Strategy Inc

Tiri Jajotia, Corporate Treasurer and Head of Investor Relations at Strategy. I will be your moderator for Strategy's 2025 Fourth Quarter Earnings Webinar. We will start the call with a 60-minute presentation, starting with Andrew Kang, followed by Fong Lee, and then Michael Saylor. This will be followed by a 30-minute interactive Q&A session with four Wall Street equity analysts and four Bitcoin analysts. Before we proceed, I will read the Safe Harbor Statement. 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 statements due to various important factors, including fluctuations in the price of Bitcoin and the risk factors discussed in our current report on Form 8K filed with the SEC on October 6, 2025, and under the caption Risk Factors in Strategies Quarterly Report on Form 10Q filed with the SEC on November 3rd, 2025, and the risks described in other filings that Strategy may make with the SEC from time to time. We assume no obligations to update these forward-looking statements which speak only as of today. With that, I would like to turn the call over to Andrew Kang, the CFO of Strategy.

Thank you, Sharish, and thank you everyone for joining our call today. I'll start by touching on a few of our highlights for Q4 as well as for the full year 2025. We closed the year with 713,502 Bitcoin on our balance sheet, which represented approximately 3.4% of all Bitcoin that will ever exist. This reflects continued discipline around Bitcoin accumulation through the fourth quarter and further reinforces our position as the largest corporate holder of Bitcoin in the world. Also during 2025, we successfully raised over $25 billion of total capital, funding growth across our treasury strategy and expanding our product ecosystem. We now have five listed preferred equity securities, which has broadened investor access across yield, duration, and risk profiles. Our execution throughout the year puts us in a position to enter 2026 with a stronger balance sheet, More access to liquidity and upside when hopefully Bitcoin price rallies soon. Next slide. 2025 overall was a very important year with several strategic corporate events that I think strengthened our foundation as the world's leading Bitcoin treasury company. We adopted fair value accounting at the beginning of the year, which provided greater investor and market transparency of our Bitcoin holdings, which are now, as you know, marked to market each quarter. Second, Treasury and IRS guidance confirmed that unrealized Bitcoin gains would not be subject to additional corporate alternative minimum tax. We also received the first ever credit rating for a Bitcoin treasury company, which marked an important step, I think, in institutional recognition and setting the foundation for future progress. And lastly, in Q4, we established a $2.25 billion cash reserve. which provides over two and a half years of dividend coverage. This is an important enhancement to our overall risk management framework and supports our ability to meet our interest and dividend obligations through market cycles like the one we are seeing today. And lastly, MSCI confirmed that digital asset treasury companies will remain eligible for inclusion in its global market indices, which we believe was the appropriate outcome. And I'll touch a little bit more about that later on in my presentation. Next slide. Next slide. Thank you. Turning to our Q4 financial results, we reported an operating loss of $17.4 billion and a net loss of $12.6 billion. These results were obviously driven by the quarter-end decline in Bitcoin's fair value under our mark-to-market accounting. Next slide. For the full year, we reported an operating loss of $5.4 billion and a net loss of $4.2 billion. We updated our target range for the full year 2025 precisely because our results are highly dependent on Bitcoin price and can move meaningfully based on market conditions. It's important to call out that our full year results were within our target guidance based on where Bitcoin price ended the year. And while accounting outcomes may fluctuate quarter to quarter, our long-term focus remains unchanged. We are committed to increasing Bitcoin per share and building durable shareholder value over the long term. Next slide. Turning to our Bitcoin KPI performance for the full year, at the start of the year, we established clear KPI targets tied to Bitcoin per share growth while recognizing the you know, a wide range of possible Bitcoin price outcomes. Under those conditions, we delivered a BTC yield of 22.8% for the year, beating the lower end of our target range, which was set at 22 to 26%. That translated into a total BTC gain of 101,873 Bitcoin, and a BTC dollar gain of $8.9 billion, also beating the lower end of our target range. I think the key takeaway is that even with significant volatility in Bitcoin price, our strategy remained disciplined, and we executed against our KPIs of increasing Bitcoin per share and compounding shareholder value for the long term. Next slide. Since adopting Bitcoin as our treasury asset in 2020, we've consistently added Bitcoin per share each year. 2025 was yet another strong year in this regard and building on the momentum of prior years and demonstrating our ability to add more Bitcoin per share in both good markets and in challenging ones as well. Our focus remains unchanged. As I mentioned before, our goal is to systematically increase Bitcoin per share over time, regardless of near-term market cycles, and continue to deliver durable BTC value for our long-term investors. Next slide. One more. Thank you. Now, turning to the balance sheet, we'll start at the top here. Our digital assets increased from $23.9 billion at the end of 2024 to $58.9 billion at the end of 2025. This was due to a $17.9 billion increase in fair value at the beginning of the year balance, as well as the fair value of the Bitcoin we added in 2025. As a result, we ended the year with also $2.3 billion in cash and cash equivalents, of which, as I mentioned earlier, $2.25 billion of that represents our USD cash reserve. As of the end of 2025, we now carry also a $1.9 billion deferred tax liability, which just reflects the accounting difference between the market value and the cost basis of our Bitcoin. I'll remind everyone this is a balance sheet item, and it's not a cash tax obligation, and it does change quarter to quarter with the price of Bitcoin. Moving on. Oh, can you go back, please? In terms of long-term debt, We ended the year at $8.2 billion, which takes into account a new convertible bond as well as an equitization of a prior convert, which we executed both in early 2025. As we said before, we do not plan to issue any new convertible debt in the future, and we'll focus on assessing strategic liability management opportunities to the extent market conditions make sense. And over time, we intend to reduce our leverage to further enhance our credit profile. We also added $6.9 billion of preferred equity, diversifying our capital raising channels. As a result, total equity, including both preferred and common, rose to $51.1 billion at the end of the year, up from $22.8 billion a year ago. We added $6.9 billion of preferreds through five distinct IPOs, as well as subsequent ATM activity, and our common equity increased to $44.2 billion through our ATM. We deployed all of that capital in an accretive manner to acquire more Bitcoin. As I mentioned before, we delivered 22.8% BTC yield, and we established the cash reserve. I'd say the year-over-year growth of our capital base strengthens our balance sheet and provides a more durable base to continue raising capital efficiently and acquiring more Bitcoin over the long term. All right. Thanks, Sharish. Next slide. At the end of Q3 – sorry, at the end of Q4 – sorry, at the end of Q3, the market value of our Bitcoin position was approximately $73.2 billion. That was based on a Bitcoin price of about $114,000. During Q4, Bitcoin, as we all know, experienced a price decline, which drove the total unrealized fair value loss of $17.4 billion. Look, quarter-to-quarter moves like this can be sharp, can also be unsettling, but it's important to emphasize that our strategy is built for the long term. It's built to withstand short-term price volatility, even short-term extreme conditions like we're seeing today. And importantly, even in a volatile environment, we continue to execute. We purchased an additional 32,470 Bitcoin in Q4 for approximately $3.1 billion. Next slide. For the full year 2025, the market value of our Bitcoin holdings increased by approximately $17 billion from 41.8%. billion at the end of 2024 to 58.9 billion at the end of 2025. And during the year, we added approximately 225,000 Bitcoin. We also recognize an unrealized fair value loss of about $5.4 billion across the year. But we significantly expanded our Bitcoin position, right, we increased our total holdings from 447,000 to 672,500 Bitcoin for the year. Next slide. Our total interest and dividend obligations are now $888 million, which is made up of about $35 million in interest on our converts. That represents an average cost of about 42 basis points. It's also made up of $713 million in dividend obligations from our cumulative preferreds, an additional $140 million related to our non-cumulative preferreds. You can see here at the bottom our cash reserve of $2.25 billion, which was established in Q4, now provides over 2.5 years of interest and dividend coverage. And it's an important and direct benefit to our debt and credit investors. Next slide. And lastly, in October, MSCI opened a public comment period around a proposal that could have excluded companies whose digital asset holdings represented more than 50% of total assets. We felt it was important for us to be a voice on this matter, and we submitted formal written feedback to MSCI, We noted that this threshold would, in our opinion, be discriminatory towards digital assets. It's arbitrary. And in many ways, I think the proposal was unworkable and that it rested on a mischaracterization of strategy. As a result, MSCI determined not to implement their initial proposal. And as a result, we have not been excluded from MSCI's indices. I'd note strategy is an operating company. We have 30 plus years of history in software and tech. We have 1500 employees. Last year in 2025, we generated $477 million in annual revenue. And while our Bitcoin holdings has grown significantly from a balance sheet perspective, we are an operating company with a treasury balance sheet built upon a commodity. And lastly, look, on a final note, I just want to say thank you. We appreciate the strong support we received from both active and passive. retail and institutional investors, regulators and policymakers, all in support of our efforts on index inclusion. We thank you for that. I think there's still some more work to be done, and we look forward to working with the industry in the coming year on that as well. So with that, I will turn over to Fang, our CEO. Thank you.

Thanks, Andrew. First, I just want to acknowledge I understand the market conditions for today's call is challenging. And the fact that we have thousands of people watching this is a testament to your intellect, your curiosity, and for many of you, your conviction. So thanks, everyone, for joining us today. I also want to share, look, some of you bought Bitcoin or MSTR in the last year. This is your first downturn. My advice is to hold on. Remember the fundamentals that cause you to buy Bitcoin. It's because Bitcoin is the digital transformation of capital. Or maybe it's because it's the hardest and most ethical form of money. or because you believe in a non-sovereign sensor-resistant store of value. None of these fundamentals have changed. They didn't change in the last year. They haven't changed in the last 18 years. For the MicroStrategy shareholders and the strategy shareholders now, remember the fundamentals of why you bought into MSTR Common. Because we are levered and amplified Bitcoin, we're built to outperform Bitcoin over the long run. It could be because you see us as digital innovators. We invented the enterprise business intelligence software space in the 1990s, and we invented digital treasury companies in 2020. Or it's because you believe in the management team that's here today. None of that's changed in the last year. And for those of you who have been with us on this journey since 2020, you've seen other periods of Bitcoin and MSTR downturns, and you held on, and you were rewarded for your conviction, so thank you. And perhaps I ask that you share your wisdom and your confidence with those who are newer to the community today. X is a great place to do this. In person is a great place to do this. And a great opportunity to get together in person. Next slide, please. Is Bitcoin for Corporations. We will have our sixth annual Bitcoin for Corporations in Las Vegas in three weeks, February 23rd through 26th. Love to see you there. It's a great place to get together and learn about Bitcoin, Bitcoin treasury companies, digital credit, digital capital and digital money. It's also a great place to see our software business in action. As Andrew mentioned, our software business constitutes 1,500 employees and over 3,000 customers. They'll be there showcasing the transformation of intelligence and the intersection of AI and BI. And I would like to note we had a great year last year in our software business. We saw a big cloud transition as our revenue went from decline to increase to 3%, and our cloud revenue went up 65% year over year. So I invite you all to join us in Las Vegas, February 23rd through 26th. Next slide. Take a step back. This is our business. We have been buying and holding Bitcoin since the third quarter of 2020. Every single quarter, we now have 713,502 Bitcoin with a total acquisition cost of $54 billion and a $76,000 average Bitcoin purchase price. Recognizing now that Bitcoin is below the average Bitcoin price, you might ask the question, what does that mean? It really doesn't mean anything, right? It doesn't mean that we have any issues servicing our debt or paying the dividends on our preferreds. We don't have any covenants or triggers that say when Bitcoin price goes below our average Bitcoin purchase price that anything has to occur other than we continue with our strategy. Next slide. 2025, as Andrew mentioned, was a pretty big year for us in the capital markets. As you see here, in 2024, we raised $22.6 billion, and we actually outstripped that number in 2025. The big change last year was we moved from convertible debt, $6.2 billion in 2024 and $2 billion in 2025, to $7 billion of preferred debt. We invented digital credit, and we invented the preferred market, which now other Bitcoin treasury companies are moving into issuing perpetual preferreds. We're pretty excited about this. You'll see here we have five IPOs. The other thing I'll note here is that year-to-date 2026, in the face of a tougher Bitcoin market, we were able to, in one month, raise an additional $3.9 billion of capital. And for the most part, buy Bitcoin with that. Next slide. So what do those big numbers mean? How do you think about that? In 2024, we were the largest U.S. issuer of equity in the entire country. Last year, 2025, we were once again the largest issuer of equity. We were 8% of the entire equity capital markets, 6% to the common equity market, and 33% of the preferred equity market. We are getting people to invest in our company. through equity raises and preferred raises, and turn that into Bitcoin, Bitcoin per share, and Bitcoin yield to our shareholders. And we're doing it with the intersection of traditional finance. So some of the largest banking partners in the world, Morgan Stanley, Barclays, Mollis, TD, Benchmark, Clear Street, have all been participants in these markets, and they give us distribution out to wealth management and and to retail and to institutions. So we've been very successful in the last year with continuing our strategy. Next slide. You'll see here, in addition to getting folks to participate in our equity raises and our equity capital markets, we continue to add more and more research analysts. Here you can see price targets and you can see they all have buy ratings on strategy. Next slide. So let me talk about digital credit and what are we doing in digital credit and why digital credit is important. Next slide. First, I mentioned 2025 marked the launch of digital credit, and we launched five different instruments. We started with Strike, which is convertible digital credit, and it was really a gateway from convertible debt, which we no longer are issuing, to a convertible preferred note. We then launched Strife, which was our most senior of our instruments, our first fixed perpetual digital credit instrument. And after that, we launched our most junior one, Stride. And as you can see, the size gets bigger and bigger with each one. And then we launched the most important, which was Stretch, which is $2.5 billion in our first digital credit instrument. And then in November, we went to the Euro market and launched Stream, which is $717 million in U.S. dollars. And the importance of this is accessing a European market and those who want Euro exposure. Our plan with Stream is to, over time, uplist it into a regulated retail accessible market. And we're excited to do that over the course of this year. Next slide. Here's the overview of digital credit. I think the most notable here is to look at as an example of the liquidity that we're experiencing in the stretch. $118 million traded a day over the last 30 days. As a comparison, typical U.S.-based prefers trade $1 million a day. So these are very liquid and very interesting instruments. The dividend at 11.25% and on a tax-equivalent basis, 18%. And you also see the volatility here at 7%. So it's an instrument where we've been able to start to target a very finite price close to $100 and drive that volatility down to 7%. Let's go to the next slide. So what is 2025, the third quarter, and the rest of 2026 been about? It's really been about seasoning our digital credit. And by seasoning, I mean maturing the market and making the instrument more creditworthy. So after we launched Stretch in July of 2025, there were a couple actions we took that made the credit. more credit worthy and a better investment. First, and Andrew mentioned it, the county guidance was a big deal. This was a big change by Treasury and IRS acknowledging the importance of the digital asset ecosystem and that there should be no unrealized capital gains taxes on Bitcoin, period. The second thing is we've got an S&P rating, a B- issuer credit rating, which is a starting point for us to be able to access different types of investors in the credit market. November 4th, we got to what really was our target, was to get stretched to trade at par, $100 for the first time. $100 is important because it decreases the volatility of the instrument. It shows that we're able to do something that no other preferred instrument has done in the past, which is to target a specific price, and it allows us to raise more via our ATM. And then we added our U.S. dollar reserve. At the same time, since we launched Stretch, we have added 105,732 Bitcoin to our balance sheet. That's about 16% more. These are all actions we took to make our digital credit stronger over time. Next slide. So what is Stretch? Why are we so enamored and excited about Stretch? Why did I say 2026 is the coming out party for Stretch? Stretch is one of the most attractive instruments and securities in the market today. It pays an 11% effective yield, 18% on a tax equivalent basis. We've paid monthly dividends. on time, on schedule. And we have said that we expect the return of capital treatment for the next 10 years. We'll run our business to be able to give everybody tax-deferred earnings for the next 10 years. We're targeting a $100 price. The volatility, 7%, has actually decreased recently to 6%. And we have mechanisms above and below that price to keep the price stable. It's quite a bit of a feat of financial engineering. And it's extremely over collateralized. After you take out all instruments that are senior to Stretch, we still have 5.6X collateral over Stretch. And so, it's an over collateralized instrument. And then after that, we've added $2.25 billion of U.S. dollar reserves. So, we have two to three years of dividend coverage. I had mentioned that liquidity of Stretch is trading extremely well. It's NASDAQ listed. It has a four-letter ticker. It's easily accessible to folks. It's now accessible on Robinhood and Square Cash App and pretty much anywhere else that you can buy a security. Next slide. So let's talk about our balance sheet. I've seen a lot of questions. We get them from investors. We get them from shareholders. We get them from people on X. What's going on with strategies balance sheet? Are you worried that when Bitcoin price drops that you are going to have issues with your convertible bonds? Are you going to have issues paying your dividends? Are you going to have to sell Bitcoin? The short answer is I'm not worried. We're not worried. And no, we're not having issues. What's the reason? One, we have a BTC reserve at $60 billion. This was as of last Friday. Now it's $45 billion. And our equity, our enterprise value still trades above our Bitcoin reserve. A convertible debt, that's the notes that come due or preferred equity doesn't come due, is at about 10% leverage. With the latest Bitcoin price as of today, we still have about 13% leverage. So the $8.2 billion that come due is 13% leverage. How do you think about 13% leverage? You know, those who do not spend a lot of time in the debt world, you might say, well, 13% sounds like a lot. Let me show you how we compare 13% to the S&P 500 universe. Next slide. First thing is when you take your leverage, you take out the cash that we have. So our net debt is $6 billion. As I mentioned, our net leverage is 10% and it's 13% with the most recent Bitcoin price. If you look on the bottom left-hand side, this is how we compare to the S&P 500 universe. We have 10%, currently 13% leverage. If you're a AAA-rated investment-grade company, your bonds are trading as AAA rated, you have 23% leverage. If you're BBB rated high yield, you have 32% leverage. We have half the leverage of an investment grade company, a third of the leverage of a high yield company. How about looking at it by sector? Strategy at 13% looks like a tech company, which is low capital, low assets, high income, right? They're levered at about 15.7%. Compare us to asset heavy, high debt companies and industries, utilities or real estate, they're levered at 42 to 48%. We are not a highly levered company. Next slide. What about our convertible debt, right? Not very highly leveraged, so that's good. But what happens when our convertible debt comes due over the next five or six years? Are we worried that we're not going to be able to pay back our convertibles? No, not really. You see here the net debt is $6 billion compared to a Bitcoin reserve of $59 billion, now $45 billion. In the extreme downside, if we were to have a 90% decline in Bitcoin price, and the price was $8,000, right, which I still think is pretty hard to imagine, that is the point at which our Bitcoin reserve equals our net debt, and we will not be able to then pay off of our convertibles using our Bitcoin reserve, and we'd either look at restructuring, issuing additional equity, issuing an additional debt, And let me remind you, this is over the course of the next five years. So I'm not really worried at this point in time, even with Bitcoin drops, that we're not going to be able to service our convertible debt. All that said, it's staggered over time. We have put days between 2027 and 2032, and our plan is to equitize that over time. And if we're not able to equitize it, we'll find different ways to restructure the debt. Next slide. Of course, we have this Bitcoin Reserve, and what does it really do for us? It creates long-term durability. That's why we've been building it up. That's why we've added about 16% over the last nine months to our Bitcoin Reserve. It gives us long-term durability to issue more credit, ultimately. And as we issue more credit, the dividends will rise. Our dividends, as Andrew explained, $888 million. We have 67 years of dividend coverage with our Bitcoin Reserve. If Bitcoin goes up 1.5% a year, that's our break-even ARR, we could just sell the incremental Bitcoin that we get, not that that's what we'll do, to pay our dividends. So we don't need a large increase in Bitcoin price to be able to service our dividends primarily through stretch. Next slide. Our U.S. dollar reserve, which I'm very happy we put in place in Q4 and solidified in Q1, is $2.25 billion. That's 30 months of dividend coverage, two and a half years of dividend coverage. So if we were not able to raise capital, which we've shown that we've been able to do through equity issuances, we could sit here, do nothing, and pay off our dividends or satisfy our dividends over 30 months using this reserve. Next slide. As I mentioned, since we received a B- stable outlook credit rating from S&P, we've taken a lot of positive actions to improve this. Will the S&P increase it from B-? I think if they were to make an evaluation today, they likely would, but they usually make evaluations every year or so. You know, they don't want to move fast in terms of what the credit rating is, but we've added a U.S. dollar reserve, $2.25 billion. I'll remind you that the first $1.44 billion we raised in eight days. The second is we've been able to maintain a robust access to capital to raise $9.5 billion today. In three months, in 72,300 Bitcoins, it will be shown that we're highly liquid and able to access capital. And we've paid dividends every single month, every single quarter since our credit rating. Next slide. So what are we going to do to make Stretch even better? In addition to improving the credit quality, we've been working with brokerages like Robinhood and Cash App to get Stretch and Preferreds listed there. Robinhood, in fact, launched the first ever Preferreds on their platform because of the demand and the liquidity that they saw in Stretch. We've been working with wire houses, wealth management, broker dealers, RIAs to help explain Stretch. We've integrated Stretch now into crypto. So just like you saw MSTR turn into MSTY, MSTU, et cetera, we're seeing Buck and other coins like Saturn, Apex, APYX, and TradFi platforms starting to launch products on top of Stretch. And we expect over time Stretch will be tokenized. We'll integrate with ETFs also. We started, we've been involved in industry conference, leverage finance conferences, teaching sessions, and so we're telling everybody about Stretch. And we engaged in digital marketing you might have seen ads on X or YouTube or Wall Street Journal. And, of course, we have strategy.com and strategy app interviews and podcasts. We want everyone to be aware of digital credit because we think it's an amazing product for an end investor, and we think it helps build the strategy flywheel and the Bitcoin flywheel over time. Next slide. I do want to update a slight change to our stretch guidance. In the past, we've said that we're going to base our actions on stretch on a five-day VWAP at the end of the month. What we found is that stretch trades very interestingly around dates like our record date and our payment date. Our record date falls before the five days at the end of the month, and that's where we've seen people try to buy stretch to the beginning before the record date. So we thought the better view of stretch price is to look over the course of the entire month. So, the VWAP range by which we'll look at the price of stretch and make determinations on what to do with our rate will be based on the entire month. So, as an example, for January, if we were to have made that change in January, it would have been January 1st through January 31st. For February, it would be February 1st through February 28th. Next slide. So we talked about digital credit and the importance of digital credit is what it does for a digital equity. Digital credit amplifies our common equity. And, you know, I just looked at these numbers were as of last Friday. As of today, MSDR is up 48% since we started this strategy. Bitcoin is up 36% since we started this strategy, and we've outperformed the MAG7 gold S&P 500. We amplified Bitcoin designed to outperform Bitcoin, and our belief is Bitcoin will outperform every other asset class in the world over time. Next slide. How do we create amplified Bitcoin? How do we outperform Bitcoin? We produce Bitcoin per share. We increase Bitcoin per share, which is the change of Bitcoin per share is Bitcoin yield. And you look here over the course of the last six years, we've increased Bitcoin per share every single year. That's why we outperform Bitcoin. If you buy one Bitcoin at the beginning of the year, you'll have one Bitcoin at the end of the year. If you buy one share of strategy at the beginning of the year 2025, you would have had 23% more Bitcoin at the end of the year 2025. We increase Bitcoin per share and we call that increased Bitcoin yield. Next slide. So how do we think about this over the course of the next seven years? I showed you what we've done in the last six years. The way we're going to increase Bitcoin per share over the course of the next seven years is we are going to sell digital credit. And what does digital credit do? By selling digital credit, we generate amplification. By generating amplification, we increase Bitcoin per share. By increasing Bitcoin per share, MSTR common outperforms Bitcoin. It's a very simple formula. And what are the inputs? How much digital credit can we sell, which is how much stretch can we sell? Here is an assumption that on a base of $60 billion of Bitcoin, if we can sell 10% of digital credit, which is $6 billion, this is what this might look like over time. And you say $6 billion, is that a lot or is that a little? Well, last year we sold $7 billion of digital credit and we raised over $25 billion in the equity capital market. So we think this is a fairly conservative assumption, $6 billion. This assumes a 10% dividend rate, which is where we are right now. and that we're issuing equity to pay for the dividend on digital credit at 1.34x MNAF. And so I'll call this a low scenario. If we have this low scenario over the course of seven years, we'll increase Bitcoin per share 1.4x. That's a 5% annual Bitcoin yield. Next slide. What if we can do a little bit better? What if we can assume 16% of digital credit sales, so not $6 billion but $10 billion? What if the Fed lowers interest rates or we're able to lower interest rates on our digital credit down to 9%? And what if the view of this causes investors to believe we'll increase Bitcoin per share and our MNAV goes up and we have amplified Bitcoin and MSDR and we'll get to 1.75x MNAV? This scenario with an assumption of 30% Bitcoin ARR gets us to a 2x increase in Bitcoin per share over seven years, which is a 10% annual BTC yield. Next slide. What does a more aggressive scenario look like? Maybe we can assume 20% digital credit sales. We're able to drive the dividend rate down to 8% and our MNAP goes up to 225. Then we can increase Bitcoin per share 2.5 times over 70 years and a 14% annual Bitcoin yield. That's another scenario. And I'll go to the final slide in my section. Ultimately, this is the strategy of the company. We're going to issue digital credit through Stretch. we're going to amplify the common equity because of it. It increases our Bitcoin per share and we outperform Bitcoin. What are the levers that we can play with? How much digital credit can we sell? How attractive can we make stretch? How well do we market it? How well do we distribute it? With higher demand, we can lower the cost of credit and we'll increase the MNF. That's the thesis for the company. And that's what we're excited to do. And that's what we're going to focus on in 2026. So that I will pass it over to Michael.