AA ⚡️

When I gave this speech in October 2022, Bitcoin traded near $20,000, Strategy held 130,000 BTC worth about $2.6 billion, and $MSTR was ~$24 split-adjusted. Weeks later, after Bitcoin fell below $16,000, our debt exceeded the combined value of our BTC and cash reserves by ~$300 million, and $MSTR fell into the $13 range by year-end. We stayed focused, strengthened the company, and executed our strategy. Since then, Strategy has raised over $60 billion of additional capital and invested it in Bitcoin, adding more than 716,000 BTC. Today, our BTC and USD reserves exceed debt by ~$48 billion. Thank you to everyone who believed, endured, and took the long view.

🔥TACTICAL NUKE ON MSTR BEARS🔥 It is genuinely hilarious how misinformed the average person is about Strategy. The low IQ doomer slop is everywhere... and Strategy has literally never been raising MORE MONEY... even in the midst of a 50% Bitcoin price correction. This isn't even my opinion... it's just math. We are 112 trading days into 2026. Let's use the pace of capital raising for every year since 2021. Using January 1st to the 112th trading day of each year: 2021: $1.518 billion raised 2022: $204.6 million raised 2023: $339.0 million raised 2024: $1.512 billion raised 2025: $13.929 billion raised 2026: $14.276 billion raised Average capital raised per trading day for those periods: 2021: $13.6 million 2022: $1.8 million 2023: $3.0 million 2024: $13.5 million 2025: $124.4 million 2026: $127.5 million The company is raising MORE MONEY and BUYING BITCOIN faster than EVER BEFORE, yet the near consensus among the doomer boomer morons is that this somehow ISN'T WORKING. Imagine that. Raising $127.5 million per trading day on average in 2026... and their monthly dividend bill is $142.5 million. So they are raising 89.4% of their monthly dividend bill EVERY TRADING DAY on average. What do you think the rest of the month's capital raising is going to? More Bitcoin at historically cheap prices. On top of that, we currently have 0.00145111 BTC × $63,959.86 = $92.81 NAV value backing each share when adjusted for the ENTIRETY of the capital structure. The stock is at $112.53. $112.53 / $92.81 = 1.21x true CEBE mNAV. Over the last month, the market has traded 414.4 MILLION MSTR shares. $54.75 BILLION WORTH. They TRADED more than the OUTSTANDING VALUE of their Bitcoin hoard. Do you realize how crazy that is? You cannot ignore this LIQUIDITY ADVANTAGE. On average MSTR traded $2.61 billion per day in daily dollar volume. Their monthly dividend as a % of their monthly dollar volume is 0.260%. They need to raise $6.79m per trading day to pay the dividends. Remember, they are raising $127.5 million per day on average. So in terrible Bitcoin market conditions, they are already raising 18.78x of what they NEED to... before ever tapping their USD reserve or Bitcoin hoard to pay the dividends. And remember, ALL MSTR sales for CASH and BITCOIN are ACCRETIVE at these price levels because of the 1.21x CEBE mNAV. On top of that, STRC has had a POSITIVE total return ever since the IPO while Bitcoin is down 50%. The critics will complain that is cherry picking, FINE: STRC has outperformed Bitcoin 84% of time, out of EVERY POSSIBLE TIME HORIZON since the STRC IPO. So.... let us review: 1. DEEP LIQUIDITY? CHECK. 2. CAPITAL ACCESS? MORE THAN EVER - CHECK! 3. Common Equity Bitcoin Exposure accretion? CHECK! 4. DIVIDEND COVERAGE? MULTIPLE DECADES! CHECK! BULLISH $MSTR BECAUSE IT'S OBVIOUS TO ANYONE WITH A FUNCTIONING BRAIN.