How does Strategy navigate a challenging Bitcoin market, return $STRC to par, and continue compounding Bitcoin per share? In our Q2 earnings call, we laid out the strategy, reviewed our financial position and capital-management framework, and answered questions from equity analysts and industry experts. Prepared Remarks 00:00:00 - Welcome... 00:01:20 - 843,775 BTC, 203,683 sats per share, $17B raised year to date, and Strategy’s position as the largest institutional holder of Bitcoin 00:03:27 - Q2 balance sheet: $49.7B of digital assets, $3.75B current USD reserve, lower debt, higher preferred equity, and strong stress-case coverage 00:08:57 - Bitcoin KPIs: 4.5% BTC Yield, 29,997 BTC Gain, and ~3.6x growth in Bitcoin per share since 2020 00:12:47 - Q2 execution: higher Bitcoin holdings, lower debt, larger USD reserves, stronger Bitcoin per share, and active capital management 00:15:03 - Strategy as a net buyer of Bitcoin and net issuer of Digital Credit: 48x more BTC bought than sold and 300x more Digital Credit issued than repurchased 00:18:47 - Returning $STRC to $99–$100 through USD reserves, Bitcoin monetization, repurchases, dividend management, and disciplined issuance 00:24:50 - Bitcoin liquidity: why Strategy’s bitcoin purchases and sales are not material to overall Bitcoin trading volume 00:33:03 - Bitcoin as Digital Capital: website metrics, the 200-week moving average, current headwinds, Bitcoin Dominance, banking adoption, and security coordination 00:44:08 - $STRC as flagship Digital Credit: liquidity, lower volatility, market depth, yield, investor base, path to par, and updated credit metrics 01:05:04 - Equity framework: hurdle rate, breakeven rate, floor rate, market skepticism, $MSTR outperformance, franchise advantages, and Strategy’s long-term ambition Q&A 01:19:31 - Why Bitcoin-backed borrowing is not currently the preferred path to build USD reserves 01:23:11 - Why Strategy is consolidating around $STRC instead of creating more instruments or selling volatility 01:40:37 - Equitizing, repaying, or refinancing convertible debt 01:43:18 - Covered calls, cash-secured puts, Digital Credit, Bitcoin as money, and marketing products to the 99% outside Bitcoin 01:59:22 - USD reserve minimums and the path to $STRC trading at par 02:00:55 - Amplification, USD/BTC reserve mix, and countercyclical capital management 02:12:04 - Why Strategy does not intend to issue $STRC below par 02:20:34 - Lessons from 2022 and 2026, tokenized securities, Digital Money, and the June 26 $STRC dislocation 02:34:54 - Closing remarksshow more

The slides behind our Q2 earnings call: Strategy’s balance sheet, Bitcoin KPIs, active capital management, the path to par for $STRC, and the long-term opportunity for $MSTR.

Man of all days to post this. You are tone deaf.

You guys aren't navigating anything. You're sitting on the sidelines hoping that the market bails you out.

By buying $Buttcoin instead

You have been subpar since May The cold storage exploit just fucked everyone You’ve admitted that your no longer a hodler Your cred is gone

You mean how does Strategy navigate the extremely predictable bear market? By selling the bottom after going all in at the top? You should have learned cycles by now, bro. No one is immune.

Just stop, Bitcoin is ass and so is your company. You attached yourself to a sht coin, and now you’re going down with it.

TORTUGAA

Bears got you scared @saylor @BlackBearCTO $BlackBear

No need for a call. The @strategy is clear: 1) dilute investors as much as possible in order to 2) buy $BTC high and sell low 3) rinse & repeat.

Someone needs to give me the TLDR Did not have time to watch the whole thing. Are we going to the moon or not?

Since you promised never to dilute eveerything else except MSTR, I'm guessing your plan is to dilute common investers in the coming months as much as possible?

The real question is if clarity act doesn’t pass or dragged do you have any strategy what to do? I know things are very uncertain and it always have been but this is little bit frustrating….. we want to know when mooning??

You might be the worse to ever navigate capital markets. Your inability to read the room and situations is actually pretty mind boggling

Awesome call

As others have noted, why not buy at these ROCK BOTTOM PRICES where you said people will wish they bought? Seems a little strange that if it was going to a million soon then why wouldnt you be loading up at these prices. ANDDDD YOUR NOT...WHY MIKEY???

My guy. You should eat shit and fuck off. How tf you selling btc when you told everyone to buy

You manage by selling the shit out of your stock.

$ORDI is the son of $BTC

BTC 🚀

"Navigate challenging market..." Brother, all you do is diluting $MSTR shareholders. Thats it.

Are we waiting for Bitcoin to hit $1 million?

He's $10B in red, MSTR down 85%. What a fucking clown 🤣

Take a pill

Your whole model is a ponzi, just like nvdia, microsoft and openai buying one anothers stock and hardware/software. THIS WHOLE MARKET IS ONE HUGE SCAM RIGHT NOW AND RETAIL IS NOT SMART ENOUGH TO REALIZE WALLSTREET AND SAYLOR ARE FUCKING THEM. KOSPI X 10 IS COMING SOON TO U.S

I finally realized 100% you are fucking delusional

How? By destroying common shareholders

Are you stacking shitcoins again this week or Bitcoin?

TLDR: dilute and dump the shit out of MSTR

Once you’ve sorted out STRC, we are gonna fly

@TimKotzman This all won’t even need explanation in just a couple of years

In a bear market like btc is in, doing nothing is the best option Second, when the bull market resumes- the first priority should be to clear all debt, grow the cash to have a 10yr reserves then lower the interest payment on preferred to 30yr APR + 3points Reward $mstr holder

MSTR down 8%

the equity is blown out forever. This house is built on sand. Btc is bedrock, mstr is sand

challenging Bitcoin market? normal cycle so far till oct 13, why get so tangled up in financial toys, , you can optimize cognitive performance and potentially shift standardized scores by 3 to 5 points through physical exercise, continuous complex learning, and proper sleep