Strategy Inc

Hello, everyone, and good evening. I'm Shididh Jajodia, Corporate Treasurer and Head of Investor Relations at Strategy. I will be your moderator for Strategy's 2025 Third Quarter Earnings Webinar. We will start the call with a 60-minute presentation, starting first with Andrew Kang, followed by Fong Lee, and then Michael Saylor. This will be followed by a 30 minutes 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, guidance, and prospects may constitute forward-looking statements, including, without limitation, our guidance with respect to earnings and our KPIs contained in this presentation. 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 most recent quarterly report on Form 10Q filed with the SEC on August 5, 2025, and our current report on Form 8K filed with the SEC on October 6, 2025. We assume no obligation to update these forward-looking statements, which speak only as of today. With that, I will turn the call over to Andrew Kang, the CFO of Strategy.

Thank you, Sharish. I'll start with some highlights for the quarter. We now hold 640,808 Bitcoin, or over 3% of all Bitcoin ever to exist. This reinforces the scale and the dominance of our corporate Bitcoin treasury company. We have a market cap of $83 billion, which positions us among top publicly listed companies in the U.S. And we have four listed preferred securities in the market, STRF, STRK, STRD and STRC, with STRC or Stretch being the largest U.S. IPO of 2025 so far, and all which continue to grow in liquidity and investor interest each and every day. We've also raised $19.8 billion in capital year-to-date to acquire more Bitcoin. And our capital markets platform continues to deepen in liquidity and investor interest, and we continue to show positive performance in our Bitcoin metrics, all central to generating long-term shareholder value. Moving on to EPS results. Turning to our Q3 2025 GAAP financial results, we reported $3.9 billion in operating income, $2.8 billion in net income, and earnings of $8.43 per share. That's a transformative improvement year over year, reflecting a strong performance in Bitcoin, the fair value treatment we now have on our Bitcoin, and disciplined capital raising activities. This marks our second consecutive quarter of significant positive gap earnings and over $8 billion in positive earnings in the last four quarters.

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