Phong Le

Running @Strategy

When you finally understand bitcoin

Most companies have cash, equity, and debt. @Strategy has more optionality: $2.3B USD reserve, $62.3B MSTR common equity, $8.5B STRC preferred equity, $5.0B in 4 more preferred equities, $8.3B debt, and $64.8B BTC.

We turn Bitcoin into Money. $STRC

Strategy to repurchase $1.5 billion principal amount of 2029 convertible notes. $MSTR $STRC strategy.com/press/strategy…

We purchased another 1,000,000 shares of $STRC today. 🚀 Apyx now holds approximately $280M of $STRC, powering the next generation of onchain digital credit yield.

Record day

Once a month was good. Twice a month is better. $STRC shareholders: VOTE now to unlock semi-monthly dividends at the same dividend rate. Every vote counts.

Great to see the innovation happening at Strive in Digital Credit. Once used to create the physical rails to enable the industrial revolution, Preferred Equity will now create the digital rails to enable the digital revolution. Congrats @ColeMacro and team.

Stretch day today. Record day tomorrow.

🇺🇸 U.S. SENATE HAS OFFICIALLY CONFIRMED PRO-BITCOIN KEVIN WARSH AS FED CHAIR 💥 HE BELIEVES THAT BITCOIN IS THE "NEW GOLD" FOR PEOPLE UNDER 40 🙌

Clarity will improve financial outcomes for American families, small businesses, and investors. Digital assets will transform our financial markets by expanding access, accelerating settlement, lowering costs, and increasing returns. Thanks @davidsacks @senatortimscott @patrickjwitt

Semi-monthly dividends are expected to lead to smaller ex-date price moves, tighter trading near par, and more reinvestment windows. It's a better structure. $STRC holders, vote now.

$STRC has breathed life into an illiquid and underutilized preferred equity market.

@RayDalio Gold is analog capital. Bitcoin is digital capital. Transparency is a feature, not a bug, making $BTC suitable as global collateral. Since we adopted the Bitcoin Standard on Aug. 10, 2020, Bitcoin has outperformed gold with a higher Sharpe ratio.

We're sitting down with @Saylor & @PhongLe for a Strategy Retail Investor Q&A hosted by @NatBrunell on May 13th at 5pm ET. strategy.com/press/strategy…

"It is the kind of yield that should not exist." 11.5% in monthly cash. Backed by Bitcoin. Sitting in plain sight on a public exchange. @jameslavish, CFA (Bitcoin Opportunity Fund, Strive board) walks through $STRC and $SATA. The structure. Who it's built for. Where the risks actually live. Now on @TNorth: tnorth.com/research/bitco…

I’m sometimes asked why a Bitcoin Treasury Company should also operate a software business. The two create powerful and unique synergies. I plan to provide more regular updates on Strategy Software, and will start here with a foundational overview. Q1 2026 was the strongest financial quarter in the last decade for our software business. Revenue grew 12%, driven by a 59% growth in cloud revenue. Controllable margin grew 27%, helping fund our Bitcoin operating expenses. Over the last six years, we transformed the software business while simultaneously becoming a Bitcoin Treasury Company. Our 1,500 employees serve more than 3,000 customers, over 500,000 active users, and nearly half of the Fortune 500, including many of the world’s leading banks, healthcare companies, retailers, and government agencies. We’ve been in business since 1989 and public since 1998. We operate in over 25 countries, with employees in nearly every major city worldwide. More than 100,000 employees, partners, and customers have built their careers on Strategy Software, and many have gone on to found and lead software startups and public companies around our Tysons Corner headquarters and across the world. We are listed on the NASDAQ, are a WKSI, file quarterly 10-Qs and annual 10-Ks with the SEC, and are audited by KPMG. We maintain SOC 2 Type 2, ISO 27001, and FedRAMP certifications, and comply with PCI DSS, HIPAA, DPF, and GDPR standards. This directly benefits our Bitcoin Treasury Company. We have world-class software engineers, product managers, customer success teams, cloud and security experts, enterprise sales and consulting professionals, and experienced leaders in operations, finance, legal, and HR. Many employees have been with the company for more than 25 years. No company in the digital asset ecosystem has this depth of institutional experience. Many have noticed the maturity and professionalism of our organization, especially in such an entrepreneurial and innovative industry. This is intentional and highly differentiated. In turn, Bitcoin has accelerated our software business. Our employees are energized by our mission, equity performance, and global community. Our customers have evolved from skeptical to curious to supportive, and are increasingly engaged with our digital asset strategy. We continue to attract and retain exceptional talent and are investing aggressively in AI. Most recently, we built an AI data foundation, branded "Mosaic", that integrates LLMs, hyperscalers, and data warehouses into a single trusted, secure, open platform. It provides a simple, AI-driven semantic layer for enterprise data, with AI Agents as the ultimate end users. Our pace of innovation is accelerating rapidly. Some of our most important software partners include Amazon, Google, Microsoft, Snowflake, and HCL. We are also rebuilding many of our internal processes and systems from the ground up using multiple AI models. Over the next year, I expect we will automate many core workflows and replace much of our internal enterprise software. Our systems and software will become increasingly autonomous, adaptive, self-healing, and self-improving. I’m incredibly proud of our software business. The combination of a Bitcoin Treasury Company and an enterprise software company is uniquely synergistic for both, and foundational to our success.

Strategy’s success is rooted in more than Bitcoin on our balance sheet. It is built on a scaled enterprise software company with a rich history of invention, institutional discipline, and global scale. A brief overview:

@9990100t @Kate_L_Mosso @adam3us We were def there, I enjoyed sharing the main stage with Bitcoin OG @adam3us and the best Bitcoin interviewer @natbrunell.

@Kate_L_Mosso @adam3us They didn't even give him a spot on the main stage. I was stunned; he's one of the most important and interesting people in bitcoin. I think he had 20 minutes on a tiny side stage

I didn’t see anything else too notable at the conference, but noticed @adam3us was there looking kind of lonely idk