credit Dividends Since Inception

    We Have Paid All Digital Credit Dividends Since Inception 40 of 40 Dividends Paid STRK 7 since Mar 2025 ✓ ✓ ✓ ✓ ✓ ✓ ✓ STRF 6 since Jun 2025 ✓ ✓ ✓ ✓ ✓ ✓ STRD 5 since Sep 2025 ✓ ✓ ✓ ✓ ✓ STRC 18 since Aug 2025 ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ STRE 4 since Dec 2025 ✓ ✓ ✓ ✓ Mar 2025 Jun 2025 Sep 2025

  41. Slide 41: BTC Needs Just 2.2% ARR to Cover Digital Credit Dividends

    BTC Needs Just 2.2% ARR to Cover Digital Credit Dividends BTC ARR Equity and Credit Both Thrive Equity captures positive spread over the cost of credit (1); credit can fund itself indefinitely through BTC sales 10.6% Hurdle ARR Equity May Underperform Bitcoin; Dividends Still Covered Equity no longe

  42. Slide 42: BTC Beat 2.2% Breakeven ARR in Every 4-Year Window

    BTC Beat 2.2% Breakeven ARR in Every 4-Year Window Rolling four-year annualized BTC return vs. U.S. M2 growth and BTC ARR thresholds Rolling 4-yr annualized BTC return U.S. M2 4-yr annualized growth BTC Hurdle ARR BTC Breakeven ARR Floor ARR Log scale 1000% 500% 200% 100% 50% BTC: 42.7% 20% 10% BTC

  43. Slide 43: Strategy Liabilities and Capital Structure Today

    Strategy Liabilities and Capital Structure Today Assuming $81,200 BTC Price, $5.1B USD Assets, 40% BTC Volatility, and 10% BTC ARR USD Assets $5,075M Debt Notional ($M) Cum Notional ($M) Duration (Yrs) BTC Rating BTC Risk BTC Credit BTC Floor Convert 2028 $1,010 $247 0.9 279.5x 0.00% 0 bps $291 Conv

  44. Slide 44: Digital Credit Spreads Exceed Modeled BTC Credit Risk

    Digital Credit Spreads Exceed Modeled BTC Credit Risk Assuming $81,200 BTC Price, $5.1B USD Assets, 40% BTC Volatility, and 10% BTC ARR Effective Option-Adj. Risk-Free Market BTC BTC Credit Derived Price vs. Implied BTC Price Yield Yield Yield Spread Credit Basis Price Derived ARR Preferred Stock ST

  45. Slide 45: STRC Deep Dive

    STRC Deep Dive Copyright © 2026 Strategy. All Rights Reserved.

  46. Slide 46: STRC Highlights as of October 2026

    STRC Highlights as of October 2026 Effective Yield Liquidity Volatility USD Strength 12.1% $160M 10.1% 40% Tax-Deferred (“ROC”) / Avg. Daily (30D); Historical (30D) 3.4 yrs 19.2% Tax-Eq. Yield Nasdaq-Listed USD Duration Notional Value Buyback Program USD Assets BTC Reserve BTC Rating BTC Duration $8

  47. Slide 47: We Took Action to Help STRC Return to Its Target Range

    We Took Action to Help STRC Return to Its Target Range STRC Close $100  Introduced new capital framework $99.36 $95  Raised dividend rate to 12% $90  Semi-monthly dividend payments $85  Built USD Assets to $5.1B $80  $2.0B of STRC repurchased  Daily dividends vote approved $75 $70 Jun-26 Jul-2

  48. Slide 48: High Net Worth Individuals & Institutions Own > 50% of STRC

    High Net Worth Individuals & Institutions Own > 50% of STRC STRC Ownership by Holder Type HNWI + Institutions: 45% $2.3B As of 3/17/26: Retail HNWI ($1M+) Institutional 55% 24% 21% Notional Value: $2,744M $1,193M $1,081M HNWI + Institutions: 52% (+7 pts) $4.4B As of 9/30/2026: Retail HNWI ($1M+) Ins

  49. Slide 49: STRC is the Top Holding in Leading Preferred ETFs

    STRC is the Top Holding in Leading Preferred ETFs Included in the largest preferred ETF platforms, such as BlackRock and VanEck #1 Largest #6 Largest Preferred ETF Preferred ETF PFF ($12B AUM) PFXF ($2B AUM) iShares Preferred and Income Securities ETF VanEck Preferred Securities ex Financials ETF Co

  50. Slide 50: STRC is a Building Block for Products and Treasuries

    STRC is a Building Block for Products and Treasuries Used across $550M+ of reported STRC AUM and treasury holdings Stablecoins and DeFi Tokenization Funds and ETPs Cash and Yield Accounts Corporate Treasuries $225M STRC AUM $229M STRC AUM $15M STRC AUM $2M STRC AUM $100M STRC held Yield-bearing doll

  51. Slide 51: First Global Securities with Calendar Day Accruals / Dividends

    First Global Securities with Calendar Day Accruals / Dividends Digital Credit that works every day • Weekends and public holidays count as record dates • Better aligns economics with actual ownership periods • More closely mirrors daily accrual in money market funds Built for the digital transformat

  52. Slide 52: Join us at Strategy World 2027 in Orlando

    Join us at Strategy World 2027 in Orlando 52

  53. Slide 53: Digital Capital

    Digital Capital Michael Saylor Founder & Executive Chairman Copyright © 2026 Strategy. All Rights Reserved.

  54. Slide 54: Digital Capital Summary

    Digital Capital Summary 1 Bitcoin is entering a bull market BTC price is 21% above its 200-week average 4 Banks are embracing bitcoin Bitcoin Banking Adoption Index at 34% (vs 24% in 2025) 2 Bitcoin’s dominance is growing At 67%, up from 47% at the Nov 2021 crypto ATH 5 Modest credit could absorb al

  55. Slide 55: Bitcoin is Well-Positioned for the Next Bull Run

    Bitcoin is Well-Positioned for the Next Bull Run BTC Price is 21% above its 200-Week Moving Average BTC Price BTC 200W MA $140K $120K $100K 21% Premium $80K 78% of BTC history $60K spent above current premium(1) $40K $20K $0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Note: As of October

  56. Slide 56: Bitcoin's Share of Crypto Has Risen Every Year Since 2022

    Bitcoin’s Share of Crypto Has Risen Every Year Since 2022 Bitcoin Dominance is at 67%, up from 47% during the crypto ATH in November 2021 80% 70% 67% Market Cap Dominance 60% 50% 40% 30% 20% 2021 2022 2023 2024 2025 2026 Note: As of October 23, 2026. Bitcoin's market cap as a percentage of total cry

  57. Slide 57: Structural Catalysts for Bitcoin Adoption

    Structural Catalysts for Bitcoin Adoption Driver Why it matters Fiscal Debasement Rising deficits boost demand for non-sovereign assets Bank Adoption U.S. bank custody and lending open institutional channels Bitcoin-Backed Credit Bitcoin collateral enables new institutional credit products Momentum

  58. Slide 58: Bitcoin ETF Demand Returned in Q3, Driving $6.3B in Inflows

    Bitcoin ETF Demand Returned in Q3, Driving $6.3B in Inflows BTC Price $100K $90K $80K $70K $60K $50K Jan Feb Mar Apr May Jun Jul Aug Sep $6B +$3.5B $4B YTD -$1.7B +$2.6B +$2.0B +$1.3B YTD +$1.5B YTD +$1.0B $2B YTD -$0.5B +$0.2B YTD -$5.2B $0B -$0.2B -$2B -$1.6B YTD -$1.8B YTD -$1.6B -$2.4B -$4B YTD

  59. Slide 59: Interest Costs Can Push the U.S. Toward Debasement

    Interest Costs Can Push the U.S. Toward Debasement Federal government cash flows Inflows Total spending $7.40T Outflows Social Security Deficit financing $1.99T $1.67T Medicare $1.07T Net interest Individual income tax $2.85T $1.05T Medicaid and other health $1.03T $19 Defense of every $100 Payroll

  60. Slide 60: Recent U.S. Digital Asset Regulatory Updates

    Recent U.S. Digital Asset Regulatory Updates Agency Update Treasury • Proposed rules on who can issue and sell stablecoins SEC • Opened a path for tokenized U.S. stocks to trade on-chain • Sent crypto market rules to White House review CFTC • Opened public comment on retail crypto leverage rules Not

  61. Slide 61: Bitcoin Banking Adoption Index: 34% Overall

    Legend Bitcoin Banking Adoption Index: 34% Overall None Emerging Partial Advanced Full Trading & Custody Products Margin Leadership Q2 Q3 ETP BTC BTC Money/ Country Stablecoin ETP Blockchain Tokens BTC ETP Equity Credit Underwriting Executive Allocation Index Index Trading Trading Custody Yield Fide

  62. Slide 62: Banks Are Embracing Bitcoin YoY

    Banks Are Embracing Bitcoin YoY Average adoption of Bitcoin-related services across the top 25 global banks +25 pts 34% 24% 14% 9% Dec 2023 Dec 2024 Dec 2025 Oct 2026 Note: Bitcoin Banking Adoption Index: overall score across the 25 leading global banks, each scored on 15 dimensions (0–100%). Figure

  63. Slide 63: Digital Asset Banking Updates in Q3 2026

    Digital Asset Banking Updates in Q3 2026 Bitcoin Adoption Broader Digital Asset Momentum Morgan Stanley 21-bank stablecoin consortium E*TRADE crypto rollout completed with Zerohash custody 12 banks in BBAI join global stablecoin initiative targeting H1 2027 launch Citigroup Citigroup Announced bitco

  64. Slide 64: ~$256M Per Week of Credit Would Absorb All New Bitcoin

    ~$256M Per Week of Credit Would Absorb All New Bitcoin About 1.5% of weekly new U.S. bank lending, and half that after the April 2028 halving Today After Halving Weekly New Bank Lending vs. New Bitcoin Value Est. April 2028 Block Reward 3.125 BTC 1.5625 BTC New U.S. Bank Lending $17.1B New Bitcoin P

  65. Slide 65: Strategy is the Most Tokenized Company On-Chain

    Strategy is the Most Tokenized Company On-Chain Tokenized stock value by company, all issuers combined $509M STRC $387M $229M $268M $153M MSTR $132M $125M $125M $115M $280M $88M $46M Strategy Circle SpaceX NVIDIA Micron SanDisk Tesla Alphabet Intel Coinbase STRC + MSTR CRCL SPCX NVDA MU SNDK TSLA GO

  66. Slide 66: Tokenization's Impact on Strategy's Securities

    Tokenization’s Impact on Strategy’s Securities Tokenized MSTR and STRC could trade, settle and serve as collateral in more places 24/7 Markets Potential always-on trading Global Distribution Broader investor access Tokenization Programmable Collateral More financing use cases Faster Settlement Reduc

  67. Slide 67: Why On-Chain Capital Gravitates to Strategy

    Why On-Chain Capital Gravitates to Strategy Tokenized MSTR and STRC enhance the on-chain economy Tokenized STRC 12% Stablecoins Dividend 0% from issuers Digital Credit Tokenized MSTR Bitcoin Amplified Holders seek upside Bitcoin Digital Equity Note: 0% = payment stablecoin issuers are prohibited fro

  68. Slide 68: AI Erodes Moats, but Bitcoin's Scarcity Holds

    AI Erodes Moats, but Bitcoin's Scarcity Holds AI disruption towards labor and intelligence Industry Rationale Most Bitcoin Fixed 21M supply durable Land, Real Estate & Commodities Physical scarcity Energy, Utilities & Infrastructure Permits take decades Telecom & Networks Owned spectrum and lines Se

  69. Slide 69: Digital Intelligence Increases Abundance, but Not for Bitcoin

    Digital Intelligence Increases Abundance, but Not for Bitcoin As intelligence gets cheaper, value flows to what stays scarce Abundant Scarce Cost of GPT-4-level AI, per million tokens Maximum bitcoin supply $37.50 21M 21M 19.5M mined 20.1M mined $0.06 Oct 2023 Oct 2026 Oct 2023 Oct 2026 ~650x cheape

  70. Slide 70: Bitcoin Security Consortium

    Bitcoin Security Consortium The Bitcoin Security Consortium consists of industry leaders committed to the long-term security and stability of the Bitcoin protocol. The Consortium intends to provide sustained support and funding for the global Bitcoin security community, as well as updates on the sta

  71. Slide 71: Future Outlook

    Future Outlook Copyright © 2026 Strategy. All Rights Reserved.

  72. Slide 72: Bitcoin is Only 0.1% of the World's $1,127T in Assets

    Bitcoin is Only 0.1% of the World’s $1,127T in Assets Gold alone is 18x larger at $29T Bitcoin: $1.6T (0.1%) Total Global Asset Value: $1,127T Art, cars & Gold Equities collectibles $29T $28T $164T Real estate Bonds Money $411T $353T $141T Source: Bitcoin value based on circulating supply of ~20.1M

  73. Slide 73: The $100 Trillion Frontier

    The $100 Trillion Frontier One capital network to preserve wealth, move value & program economic activity Save & Invest Move & Program Digital Capital Digital Currency Bitcoin Sovereign-unit Tokens Corporate / Sovereign Reserves Stablecoins / Payments Digital Equity Digital Money Treasury Companies

  74. Slide 74: Great Ideas Outgrow Their First Use Case

    Great Ideas Outgrow Their First Use Case Bitcoin started as peer-to-peer electronic cash; its uses extend far beyond payments ₿ Oil Electricity Bitcoin First: First: First: Lamp fuel (kerosene) Electric lighting Peer-to-peer electronic cash ↓ ↓ ↓ Eventual: Eventual: Eventual: Gasoline, diesel, jet f

  75. Slide 75: BTC Treasury Companies Make Each Other Stronger

    BTC Treasury Companies Make Each Other Stronger BTC Treasury Companies have acquired ~165% of all BTC mined in 2026 YTD(1) 4 13 issuers securities More issuers ₿220,474 BTC acquired 2026 YTD $68B Digital Equity More capital The system gets Broader Market Cap into bitcoin stronger together investor b

  76. Slide 76: More Issuers Can Make the Category More Investable

    More Issuers Can Make the Category More Investable 9 Digital Credit securities across 4 issuers added ₿220,474 2026 YTD Outstanding, Oct. 23, 2026 2026 YTD flows Digital Equity Digital Credit 30D ADV Total 30D ADV Capital BTC Issuer Digital Credit Securities mkt cap Notional BTC held common Digital

  77. Slide 77: AI is Pushing Boundaries Across Disciplines

    AI is Pushing Boundaries Across Disciplines • Millennium Prize problem proof claimed by OpenAI’s AI, under review Mathematics • 372 open math problems solved or advanced by OpenAI’s AI • THOR AI computes metal properties 400x faster than standard simulations Physics • 381K new materials predicted by

  78. Slide 78: An Instrument for Every Time Horizon

    An Instrument for Every Time Horizon Short-term capital demands stability, while long-term capital rewards volatility 0 to 4 months 4 months to 4 years Beyond 4 years Digital Equity MSTR 80% 60% 30-day volatility (%) 40% Digital Capital BTC 20% Digital Credit STRC, SATA STRF STRE STRK STRD SATS Mone

  79. Slide 79: Strategy is the Central Bank of the Crypto Economy

    Strategy is the Central Bank of the Crypto Economy Our BTC Reserve and USD Assets are equivalent to the world’s 56th largest central bank Rank Central Bank Total Assets Rank Central Bank Total Assets Rank Central Bank Total Assets 1 China $7,285B 21 Thailand $315B 41 Finland $123B 2 United States $6

  80. Slide 80: Q&A

    Q&A Michael Saylor, Phong Le, Andrew Kang, CJ (Chaitanya Jain) Copyright © 2026 Strategy. All Rights Reserved.

  81. Slide 81: Thank You

    Thank You Copyright © 2026 Strategy. All Rights Reserved.

  82. Slide 82: Appendix

    Appendix Copyright © 2026 Strategy. All Rights Reserved.

  83. Slide 83: Software Highlights

    Software Highlights Q3 2026 Total Revenues Subscription Services Revenues Q3 2026 +49% YoY increase $125.4M ($ in Millions) $68.6 Q3 2026 Total Revenues $62.9 3% YoY decrease $58.9 $51.8 12% 3% Q3 2026 $46.0 Breakdown 30% 55% Product Licenses Support Subscription Services Other Services Q3 25 Q4 25

  84. Slide 84: Return of Capital (ROC) Dividend Guidance

    Return of Capital (“ROC”) Dividend Guidance Strategy Expects U.S. ROC Treatment for 10 Years or More, Resulting in Tax-Deferred Dividends(1) U.S. Dividend Tax Dividend Tax Typical / Income Type Characterization Rate(2) Instruments • Strategy has become the world’s most scalable, tax-efficient STRE,

  85. Slide 85: Basic, Assumed Diluted, and Fully Diluted Shares Outstanding

    Basic, Assumed Diluted, and Fully Diluted Shares Outstanding (1) Reflects retroactive adjustment for the Company's 10-for-1 stock split effected by means of a stock dividend distributed after the close of trading on August 7, 2024. (2) Basic Shares Outstanding reflects the actual class A common stoc

  86. Slide 86: Important Information about KPIs used in this Presentation

    Important Information about KPIs used in this Presentation The Company seeks to acquire bitcoin in a manner it believes to be accretive to common stockholders. To assess achievement of this strategy, the Company monitors and reviews the following Key Performance Indicators (“KPIs”): • Bitcoin Per Sh

  87. Slide 87: Important Information about KPIs (Cont'd)

    Important Information about KPIs used in this Presentation (Cont’d) BTC Yield represents the percentage change in BPS (in Sats) over a period. It is calculated by dividing the difference in BPS between the beginning of a period and the end of a period by the BPS at the beginning of the period. For a

  88. Slide 88: Important Information about KPIs (Cont'd)

    Important Information about KPIs used in this Presentation (Cont’d) BPS (in Sats), BTC Yield, BTC Gain and BTC $ Gain are not, and should not be understood as, financial performance, valuation or liquidity measures. Specifically: • BPS (in Sats) does not represent (i) the Company's ability to satisf

  89. Slide 89: Important Information about KPIs (Cont'd)

    Important Information about KPIs used in this Presentation (Cont’d) In calculating BPS (in Sats), BTC Yield, BTC Gain, and BTC $ Gain, the Company does not consider the source of capital used to acquire its bitcoin. When the Company purchases bitcoin using proceeds from offerings of non-convertible

  90. Slide 90: Important Information about mNAV, Net BTC, Net BPS, and BPS ($)

    Important Information about mNAV, Net BTC, Net BPS, and BPS ($) mNAV is a market-derived ratio, expressed as a multiple, equal to: • the market price per share of the Company’s class A common stock, as reported on the Nasdaq Global Select Market, as of a spe cified date or time; divided by • the Com

  91. Slide 91: Important Information about mNAV, Net BTC and Net BPS (Cont'd)

    Important Information about mNAV, Net BTC and Net BPS (Cont’d) In general, when mNAV is greater than one, the issuance of additional shares of common stock to acquire bitcoin would be expected to increase Net Bitcoin Per Share (in Sats) or Net Bitcoin Per Share (in USD), and therefore to be accretiv

  92. Slide 92: Important Information about mNAV, Net BTC and Net BPS (Cont'd)

    Important Information about mNAV, Net BTC and Net BPS (Cont’d) Net BPS (in Sats) and Net BPS ($) are intended to take account of the senior claims described above, but they do so on the basis of a number of assumptions and are subject to additional limitations, including that: • the Company’s debt-l

  93. Slide 93: Important Information about Amplification

    Important Information about Amplification “Amplification” is a ratio, as of a specified date or time, equal to: • the Company’s BTC Reserve; divided by • its Net Reserve. It expresses the extent to which the Company’s total bitcoin holdings exceed the portion of those holdings after accounting for s

  94. Slide 94: Important Information about Terms used in this Presentation

    Important Information about Terms used in this Presentation The following terms used in this presentation provide a conceptual framework for how management views its securities and capital financing decisions in the context of the Company’s bitcoin strategy. These terms are presented for illustrativ

  95. Slide 95: Important Information about other Terms used in this Presentation

    Important Information about other Terms used in this Presentation BTC Treasury BTC Reserve represents the total number of bitcoin the Company holds as of a specified date multiplied by the current market price of one bitcoin (or the price of one bitcoin as of the date indicated). It does not take in

  96. Slide 96: Additional Information

    Additional Information Strategy is not a registered money market fund under the Investment Company Act of 1940, as amended, is not subject to the sa me protections as a registered money market fund, and does not operate as registered money market fund. Among other things, unli ke money market funds,

Strategy — Q3 2026 Earnings Presentation on 6ix