The Company seeks to acquire bitcoin in a manner it believes to be accretive to common stockholders. To assess achievement of this strategy, the Company monitors and reviews the following Key Performance Indicators (“KPIs”):

• Bitcoin Per Share (in Sats) (or BPS (in Sats)) represents the ratio between the Company’s gross bitcoin holdings and its Assumed Diluted Shares Outstanding, expressed in terms of “Satoshis” or “Sats”, where:

o “Assumed Diluted Shares Outstanding” refers to the aggregate of the Company’s Basic Shares Outstanding as of the dates presented plus all additional shares that would result from the assumed conversion of all outstanding convertible notes and convertible preferred stock, exercise of all outstanding stock option awards, and settlement of all outstanding restricted stock units and performance stock units as of such dates. Assumed Diluted Shares Outstanding is not calculated using the treasury method, incorporates approximate forfeitures of awards in the current period which may be subject to future adjustment and does not take into account any vesting conditions (in the case of equity awards), the exercise price of any stock option awards or any contractual conditions limiting convertibility of convertible debt instruments.

o “Basic Shares Outstanding” reflects the actual class A common stock and class B common stock outstanding as of the dates presented. For purposes of this calculation, outstanding shares of such stock are deemed to include shares, if any, that (A) were sold under at-the-market equity offering programs, or (B) were issued pursuant to (i) options that had been exercised, (ii) restricted stock units that have vested or (iii) conversion requests received with respect to convertible securities, but which in each case were pending issuance as of the dates presented.

o A “Satoshi” or a “Sat” is one one-hundred-millionth of one bitcoin, the smallest indivisible unit of a bitcoin.

• BTC Yield represents the percentage change in BPS (in Sats) from the beginning of a period to the end of a period.

• BTC Gain represents the gross number of bitcoins held by the Company at the beginning of a period multiplied by the BTC Yield for such period.

• BTC $ Gain represents the dollar value of the BTC Gain calculated by multiplying the BTC Gain by the market price of bitcoin as reported on the Coinbase exchange as of the applicable measurement time.

The Company also presents Bitcoin Per Share (in USD) (or BPS ($)), which represents the U.S. dollar value of the Company’s gross bitcoin holdings (calculated using the market price of bitcoin as reported on the Coinbase exchange as of the applicable measurement time) divided by its Assumed Diluted Shares Outstanding. It is equal to BPS (in Sats) illustratively restated at the market price of bitcoin, and complements BPS (in Sats) by expressing the same per-share bitcoin holdings in U.S. dollars. BPS ($) also represents the price above which selling our class A common stock to purchase bitcoin produces a positive BTC Yield for such transaction.

For determining BPS ($), BTC $ Gain QTD, and BTC $ Gain YTD, unless otherwise specified, the Company uses the current market price of bitcoin as reported on the Coinbase exchange as of the applicable measurement time. For determining BTC $ Gain for a past fiscal year or other past period, the Company uses the market price of bitcoin as of 4:00pm ET as reported on the Coinbase exchange on the last day of the applicable period, unless stated otherwise. The Company uses these market prices of bitcoin for these calculations solely for the purpose of facilitating these illustrative calculations.

The Company uses BPS (in Sats), BTC Yield, BTC Gain and BTC $ Gain as KPIs to help assess the performance of its strategy of acquiring bitcoin in a manner it believes to be accretive to shareholders. The Company also believes these KPIs can supplement investors’ understanding of how the Company chooses to fund bitcoin purchases and the value created in a period:

• BPS (in Sats) measures the ratio of the Company’s gross bitcoin holdings to Assumed Diluted Shares Outstanding, which provides management and investors a baseline with which to assess the Company’s achievement of its strategy of acquiring bitcoin in an accretive manner over a given period. When evaluating a capital raise transaction, the Company reviews this metric and considers the impact such transaction will have on this ratio on a pro forma basis. This metric forms the baseline for the Company’s BTC Yield, BTC Gain and BTC $ Gain KPIs, which present changes in BPS (in Sats) from the beginning of a period to the end of the period in different formats.

• BTC Yield measures the percentage change in BPS (in Sats) from the beginning of a period to the end of a period, which helps management and investors assess how the Company’s achievement of its strategy of acquiring bitcoin in an accretive manner varies across periods. The Company uses BTC Yield to evaluate whether its capital markets activity and bitcoin acquisition strategy has resulted in gross per-share accretion (or dilution) on an Assumed Diluted Shares Outstanding basis over an applicable period, and to compare the impact of its strategy across periods.

• BTC Gain hypothetically expresses the percentage change reflected in the BTC Yield metric as if it reflected an increase in the amount of bitcoin held at the end of the applicable period as compared to the beginning of such period, which provides management and investors with visibility into the absolute change in the Company’s bitcoin holdings resulting from the Company’s BTC Yield. The Company uses BTC Gain to measure the accretive or dilutive impact of the change in BPS (in Sats) over an applicable period in absolute terms relative to the Company’s bitcoin holdings. This metric can be particularly helpful when comparing the execution of the Company’s capital markets strategy across periods, as BTC Yield may be lower when the Company’s bitcoin asset base is larger, but result in the same BTC Gain. For example, a 10% BTC Yield with a starting amount of 100,000 bitcoin will result in 10,000 BTC Gain, which is the same BTC Gain that would result from 5% BTC Yield with a starting amount of 200,000 bitcoin.

• BTC $ Gain further expresses the percentage change reflected in the BTC Yield metric as an illustrative dollar value by multiplying that bitcoin-denominated change by the market price of bitcoin at the end of the applicable period as described above. The Company refers to this metric for illustrative purposes to consider the magnitude of the Company’s BTC Gain for an applicable period with reference to the market price of bitcoin as of the end of an applicable period.

When the Company presents these KPIs for any period (a ""measurement period"") that is a subdivision of a longer specified period (the “reference period”), (i) BTC Yield is calculated as the BTC Yield for the period from the beginning of the reference period to the end of the measurement period, less the BTC Yield for the period from the beginning of the reference period to the beginning of the measurement period, (ii) BTC Gain is calculated using the BTC Yield for the measurement period and the Company’s bitcoin holdings at the beginning of the reference period rather than at the beginning of the measurement period, and (iii) BTC $ Gain is calculated by multiplying such revised BTC Gain by the market price of bitcoin at the end of the measurement period. When the Company presents these metrics for an interim period within a fiscal year (e.g., a monthly, quarterly, or quarter-to-date period), then the reference period is that fiscal year, unless stated otherwise.

For example, if BPS (in Sats) is 100 at the beginning of a fiscal year (the reference period), 110 at the end of the first quarter and 125 at the end of the second quarter, the BTC Yield for the second quarter (the measurement period) is calculated as (125/100 − 1) less (110/100 − 1), or 15%—reflecting the 15-point BPS (in Sats) increase from 110 to 125 expressed against the reference period starting BPS (in Sats) of 100. The sum of the first quarter BTC Yield (10%) and the second quarter BTC Yield (15%) equals the year-to-date BTC Yield of 25% (125/100 − 1).

When management uses these metrics, management takes into account the various limitations of these metrics. With respect to BPS (in Sats), BPS ($), BTC Yield, BTC Gain and BTC $ Gain, these include that they:

• do not take into account that the Company’s assets, including its bitcoin, are subject to (i) all of the Company’s existing and future liabilities, including its debt, and (ii) the preferential rights of the Company’s preferred stockholders to dividends and the Company’s assets in a liquidation, and that all such claims rank senior to those of the Company’s common equity; therefore holders of such excluded instruments may have claims on the Company’s assets (including bitcoin) senior to those of holders of common stock in the event of the Company’s liquidation, and as a result the additional bitcoin acquired using proceeds from the sale of such instruments may not accrete to common stockholders; and

• assume that all indebtedness will be refinanced or, in the case of the Company’s senior convertible debt instruments and convertible preferred stock, converted into shares of class A common stock in accordance with their respective terms.

Different assumptions would produce materially different results, and these KPIs may overstate or understate the Company’s bitcoin after accounting for senior claims (net of the Company’s USD Reserve), including “out-of-the-money” convertible debt.

BPS (in Sats), BPS ($), BTC Yield, BTC Gain and BTC $ Gain are not, and should not be understood as, financial performance, valuation or liquidity measures. Specifically:

• BPS (in Sats) and BPS ($) do not represent (i) the ability of the Company to satisfy the Company’s financial obligations, or (ii) the Company’s book value per share.

• BTC Yield is not equivalent to “yield” in the traditional financial context. It is not a measure of the return on investment the Company’s shareholders may have achieved historically or can achieve in the future by purchasing stock of the Company, or a measure of income generated by the Company’s operations or its bitcoin holdings, return on investment on its bitcoin holdings, or any other similar financial measure of the performance of its business or assets.

• BTC Gain and BTC $ Gain are not equivalent to “gain” in the traditional financial context. They also are not measures of the return on investment the Company’s shareholders may have achieved historically or can achieve in the future by purchasing stock of the Company, or measures of income generated by the Company’s operations or its bitcoin holdings, return on investment on its bitcoin holdings, or any other similar financial measure of the performance of its business or assets. It should also be understood that BTC $ Gain does not represent a fair value gain of the Company’s bitcoin holdings, and BTC $ Gain may be positive during periods when the Company has incurred fair value losses on its bitcoin holdings.

The trading price of the Company’s class A common stock is informed by numerous factors in addition to the Company’s bitcoin holdings and its actual or potential shares of common stock outstanding, and as a result, the trading price of the Company’s securities can deviate significantly from the fair market value of the Company’s bitcoin, and none of BPS (in Sats), BPS ($), BTC Yield, BTC Gain or BTC $ Gain are indicative or predictive of the trading price of the Company’s securities.

Investors should rely on the financial statements and other disclosures contained in the Company’s SEC filings. In particular, the Company has adopted Accounting Standards Update No. 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”), which requires that the Company measure its bitcoin at fair value in its statement of financial position as of the end of a reported period, and recognize gains and losses from changes in the fair value in net income (loss) for the reported period. As a result, the Company may incur unrealized gain or loss on digital assets based on changes in the market price of bitcoin during a period, which would not be reflected in BPS (in Sats), BTC Yield, BTC Gain or BTC $ Gain. For example, if the Company increases its bitcoin holdings relative to Assumed Diluted Shares Outstanding during a reported period, the Company would achieve increased BPS (in Sats) and positive BTC Yield, BTC Gain and BTC $ Gain even if the Company reports significant unrealized loss on digital assets for the period. Similarly, if the Company increases Assumed Diluted Shares Outstanding at a faster rate than its bitcoin holdings, then the Company would experience decreased BPS (in Sats) and negative BTC Yield, BTC Gain, and BTC $ Gain, even if the Company reports significant unrealized gain on digital assets for the period.

As noted above, these KPIs are narrow in their purpose and are used by management to assist it in assessing whether the Company is raising and deploying capital in a manner accretive either (a) to shareholders solely as it pertains to its bitcoin holdings, or (b) to the Company’s bitcoin after taking account of outstanding and newly issued indebtedness and preferred stock. References to a transaction, or to the Company’s capital deployment, being “accretive” or “dilutive” refer only to the effect on the specified KPI under the stated assumptions, and do not mean that the transaction is accretive or dilutive to the Company’s earnings, cash flow, book value, enterprise value, intrinsic value, or the trading price of the Company’s securities.

In calculating BPS (in Sats), BPS ($), BTC Yield, BTC Gain, and BTC $ Gain, the Company does not consider the source of capital used for the acquisition of its bitcoin. When the Company purchases bitcoin using proceeds from offerings of non-convertible notes or non-convertible preferred stock, or convertible notes or preferred stock that carry conversion prices above the current trading price of the Company's common stock or conversion rights that are not then exercisable, such transactions have the effect of increasing the BPS (in Sats), BPS ($), BTC Yield, BTC Gain and BTC $ Gain, while also increasing the Company’s indebtedness and senior claims of holders of instruments other than class A common stock with respect to dividends and to the Company’s assets, including its bitcoin, if the Company were to liquidate, in a manner that is not reflected in these metrics.

If any of the Company’s convertible notes mature or are redeemed without being converted into common stock, or if the Company elects to redeem or repurchase its non-convertible instruments, the Company may be required to sell shares of its class A common stock or bitcoin to generate sufficient cash proceeds to satisfy those obligations, either of which would have the effect of decreasing BPS (in Sats), BPS ($), BTC Yield, BTC Gain and BTC $ Gain, and adjustments for such decreases are not contemplated by the assumptions made in calculating these metrics. Accordingly, these metrics might overstate or understate the accretive nature of the Company’s use of capital to buy bitcoin because not all bitcoin is purchased using proceeds from issuances of class A common stock, instruments that are convertible into class A common stock may be forfeited or repaid with funds other than from the sale of class A common stock in the period in question rather than being exercised for or converted into class A common stock and not all proceeds from issuances of class A common stock are used to purchase bitcoin.

In addition, the Company is required to pay dividends with respect to its perpetual preferred stock in perpetuity. The Company could pay these dividends with cash or, in the case of STRK, by issuing shares of class A common stock. The Company has issued shares of class A common stock and certain classes of its preferred stock for cash to fund the payment of cash dividends, and the Company may in the future issue shares of class A common stock in lieu of paying dividends on STRK. As a result, the Company has experienced, and may experience in the future, increases in Assumed Diluted Shares Outstanding, or senior claims without corresponding increases in its bitcoin holdings, resulting in decreases in BPS (in Sats), BPS ($), BTC Yield, BTC Gain and BTC $ Gain for the applicable periods.

The Company has historically not paid any dividends on its shares of class A common stock, and by presenting these KPIs the Company makes no suggestion that it intends to do so in the future. Ownership of the Company’s securities, including its class A common stock and preferred stock, does not represent an ownership interest in, or a redemption right with respect to, the bitcoin the Company holds.

The Company determines its KPI targets based on its history and future goals.  The Company’s ability to maintain any given level of BPS (in Sats), or achieve positive BTC Yield, BTC Gain, or BTC $ Gain may depend on a variety of factors, including factors outside of its control, such as the price of bitcoin, and the availability of debt and equity financing on favorable terms. Past performance is not indicative of future results.

These KPIs are merely supplements, not substitutes to the financial statements and other disclosures contained in the Company’s SEC filings. They should be used only by sophisticated investors who understand their limited purpose and many limitations.

Effective January 1, 2026, the Company changed the method by which it calculates BTC Yield, BTC Gain and BTC $ Gain when presenting such KPIs for any period that is a subdivision of a longer specified period (the “Methodology Change”), and such KPI metrics for such periods are therefore not directly comparable to those previously reported. 

Nature of the Change. Under the prior methodology, BTC Yield used BPS at the beginning of the measurement period as the denominator, and BTC Gain used bitcoin holdings at the beginning of the measurement period as the multiplier. Under the updated methodology described above, BTC Yield uses BPS at the beginning of the reference period as the denominator, reduced by the BTC Yield for the period from the beginning of the reference period to the beginning of the measurement period, with BTC Gain and BTC $ Gain calculated consistently therewith. 

Reason for the Change. The change improves comparability of KPI metrics across measurement periods within a reference period. Because each measurement period’s BTC Yield now reflects our per-share bitcoin accretion against a consistent baseline — BPS at the beginning of the reference period — BTC Yields for all measurement periods within a reference period are additive and sum to the BTC Yield for the reference period, providing investors with a more intuitive view of period-to-period execution of the Company’s bitcoin strategy. 

Effect on Previously Reported Figures. The effect of the Methodology Change on KPI figures from a prior period will be presented when such period next appears as a period-over-period comparative period. Annual KPI figures, year-to-date KPI figures, as well as KPI figures for the three months ended March 31, 2026 and March 31, 2025, are unaffected. 

Other Differences Relevant to Understanding Our Performance. Investors should note: (i) when BPS is increasing, the updated methodology will generally produce higher BTC Yield figures for subsequent measurement periods within a reference period, because the denominator does not reset to reflect per-share gains from earlier measurement periods in the reference period; and conversely, when BPS is declining, it may produce lower (more negative) figures for later measurement periods; (ii) BTC Yields under the updated methodology sum to reference period BTC Yield, whereas they did not under the prior methodology; and (iii) BTC $ Gain, because it applies each measurement period-end bitcoin price rather than reference period-end price, will not arithmetically sum to reference period BTC $ Gain. 

mNAV is a market-derived ratio, expressed as a multiple, equal to:

• the market price per share of the Company’s class A common stock, as reported on the Nasdaq Global Select Market, as of a specified date or time; divided by

• the Company’s Net Bitcoin Per Share (in USD) as of that date or time.

Because its numerator is the market price per share of the Company’s common stock, mNAV reflects the market-implied premium or discount at which the Company’s class A common stock trades relative to the per share U.S. dollar value of the Company’s bitcoin after accounting for senior claims (net of the Company’s USD Reserve), including “out-of-the-money” convertible debt.

Although mNAV incorporates the label “NAV,” it is not equivalent to “net asset value” or “NAV” or any similar metric in the traditional financial context, and it is not a measure of the amount by which the Company’s per share enterprise or equity value exceeds its per share net asset value in the traditional financial sense of those terms. Prior to July 23rd, 2026, the Company’s use of the term mNAV referred to a different metric so references to the Company’s mNAV calculated prior to that date are not comparable to the Company’s mNAV calculated after that date.

Net Bitcoin Per Share (in Sats) (or Net BPS (in Sats)) and Net Bitcoin Per Share (in USD) (or Net BPS ($)) represent the ratio, expressed in Satoshis or in U.S. dollars, respectively, between:

• Net BTC or Net BTC ($), as applicable; and

• Fully Diluted Shares Outstanding.

Net BPS (in Sats) and Net BPS ($) are intended to express the Company’s bitcoin holdings after accounting for senior claims (net of the Company’s USD Reserve), including “out-of-the-money” convertible debt, on a per-share basis, where:

• “Net BTC” represents the Company’s bitcoin holdings reduced by the aggregate of the following, expressed in bitcoin and based on the market price of bitcoin as reported on the Coinbase exchange as of the applicable measurement time:

o the notional amount of the Company’s out-of-the-money convertible notes and other debt-like instruments; plus

o the notional amount of the Company’s outstanding perpetual preferred stock (excluding any in-the-money STRK shares); less

o the Company’s USD Reserve.

For this purpose, the notional value of any of the Company’s preferred stock that is denominated in a currency other than U.S. dollars is valued based on prevailing exchange rates as of 12:30 PM New York time on the most recent Friday.

• “Net BTC ($)” represents the U.S. dollar value of Net BTC (calculated using the market price of bitcoin as reported on the Coinbase exchange as of the applicable measurement time).

• “Fully Diluted Shares Outstanding” refers to the Company’s Basic Shares Outstanding plus all additional shares that would result from the exercise of all outstanding stock option awards, the settlement of all outstanding restricted stock units and performance stock units, the conversion of all in-the-money convertible notes, and the conversion of any in-the-money STRK shares, in each case as of the dates presented. Unlike Assumed Diluted Shares Outstanding, Fully Diluted Shares Outstanding reflects the conversion of (other than stock options) only those convertible instruments and preferred stock that are in-the-money (that is, whose conversion price is at or below the applicable market price of the Company’s class A common stock); the notional amount of out-of-the-money convertible instruments and preferred stock is instead deducted in determining Net BTC (and reflected as deducted in Net BTC ($)), as described above.

In general, when mNAV is greater than one, the issuance of additional shares of common stock to acquire bitcoin would be expected to increase Net Bitcoin Per Share (in Sats) or Net Bitcoin Per Share (in USD), and therefore to be accretive to the Company’s bitcoin after accounting for senior claims (net of the Company’s USD Reserve), including “out-of-the-money” convertible debt, on a per-share basis assuming no change in the price of bitcoin or the Company’s class A common stock and conversion of in-the-money convertible debt and preferred stock instruments followed immediately by a hypothetical liquidation, where the liquidation preferences of all of the Company’s preferred stock instruments are assumed to be their notional amount. When mNAV is less than one, such an issuance would be expected to decrease Net Bitcoin Per Share (in Sats) or Net Bitcoin Per Share (in USD), and therefore to be dilutive with the same assumptions. Similarly, an issuance of preferred stock below its notional amount and a corresponding purchase of bitcoin would be expected to decrease Net Bitcoin Per Share (in Sats) or Net Bitcoin Per Share (in USD) and therefore to be dilutive, while an issuance of preferred stock above its notional amount and a corresponding purchase of bitcoin would be expected to increase Net Bitcoin Per Share (in Sats) or Net Bitcoin Per Share (in USD) and therefore to be accretive. mNAV does not itself measure whether any transaction was accretive or dilutive nor achievement of the Company’s strategic objectives.

Net BPS (in Sats) measures the Company’s bitcoin holdings after deducting claims that rank senior to the common stock, but excluding in-the-money convertible instruments, relative to its Fully Diluted Shares Outstanding. The Company reviews Net BPS (in Sats), and the pro forma impact of capital-raising transactions on Net BPS (in Sats), to assess whether a transaction is accretive or dilutive to the Company’s bitcoin specifically at the current market price of bitcoin, after taking account of outstanding and newly issued indebtedness and preferred stock. Whereas BPS (in Sats) can increase as a result of transactions that also increase the Company’s senior claims, Net BPS (in Sats) increases only to the extent a transaction increases the Company’s bitcoin after accounting for senior claims (net of the Company’s USD Reserve), including “out-of-the-money” convertible debt, on a per-share basis. Net BPS (in Sats) is also sensitive to the price of bitcoin. Thus, without any incremental purchases or sales of bitcoin by the Company or issuances of any Company security, if the price of Bitcoin changes, Net BPS (in Sats) will change, and potentially materially so.

Net BPS ($) is an illustrative representation of the U.S. dollar value of Net BPS (in Sats), calculated by multiplying Net BPS (in Sats) by the market price of bitcoin as reported on the Coinbase exchange as of the applicable measurement time.

Net BPS (in Sats) and Net BPS ($) are intended to take account of the senior claims described above, but they do so on the basis of a number of assumptions and are subject to additional limitations, including that:

• the Company’s debt-like instruments and preferred stock are deducted at their notional amounts rather than at the amounts that would be payable upon liquidation, redemption, repurchase or maturity (which may be higher or (in the case of repurchases) lower, and which exclude accrued and unpaid dividends and any premiums);

• whether a convertible instrument or share of preferred stock is treated as in-the-money (and reflected in Fully Diluted Shares Outstanding) or out-of-the-money (and deducted in determining Net BTC) is determined by reference to market prices as of the measurement date and can change materially as those prices change;

• preferred stock denominated in currencies other than the U.S. dollar is converted into U.S. dollars at prevailing exchange rates as of 12:30 PM New York time on the most recent Friday;

• the offsetting and repurchase of the Company’s senior claims is funded first with the Company’s USD Reserve, and then, to the extent necessary, through sales of the Company’s bitcoin, and that such sales of bitcoin have no effect on the market price of bitcoin; and

• these metrics do not reflect transaction costs, market impact, taxes, or other expenses that the Company may incur in issuing securities or in acquiring or selling bitcoin, and any bitcoin the Company sells to fund the repayment, redemption, or repurchase of its senior claims could be sold at prices below those used in calculating these metrics.

Different assumptions would produce materially different results, and these metrics may overstate or understate the Company’s bitcoin after accounting for senior claims (net of the Company’s USD Reserve), including “out-of-the-money” convertible debt. Net BTC and Net BPS (in Sats) may be reduced to, or below, zero if the Company’s senior claims (net of its USD Reserve) approach or exceed the value of the Company’s bitcoin holdings.

Net BPS (in Sats), Net BPS ($) are not, and should not be understood as, financial performance, valuation or liquidity measures. Specifically:

• Neither Net BPS (in Sats) nor Net BPS ($) represents (i) the Company’s book value per share or stockholders’ equity per share determined in accordance with GAAP, or (ii) the amount, if any, that holders of common stock would receive in respect of the Company’s bitcoin in a liquidation.

• Neither Net BPS (in Sats) nor Net BPS ($) accounts for certain liabilities, such as deferred tax, operating lease, legal contingencies, and similar liabilities, which could be material.

The Company’s ability to maintain any given level of mNAV, Net BPS (in Sats), or Net BPS ($) may depend on a variety of factors, including factors outside of its control, such as the trading price of the company’s class A common stock, the price of bitcoin, and the availability of debt and equity financing on favorable terms. Past performance is not indicative of future results

The trading price of the Company’s class A common stock is informed by numerous factors in addition to the Company’s bitcoin holdings and its actual or potential shares of common stock outstanding, and as a result, the trading price of the Company’s securities can deviate significantly from the fair market value of the Company’s bitcoin, and neither of Net BPS (in Sats) nor Net BPS ($) is predictive of the trading price of the Company’s securities.

mNAV is merely a supplement, not a substitute, to the financial statements and other disclosures contained in the Company’s SEC filings, on which investors should rely. It should be used only by sophisticated investors who understand its limited purpose and many limitations.

Certain terms used in this Dashboard, including those described below, provide a conceptual framework for how management views its securities and capital financing decisions in the context of the Company’s bitcoin strategy. These terms are presented for illustrative purposes only, and do not constitute investment advice, and should not be used to form the basis for an investment decision. None of BTC Rating, BTC Credit, or BTC Risk are measures of financial results or liquidity, or key performance indicators. Please review these definitions carefully to understand the limitations of these illustrative metrics, and please refer to the Company’s SEC filings and financial statements for information about the Company, its business, securities, strategy, bitcoin holdings and similar matters.

BTC Rating is, in the case of: (a) any of our indebtedness or perpetual preferred securities, the ratio of (i) the BTC Reserve to (ii) the sum of the notional values of the instruments being rated and all instruments that are senior to and, if any liabilities share an equal claim to our assets, such instruments with a stated maturity date sooner than or that may become due upon an exercise of a repurchase right at the option of the holder sooner than, the liability being rated; (b) MSTR, the ratio of (i) the sum of the BTC Reserve, less all Debt, less all Pref, plus the USD Reserves, to (ii) MSTR’s Market Cap; and (c) any exchange traded product holding only bitcoin, 1. BTC Rating does not represent a rating from any rating agency and is not equivalent to a "rating" in the traditional financial context. BTC Rating also does not account for potential cross-defaults under our debt obligations that would result in debt obligations with stated maturities later than the liability being rated becoming due sooner than the liability being rated. This metric is presented for illustrative purposes only and should not form the basis for an investment decision. Our Preferred Stocks may have liquidation preferences greater than their Notional values; BTC Rating does not take this into account and is based solely on a Preferred Stock’s Notional value.

BTC Risk is the probability of an instrument having a BTC Rating less than 1 at the end of its Duration.  This probability is derived from a  lognormal distribution modeling of bitcoin’s price, adjusted for BTC ARR and BTC Volatility assumptions. BTC Risk does not represent an actuarial risk rating or a rating from any rating agency, and it is not a risk rating in the traditional financial context. This metric is presented for illustrative purposes only and should not form the basis for an investment decision. Actual results may vary materially from these illustrative results.

Recent trading prices of our class A common stock may reflect market dynamics that are not connected to traditional software and business intelligence industry fundamentals, or to valuation methods commonly associated with operating companies in these industries or with companies engaged predominantly in passive investments in bitcoin or other commodities, such as exchange-traded funds. Our equity market capitalization is currently well in excess of our stockholders’ equity calculated in accordance with U.S. GAAP and in excess of valuations that might traditionally be expected based on our operating performance, cash flows and net assets. Investors may therefore be unable to assess the value our class A common stock or evaluate the risks of an investment in us using traditional or commonly used enterprise valuation methods. We cannot predict how these dynamics may evolve over time, or whether or how long they may last. These market and industry factors may seriously harm the market price of our class A common stock, regardless of our actual operating performance, resulting in substantial losses for investors in our class A common stock, including holders of any shares of class A common stock issued upon the conversion of our perpetual preferred stock.

“Amplification” is a ratio, as of a specified date or time, equal to:

• the Company’s BTC Reserve; divided by

• its Net BTC Reserve.

It expresses the extent to which the Company’s total bitcoin holdings exceed the portion of those holdings after accounting for senior claims (net of the Company’s USD Reserve), assuming conversion of in-the-money convertible debt and preferred stock instruments, followed immediately by a hypothetical liquidation, where the liquidation preferences of all of the Company’s preferred stock instruments are assumed to be their notional amount.

Because Net BTC Reserve is smaller than BTC Reserve to the extent of those senior claims (net of the Company’s USD Reserve), Amplification is generally greater than one, and a higher Amplification indicates that more of the Company’s BTC Reserve would need to be liquidated to support repayment of indebtedness or redemption or repurchase of preferred stock, in each case at notional amounts. An increase in the market price of bitcoin would reduce Amplification, and a decrease in the market price of bitcoin would increase Amplification. Prior to July 23rd, 2026, the Company’s use of the term Amplification referred to a different metric so references to the Company’s Amplification calculated prior to that date are not comparable to the Company’s Amplification calculated after that date.

“BTC Reserve” represents the U.S. dollar value of the Company’s bitcoin holdings, calculated by multiplying the number of bitcoins held by the Company by the market price of bitcoin as reported on the Coinbase exchange as of the applicable measurement time.

“Net BTC Reserve” represents:

• the BTC Reserve; minus

o the notional amount of the Company’s out-of-the-money convertible notes and other debt-like instruments; and

o the notional amount of the Company’s outstanding perpetual preferred stock (excluding any in-the-money STRK shares); plus

• the Company’s USD Reserve.

For this purpose, the notional value of any of the Company’s preferred stock that is denominated in a currency other than U.S. dollars is valued based on prevailing exchange rates as of 12:30 PM New York time on the most recent Friday. The notional value of the Company’s preferred stock may not be equivalent to its liquidation preference or redemption amount, nor are any accrued and unpaid dividends included in this calculation.

Amplification is merely a supplement, not a substitute, to the financial statements and other disclosures contained in the Company’s SEC filings, on which investors should rely. It should be used only by sophisticated investors who understand its limited purpose and many limitations.

We are not an exchange traded product (“ETP”) or an exchange-traded fund (“ETF”) registered under the Investment Company Act of 1940, as amended, are not subject to the same rules and regulations as an ETP or an ETF, and do not operate as an ETP or ETF.  In particular, unlike spot bitcoin ETPs, we (i) do not seek for our shares of Class A common stock to track the value of the underlying bitcoin we hold before payment of expenses and liabilities, (ii) do not benefit from various exemptions and relief under the Securities Exchange Act of 1934, as amended, including Regulation M, and other securities laws, which enable spot bitcoin ETPs to continuously align the value of their shares to the price of the underlying bitcoin they hold through share creation and redemption, (iii) are a Delaware corporation rather than a statutory trust, and do not operate pursuant to a trust agreement that would require us to pursue one or more stated investment objectives, (iv) are subject to federal income tax at the entity level and the other risk factors applicable to an operating business, such as ours, and (v) are not required to provide daily transparency as to our bitcoin holdings or our daily NAV.

Our BTC as a percent of the total 21 million bitcoin supply.

The volume weighted average price for the number of trading days in the current month.

The percentage return on an asset over the preceding 12 months, including all dividends paid during such time period.

The annualized compound return of bitcoin over the preceding ten years, calculated as (Bitcoin Price ÷ Bitcoin Price ten years prior)^(1/10) − 1.

The average of bitcoin's closing price over the trailing 200 weeks, based on weekly closing prices.

The percentage return on an asset over the preceding 90 days, including all dividends paid during such time period.

A measure used to evaluate the risk-adjusted return of an investment by comparing its excess return over the risk-free rate to its standard deviation. Calculated by annualizing the average of the last 30 trading days' daily excess returns (daily return minus daily risk-free rate) divided by their standard deviation.

The ratio, as of a specified date or time, equal to: the Company’s BTC Reserve; divided by its Net Reserve. It expresses the extent to which the Company’s total bitcoin holdings exceed the portion of those holdings after accounting for senior claims (net of the Company’s USD Reserve), assuming conversion of in-the-money convertible debt and preferred stock instruments, followed immediately by a hypothetical liquidation, where the liquidation preferences of all of the Company’s preferred stock instruments are assumed to be their notional amount. Because Net Reserve is smaller than BTC Reserve to the extent of those senior claims (net of the Company’s USD Reserve), Amplification is generally greater than one, and a higher Amplification indicates that more of the Company’s BTC Reserve would need to be liquidated to support repayment of indebtedness or redemption or repurchase of preferred stock, in each case at notional amounts. An increase in the market price of bitcoin would reduce Amplification, and a decrease in the market price of bitcoin would increase Amplification. Prior to July 23rd, 2026, the Company’s use of the term Amplification referred to a different metric so references to the Company’s Amplification calculated prior to that date are not comparable to the Company’s Amplification calculated after that date.

Our annualized obligation for dividends on our preferred stock and interest on our outstanding indebtedness.

Assumed Diluted Shares Outstanding” refers to the aggregate of the Company’s Basic Shares Outstanding as of the dates presented plus all additional shares that would result from the assumed conversion of all outstanding convertible notes and convertible preferred stock, exercise of all outstanding stock option awards, and settlement of all outstanding restricted stock units and performance stock units as of such dates. Assumed Diluted Shares Outstanding is not calculated using the treasury method, incorporates approximate forfeitures of awards in the current period which may be subject to future adjustment and does not take into account any vesting conditions (in the case of equity awards), the exercise price of any stock option awards or any contractual conditions limiting convertibility of convertible debt instruments. 

The average trading volume of an asset over the last 30 trading days (30 calendar days for bitcoin). For our securities listed on a particular stock exchange, this is measured based on the trading on such stock exchange over the last 30 trading days.

Methodology was updated (for assets other than bitcoin) from 21 trading days to 30 trading days on 6/5/2026.

The ratio of Avg Trading Vol (30D) to Market Cap.

The actual class A common stock and class B common stock outstanding as of the dates presented. For purposes of this calculation, outstanding shares of such stock are deemed to include shares, if any, that were sold under at-the-market equity offering programs, that were to be issued pursuant to options that had been exercised or restricted stock units that have vested or that were to be issued with respect to conversion requests received with respect to convertible securities, but which in each case were pending issuance as of the dates presented.  See “Important Information About BTC Yield, BTC Gain and BTC $ Gain KPIs” for further information regarding this definition and how it is used.

Bitcoin's market cap as a percentage of the total crypto market cap of the top 125 tokens by market cap, excluding the market cap of the top 125 stablecoins.

Bitcoin Per Share (in Sats) (or BPS (in Sats)) represents the ratio between the Company’s gross bitcoin holdings and its Assumed Diluted Shares Outstanding, expressed in terms of “Satoshis” or “Sats”, where: “Assumed Diluted Shares Outstanding” refers to the aggregate of the Company’s Basic Shares Outstanding as of the dates presented plus all additional shares that would result from the assumed conversion of all outstanding convertible notes and convertible preferred stock, exercise of all outstanding stock option awards, and settlement of all outstanding restricted stock units and performance stock units as of such dates. Assumed Diluted Shares Outstanding is not calculated using the treasury method, incorporates approximate forfeitures of awards in the current period which may be subject to future adjustment and does not take into account any vesting conditions (in the case of equity awards), the exercise price of any stock option awards or any contractual conditions limiting convertibility of convertible debt instruments. “Basic Shares Outstanding” reflects the actual class A common stock and class B common stock outstanding as of the dates presented. For purposes of this calculation, outstanding shares of such stock are deemed to include shares, if any, that (A) were sold under at-the-market equity offering programs, or (B) were issued pursuant to (i) options that had been exercised, (ii) restricted stock units that have vested or (iii) conversion requests received with respect to convertible securities, but which in each case were pending issuance as of the dates presented. A “Satoshi” or a “Sat” is one one-hundred-millionth of one bitcoin, the smallest indivisible unit of a bitcoin.

Bitcoin Per Share (in USD) (or BPS ($)) represents the U.S. dollar value of the Company’s gross bitcoin holdings (calculated using the market price of bitcoin as reported on the Coinbase exchange as of the applicable measurement time) divided by its Assumed Diluted Shares Outstanding. It is equal to BPS (in Sats) illustratively restated at the market price of bitcoin, and complements BPS (in Sats) by expressing the same per-share bitcoin holdings in U.S. dollars. BPS ($) also represents the price above which selling our class A common stock to purchase bitcoin produces a positive BTC Yield for such transaction.

The percentage return on an asset (including all dividends paid) during the Bitcoin Standard Era (BSE), which is the period since August 10, 2020, the date when we adopted a bitcoin standard.

The annualized return of an asset (including all dividends paid) during the Bitcoin Standard Era (BSE), which is the period since August 10, 2020, the date when we adopted a bitcoin standard.

A measure used to evaluate the risk-adjusted return of an investment by comparing its excess return over the risk-free rate to its standard deviation. Calculated as the average of daily excess returns (daily return minus daily risk-free rate), divided by their standard deviation, annualized, measured since the start of the Bitcoin Standard Era (August 10, 2020).

The total number of bitcoin we hold as most recently reported by us in our public filings with the SEC.

BTC $ Equity is BTC Reserve less BTC $ Value. BTC $ Equity is presented for illustrative purposes only, and it does not represent “equity” in the traditional financial context.

BTC $ Gain is a KPI that represents the dollar value of the BTC Gain calculated by multiplying the BTC Gain by the market price of bitcoin. For determining BTC $ Gain QTD and YTD, unless otherwise specified, the Company uses the current market price of bitcoin. For determining BTC $ Gain for a past fiscal year or other past period, the Company uses the market price of bitcoin as of 4:00pm ET as reported on the Coinbase exchange on the last day of the applicable period. The Company uses these market prices of bitcoin for this calculation solely for the purpose of facilitating this illustrative calculation.  

BTC $ Income is the dollar value of the unrealized gain or loss on bitcoin acquired with any given financing, net of associated dividend or interest costs, and multiplied by, in the case of a net gain, the BTC Spread, or, in the case of a net loss, 100%, over the applicable period. For any debt or liability with a maturity, the redemption of such debt or liability, excluding any dilution already assumed in the original calculation of BTC Gain, is treated as a cost, similar to dividend or interest costs. BTC $ Income is presented for illustrative purposes only, and it does not represent "income" in the traditional financial context.

BTC $ Value is the sum of BTC $ Gain and BTC $ Income. BTC $ Value is presented for illustrative purposes only, and it does not represent “value” in the traditional financial context.

BTC ARR is an assumed annualized rate of return on bitcoin expressed as a percentage. This metric is presented for illustrative purposes only, and no prediction as to the price of bitcoin is being made.

The BTC Price at which our bitcoin holdings would be equal to Net Debt.

BTC Breakeven is the BTC ARR% necessary to generate positive BTC $ Value with respect to any given financing.

Represents the ratio of Annual Int + Div to the BTC Reserve. At or above the BTC Breakeven ARR, Strategy can fund interest and dividend obligations through BTC capital gains in perpetuity.

BTC Capital is the proceeds used from capital raised for the purpose of acquiring bitcoin.

Statistical measure of how an asset’s price movements correlate with Bitcoin Price movements over the preceding 90 trading days.

BTC Credit is the credit spread necessary to offset BTC Risk for a given security. It is calculated by annualizing BTC Risk assuming the same probability each year of the BTC Rating of such security falling below 1 each year and assuming no recovery. This metric is presented for illustrative purposes only and should not form the basis for an investment decision.

BTC Credit Hurdle is the BTC ARR necessary to create investment grade BTC Credit, based on the framework presented in this presentation. This metric is presented for illustrative purposes only and should not form the basis for an investment decision.

The ratio of Dividends to the aggregate notional value of preferred stock. This represents the BTC ARR necessary to exceed our cost of capital.

BTC Factor is the ratio of ending BPS to starting BPS in respect of any period.

Represents the lowest constant BTC ARR over the weighted average duration of our credit structure that maintains 1.0x coverage of our Net Debt and Pref through our BTC Reserve, after funding interest expense and preferred dividends over the period. Below the BTC Floor ARR, Strategy may need to consider restructuring its obligations.

BTC Gain is a KPI that represents the number of bitcoins held by the Company at the beginning of a period multiplied by the BTC Yield for such period.  

Represents Strategy’s effective cost of credit, above which MSTR captures a positive spread.

BTC Multiple is the ratio of BTC Reserve to BTC $ Equity.

The price of bitcoin as of 4:00pm on the day on which the offering for a bond priced.

BTC Parity is the BTC Price at which any given offering would result in no BTC Yield.

BTC Premium is the embedded premium in market capitalization relative to BTC Reserve.

The current market price of one bitcoin.

BTC Rating is, in the case of: (a) any of our indebtedness or perpetual preferred securities, the ratio of (i) the BTC Reserve to (ii) the sum of the notional values of the instruments being rated and all instruments that are senior to and, if any liabilities share an equal claim to our assets, such instruments with a stated maturity date sooner than or that may become due upon an exercise of a repurchase right at the option of the holder sooner than, the liability being rated; (b) MSTR, the ratio of (i) the sum of the BTC Reserve, less all Debt, less all Pref, plus the USD Reserves, to (ii) MSTR’s Market Cap; and (c) any exchange traded product holding only bitcoin, 1. BTC Rating does not represent a rating from any rating agency and is not equivalent to a "rating" in the traditional financial context. BTC Rating also does not account for potential cross-defaults under our debt obligations that would result in debt obligations with stated maturities later than the liability being rated becoming due sooner than the liability being rated. This metric is presented for illustrative purposes only and should not form the basis for an investment decision. Our Preferred Stocks may have liquidation preferences greater than their Notional values; BTC Rating does not take this into account and is based solely on a Preferred Stock’s Notional value.

The market value of our BTC calculated by multiplying our BTC and the BTC Price.

BTC Risk is the probability of an instrument having a BTC Rating less than 1 at the end of its Duration.  This probability is derived from a  lognormal distribution modeling of bitcoin’s price, adjusted for BTC ARR and BTC Volatility assumptions. BTC Risk does not represent an actuarial risk rating or a rating from any rating agency, and it is not a risk rating in the traditional financial context. This metric is presented for illustrative purposes only and should not form the basis for an investment decision. Actual results may vary materially from these illustrative results.

BTC Spread is the BTC Gain with respect to a given financing represented as a percentage of BTC Capital. BTC Spread is presented for illustrative purposes only, and it does not represent “spread” in the traditional financial context.

The BTC ARR necessary for a 10-year period such that the BTC Price would be equal to BTC Base Level at the end of such period.

BTC Torque is the ratio of BTC $ Value to BTC Capital.

BTC Volatility is the assumed standard deviation of annual return of bitcoin expressed as a percentage. This metric is presented for illustrative purposes only, and no prediction as to the volatility of bitcoin is being made.

The ratio of the BTC Reserve to Annual Int + Div, expressed in number of years. This assumes that we will refinance all current debt senior to the our preferred stock on substantially similar terms without any principal repayment. This metric is provided for illustrative purposes only, is not a measure prepared in accordance with GAAP, and should not be construed as a liquidation analysis, solvency measure or assurance of the Company’s ability to pay dividends. In an actual stress or liquidation scenario, claims of creditors and other liabilities, including the full principal amount of senior indebtedness, would reduce the assets available to satisfy Dividend obligations. Any use of our bitcoin holdings to satisfy our dividend obligations will have a negative impact on our instruments’ BTC Rating.

BTC Yield is a KPI that represents the percentage change in BPS from the beginning of a period to the end of such period.

Open interest of call options on an asset.

MicroStrategy Incorporated d/b/a Strategy.

The initial price at which a convertible bond can be converted into shares of MSTR.

The stated regular interest rate on the bond.

The sum of the Notional value for the rated instrument and all shorter-Duration / senior instruments and, for Debt, less a pro rata portion of the USD Reserve (weighted by each bond’s notional value).

The Euro to U.S. dollar exchange rate of displayed on the Bloomberg page “BFIX” as of 12:30 P.M. (New York City time) on the immediately preceding Friday of any date of measurement.

The aggregate principal amount of our outstanding indebtedness as most recently reported by us in our public filings with the SEC.

The annual dividend rate of a preferred stock instrument, whether a fixed rate, or in the case of STRC, the current dividend rate based upon the dividend rate most recently declared by Strategy’s board of directors. 

The annualized dividend rate for the applicable Dividend Period.

The percentage by which the Bitcoin Price is below its all-time high, calculated as (Bitcoin Price − All-Time High) ÷ All-Time High.

In respect of options, it is the average of the number of days to expiration for the options on an asset, weighted by the open interest in such options. For a convertible bond is the sooner of the stated maturity date or the date such bond may become due upon an exercise of a repurchase right at the option of the holder. Duration for a preferred stock is the Macaulay Duration of such preferred stock.

Reserve divided by Annual Int + Div, expressed in years.

The annualized yield on an asset based on its fixed dividend rate or its current dividend rate, as applicable, and the current price of such asset. 

The sum of the current Market Cap of all Basic Shares Outstanding, our total Debt, and our total Pref, less our USD Reserve.

The ratio between (a) the value of 1/10th of a share of MSTR (i.e., the value of the portion of a share of MSTR into which a share of STRK can be converted) and (b) the value of one share of STRK.

The estimated daily issuance of new bitcoin from mining, based on the current block subsidy of 450 BTC per day, multiplied by the Bitcoin Price.

The total amount of bitcoin held across US spot bitcoin ETFs.

The net dollar value of creations less redemptions across US spot bitcoin ETFs over the last 30 trading days.

The Company’s Basic Shares Outstanding plus all additional shares that would result from the exercise of all outstanding stock option awards, the settlement of all outstanding restricted stock units and performance stock units, the conversion of all in-the-money convertible notes, and the conversion of any in-the-money STRK shares, in each case as of the dates presented. Unlike Assumed Diluted Shares Outstanding, Fully Diluted Shares Outstanding reflects the conversion of (other than stock options) only those convertible instruments and preferred stock that are in-the-money (that is, whose conversion price is at or below the applicable market price of the Company’s class A common stock); the notional amount of out-of-the-money convertible instruments and preferred stock is instead deducted in determining Net BTC (and reflected as deducted in Net BTC ($)).

The estimated total computing power, measured in exahashes per second, securing the bitcoin network.

Annualized standard deviation of the daily natural log return of an asset measured over the last 30 trading days (30 calendar days for bitcoin).

Methodology was updated (for assets other than bitcoin) from 21 trading days to 30 trading days on 6/5/2026.

Annualized standard deviation of the daily natural log return of an asset measured over the last calendar year.

A measure of the market's expectation of the future volatility of an asset over the life of the options on that asset. This is calculated based on the market price of options on the asset, and weighted by the open interest in such options.

The date on which the bonds were issued.

The percentage return on an asset since the date of pricing of the initial offering of such asset, including all dividends paid during such time period.

Macaulay Duration of a preferred stock is the number of years equal to the quotient obtained by dividing the sum of 1 and the Effective Yield of such stock by the Effective Yield of such stock.

Total market value of an asset (e.g., the Market Cap of a stock is the market value of all outstanding shares of such stock).

The maturity date of the bond

The Price multiplied by the number of units of such asset issued and outstanding.

A market-derived ratio, expressed as a multiple, equal to: the market price per share of the Company’s class A common stock, as reported on the Nasdaq Global Select Market, as of a specified date or time; divided by the Company’s Net Bitcoin Per Share (in USD) as of that date or time. Because its numerator is the market price per share of the Company’s common stock, mNAV reflects the market-implied premium or discount at which the Company’s class A common stock trades relative to the per share U.S. dollar value of the Company’s bitcoin after accounting for senior claims (net of the Company’s USD Reserve), including “out-of-the-money” convertible debt. Although mNAV incorporates the label “NAV,” it is not equivalent to “net asset value” or “NAV” or any similar metric in the traditional financial context, and it is not a measure of the amount by which the Company’s per share enterprise or equity value exceeds its per share net asset value in the traditional financial sense of those terms. Prior to July23rd, 2026, the Company’s use of the term mNAV referred to a different metric so references to the Company’s mNAV calculated prior to that date are not comparable to the Company’s mNAV calculated after that date.

Our class A common stock.

Statistical measure of how an asset’s price movements correlate with MSTR Price movements over the preceding 90 trading days.

The latest traded price of MSTR on the Nasdaq Global Select Market.

The Company’s bitcoin holdings reduced by the aggregate of the following, expressed in bitcoin and based on the market price of bitcoin as reported on the Coinbase exchange as of the applicable measurement time: the notional amount of the Company’s out-of-the-money convertible notes and other debt-like instruments; plus the notional amount of the Company’s outstanding perpetual preferred stock (excluding any in-the-money STRK shares); less the Company’s USD Reserve. For this purpose, the notional value of any of the Company’s preferred stock that is denominated in a currency other than U.S. dollars is valued based on prevailing exchange rates as of 12:30 PM New York time on the most recent Friday.

The U.S. dollar value of Net BTC Per Share (Sats) (calculated using the market price of bitcoin as reported on the Coinbase exchange as of the applicable measurement time).

The ratio, expressed in Satoshis, between: Net BTC and Fully Diluted Shares Outstanding. Net BPS (in Sats) is intended to express the Company’s bitcoin holdings after accounting for senior claims (net of the Company’s USD Reserve), including “out-of-the-money” convertible debt, on a per-share basis.

The outstanding principal of our debt less our cash (including the USD Reserve)

The difference of Debt less the dollar amount held in the USD Reserve, divided by the BTC Reserve.

The sum of BTC Reserve minus the notional amount of the Company’s out-of-the-money convertible notes and other debt-like instruments; minus the notional amount of the Company’s outstanding perpetual preferred stock (excluding any in-the-money STRK shares); plus the Company’s USD Reserve. For this purpose, the notional value of any of the Company’s preferred stock that is denominated in a currency other than U.S. dollars is valued based on prevailing exchange rates as of 12:30 PM New York time on the most recent Friday. The notional value of the Company’s preferred stock may not be equivalent to its liquidation preference or redemption amount, nor are any accrued and unpaid dividends included in this calculation.

The date on which the next regular dividend on a preferred stock is scheduled to be payable, as and if declared by Strategy’s board of directors. Provided for illustrative purposes only. There is no guarantee that the board will declare such a dividend, and subject to limited exceptions, the board may choose not to pay accumulated dividends on its preferred stock for any reason.

The total face value (expressed in USD and assuming, as applicable, the Current FX Rate) of the shares or securities, which is used as a basis for calculating dividends, interest, and other financial metrics.

In the case of a traded security, the product of (i) total number of outstanding option contracts on the security, (ii) 100 shares of the security, and (iii) the latest trading price of the security.

In the case of bitcoin, the sum of (i) BTC Price multiplied by the number of bitcoin settleable under all open bitcoin options contracts, plus (ii) the number of bitcoin settleable under all open bitcoin term and perpetual futures contracts multiplied by the weighted average execution price of those contracts.

The ratio of Open Interest to Market Cap.

The aggregate Notional value of our outstanding perpetual preferred stocks as most recently reported by us in our public filings with the SEC.

The percentage by which the Bitcoin Price exceeds or falls below its 200W MA, calculated as (Bitcoin Price − 200W MA) ÷ 200W MA.

The latest traded price of an asset. In the case of a bond, this assumes a $100 principal amount.

The date on which bondholders may require Strategy to repurchase their bonds at a cash repurchase price equal to the principal amount of the notes to be repurchased, plus accrued and unpaid special and additional interest, if any, to, but excluding, the repurchase date.

Open interest of put options on an asset.

The ratio of Put Open Interest to Call Open Interest.

The date on which a holder of a share of [STRF/STRC/STRK/STRD] must be recorded as a shareholder of record as of 5:00 PM NYC time in order to be eligible to receive the next regular dividend on the Next Payout Date, as and if declared by Strategy’s board of directors.

Price of MSTR at the time of pricing of a bond.

The sum of our BTC Reserve and USD Reserve.

The current 3-month yield on US Treasuries. 

A measure used to evaluate the risk-adjusted return of an investment by comparing its excess return over the risk-free rate to its standard deviation. Calculated by annualizing the average of the daily excess returns for a given period (daily return minus daily risk-free rate) divided by their standard deviation.

Statistical measure of how an asset’s price movements correlate with S&P Preferred Stock Index movements over the preceding 90 trading days.

Statistical measure of how an asset’s price movements correlate with SPDR S&P 500 ETF price movements over the preceding 90 trading days.

Our Variable Rate Series A Perpetual Stretch Preferred Stock.

Our 10.00% Series A Perpetual Stride Preferred Stock.

Our 10.00% Series A Perpetual Strife Preferred Stock.

Our 8.00% Series A Perpetual Strike Preferred Stock.

The latest traded price of STRC on the Nasdaq Global Select Market. 

The latest traded price of STRD on the Nasdaq Global Select Market.

The latest traded price of STRF on the Nasdaq Global Select Market.

The latest traded price of STRK on the Nasdaq Global Select Market.

The sum of the Put Open Interest and Call Open Interest.

The total value of an asset traded on the Nasdaq Global Select Market on the most recent trading day (i.e., today, or if today is a non-trading day, the most recent trading day).

The portion of a capital raise that is not BTC Capital.

The dollar value of USD Capital raised from selling MSTR equal to 1 minus the inverse of the mNAV at the time such shares were sold. This represents the percent of capital raised for a given transaction that is attributable to being raised at an mNAV greater than 1x. USD Gain is not a gain in the traditional financial context.

The dollar amount held in the USD Reserve divided by Annual Int + Div. Assumes no use of USD Reserve funds for satisfaction of other financial obligations that come due during this period, including put rights and maturities on our convertible debt.

A management-designated portion of Strategy’s USD liquidity intended to support the payment of dividends on Strategy’s preferred stock and interest on its outstanding indebtedness. The USD Reserve is not equivalent to the cash and cash equivalents reported on our balance sheet, which amounts may include cash not allocated to our USD Reserve.