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Financial Data and Key Metrics Changes - The company reported a record GAAP operating income of $14 billion and net income of $10 billion for Q2 2025, resulting in a fully diluted EPS of $32.6, the highest in its history [8] - Year-to-date, the company achieved $8.1 billion in GAAP operating income and $5.7 billion in net income, with an EPS of $19.43, also a record high [8] - The market capitalization has surpassed $112 billion, making the company the 96th largest public company in the US [6] Business Line Data and Key Metrics Changes - The company holds 620,879,791 Bitcoin, accounting for 3% of all Bitcoin in existence, positioning it as a dominant player in the Bitcoin treasury space [6] - Year-to-date, the company has generated a BTC yield of 25% and a BTC dollar gain of $13.2 billion, nearing its full-year target of $15 billion [10][11] Market Data and Key Metrics Changes - The company has launched four listed preferred equity offerings in 2025, with STRC being the largest IPO in the US this year [7] - The company has raised $18.3 billion in capital year-to-date, which is 81% of the total capital raised in the previous year [7] Company Strategy and Development Direction - The company is focused on expanding its capital markets plan and enhancing its Bitcoin-backed credit instruments [7] - The management emphasizes the importance of Bitcoin as a treasury reserve asset, highlighting a trend of increasing corporate adoption of Bitcoin [22][24] Management's Comments on Operating Environment and Future Outlook - The management noted a supportive political environment for Bitcoin, with significant changes in the administration's stance towards cryptocurrency [18][19] - The company anticipates continued growth in Bitcoin adoption among public companies, with a notable increase in the number of companies acquiring Bitcoin [22][24] Other Important Information - The company has maintained a low cost basis for its Bitcoin holdings, having purchased over $74 billion worth of Bitcoin at an average cost of just over $73,000 per Bitcoin [11][12] - The adoption of FASB's fair value accounting has significantly increased the company's stockholders' equity by $12.7 billion [12] Q&A Session Summary Question: What is the outlook for Bitcoin prices? - Analysts covering the company forecast an average Bitcoin price of $168,000 by the end of the year, indicating strong market confidence [25] Question: How does the company plan to manage its debt? - The company has a robust balance sheet with $74 billion in Bitcoin holdings, providing significant over-collateralization against its debt obligations [14][15]

Financial Data and Key Metrics Changes - The company reported a record GAAP operating income of $14 billion and net income of $10 billion for Q2 2025, resulting in a fully diluted EPS of $32.6, the highest in the company's history [7][10] - Year-to-date, the company achieved $8.1 billion in GAAP operating income and $5.7 billion in net income, with an EPS of $19.43, also a record high [7][10] - The market capitalization surpassed $112 billion, making the company the 96th largest public company in the US [5] Business Line Data and Key Metrics Changes - The company holds 620,879,791 Bitcoin, accounting for 3% of all Bitcoin in existence, positioning it as a dominant player in the Bitcoin treasury space [5] - Year-to-date, the company achieved a BTC yield of 25% and a BTC gain of 111,194 Bitcoin [9][10] - The company raised $18.3 billion in capital year-to-date, representing 81% of the total capital raised in the previous year [6] Market Data and Key Metrics Changes - The company noted a significant increase in Bitcoin per share (BPS), achieving 39,716 Satoshis year-to-date, which is approximately 6060% of the previous year's performance [9] - The fair value of the company's Bitcoin holdings increased significantly due to the adoption of FASB's fair value accounting standard, with a one-time adjustment of $17.9 billion recorded [11] Company Strategy and Development Direction - The company is focused on expanding its capital markets plan and has launched four listed preferred equity offerings, with STRC being the largest IPO in the US this year [6] - The management emphasized the importance of Bitcoin as a treasury reserve asset, highlighting the growing trend of companies acquiring Bitcoin [21][24] - The company aims to refine Bitcoin into various financial products, targeting different investor profiles, including low volatility and high yield options [34][38] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the supportive political landscape for Bitcoin, noting the increased enthusiasm from the current administration [17][19] - The company anticipates continued growth in the Bitcoin ecosystem, with a consensus price forecast of $168,000 for Bitcoin by the end of the year from analysts [26] - Management highlighted the potential for institutional adoption of Bitcoin as collateral in the banking industry, driven by recent regulatory developments [29] Other Important Information - The company has maintained a strong balance sheet, with $74 billion in Bitcoin holdings purchased at a cost of $46 billion, reflecting a low cost basis [10][11] - The company has consistently added Bitcoin to its balance sheet every quarter since August 2020, with all Bitcoin holdings remaining unencumbered [10] Q&A Session Summary Question: What is the company's outlook on Bitcoin's future price? - Management noted that analysts project a consensus price of $168,000 for Bitcoin by year-end, reflecting positive sentiment in the market [26] Question: How does the company plan to manage its capital structure? - The company plans to strategically manage its convertible debt and preferred equity, ensuring that its Bitcoin holdings provide a robust backing for its obligations [12][13] Question: What are the implications of the recent regulatory changes for the company? - Management highlighted that recent regulatory developments, including the SEC's support for Bitcoin ETFs, are expected to accelerate the growth of the Bitcoin industry and benefit the company [28][29]

Q2 2025 Financial Results July 31, 2025 Copyright © 2025 Strategy. All Rights Reserved. Strategy Q2 2025 Earnings Call Safe Harbor Statement FORWARD-LOOKING STATEMENTS 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 2025 operating income, net income, earnings per share, BTC Yield and BTC $ Gain, and the hypothetical valuation models ...

Market Overview - The market day ended in the red despite gains from Microsoft and beta [2] - Pharmaceuticals are down about 3% due to pressure from the White House to lower drug prices [3] - Most names in the S&P 500 were lower, with about 365 declining and 137 gaining [7] IPO Market - Figma shares are up 256% from its IPO price of $33 per share [3] - Figma's performance may encourage more companies to pursue IPOs [5] - Circle and CORE had phenomenal post-IPO moves [5] Earnings Reports - Paramount's second quarter revenue was $685 billion, in line with expectations, with adjusted EPS of $046 per share, exceeding estimates of $037 per share [8] - Amazon's second quarter EPS was $168, $035 better than expected, with net sales of $1677 billion, exceeding the estimate of $16215 billion; Q3 net sales outlook is $174 billion to $1795 billion, beating the street's expectation of $17324 billion [10][11] - Roku's second quarter EPS was $007, beating expectations, with revenue up 15% to $111 billion [14] - KLA Corp's fourth quarter revenue was $317 billion, beating estimates of $308 billion, with adjusted EPS of $930 per share, outperforming estimates of $855 [19] - Coinbase's second quarter subscription and services revenue missed estimates at $6558 million, with total revenue just shy of estimates at $15 billion [21] - Reddit raised its third quarter revenue forecasts to between $535 million and $545 million, beating on second quarter revenue [22][23] - Rocket company's adjusted revenue came in above estimates at $134 billion, with EPS above estimates at $004 per share; Q3 revenue guidance is $16 billion to $175 billion [24] - First Solar's second quarter EPS was $318 to $266, with fiscal year EPS outlook of $1350 to $1650, above $1250 to $1750 [24][25] Company Specific News - MicroStrategy increased its fiscal year 25 Bitcoin gain target to $20 billion from $5 billion, with fiscal year 25 earnings per share of $80 per share based on 50000 Bitcoin outlook [15] - President Trump met with leaders at JPMorgan, Goldman Sachs, and Bank of America to devise a plan to monetize Fannie and Freddie [17]

RT Bitcoin Magazine (@BitcoinMagazine)TUNE IN: @Strategy Earnings Call Q2 2025 🟧Feat. Michael Saylor, Phong Le, Andrew Kang & Shirish Jajodia with LIVE analyst Q+A session🗓️ Thurs July 31, 5:00-6:30pm ETStreaming on @BitcoinMagazine:🔗YouTube: https://t.co/buDzEyJYCF🔗 Rumble: https://t.co/DRNCqtj3xT https://t.co/OmLMtvr413 ...

JUST IN: Michael Saylor and STRATEGY's Bitcoin is up $13 BILLION in 2025 🚀 https://t.co/s7Szh80P3u ...

Financial Performance - Strategy reported a record net income of $10.0 billion and diluted EPS of $32.60 for Q2 2025[1]. - Operating income for Q2 2025 was approximately $14.03 billion, a 7,106.4% increase year-over-year, driven by an unrealized gain on digital assets[10]. - Total revenues for Q2 2025 were $114.5 million, a 2.7% increase year-over-year, with subscription services revenues rising by 69.5%[10]. - The company reported a net income of $10.0 million for Q2 2025, compared to a net loss of $102.6 million in Q2 2024, and a net income of $5.8 million for the first half of 2025, compared to a loss of $155.7 million in the same period last year[52]. - For Q2 2025, MicroStrategy reported a non-GAAP income from operations of approximately $14.05 billion, compared to a loss of $200.27 million in Q2 2024[65]. - The net income attributable to common stockholders for Q2 2025 was approximately $9.97 billion, a significant increase from a loss of $102.56 million in Q2 2024[66]. - Total revenues for the Software Business segment in Q2 2025 were $114,488,000, an increase from $111,442,000 in Q2 2024, representing a growth of approximately 2.3%[73][74]. Bitcoin Holdings and Strategy - The company expanded its bitcoin holdings to 628,791 bitcoins, with a total cost of $46.07 billion, averaging $73,277 per bitcoin year-to-date[5]. - The company has adopted Bitcoin as its primary treasury reserve asset, strategically accumulating Bitcoin through equity and debt financings, as well as cash flows from operations[27]. - The company measures its Bitcoin holdings at fair value as of the end of a reported period, recognizing gains or losses in net income[39]. - The company believes its combination of operational excellence and strategic Bitcoin reserve positions it as a leader in both digital assets and enterprise analytics sectors[27]. - The company anticipates potential fluctuations in bitcoin prices, which could significantly impact future operating income and net income projections[50]. - The market value of Bitcoin held at the end of Q2 2025 was approximately $64.36 billion, with 597,325 Bitcoins held[61]. - The average purchase price per Bitcoin increased from $36,798 as of June 30, 2024, to $70,982 as of June 30, 2025[57][61]. Revenue and Expenses - Total current deferred revenue and advance payments as of June 30, 2025, amounted to $218,448,000, compared to $242,944,000 as of December 31, 2024, indicating a decrease of about 10.1%[69]. - Deferred subscription services revenue for Q2 2025 was $111,564,000, up from $109,382,000 in Q2 2024, showing a growth of approximately 2.0%[69]. - Operating expenses for Q2 2025 totaled $13.9 billion, primarily due to unrealized losses, compared to $280.8 million in Q2 2024[52]. - Share-based compensation expense for Q2 2025 was $15,742,000, down from $20,621,000 in Q2 2024, indicating a reduction of approximately 23.5%[73][74]. Capital and Financing - The company raised over $10 billion through its ATM programs and IPOs, enhancing its capital markets platform[2]. - Financing activities generated $14.5 billion in cash for the first half of 2025, compared to $2.5 billion in the same period of 2024[56]. - The company plans to utilize mNAV thresholds to guide its common stock issuance for bitcoin purchases, enhancing its capital strategy[22]. Market and Economic Conditions - The company experienced a significant unrealized loss on digital assets of $14.0 billion in Q2 2025, compared to no unrealized loss in Q2 2024[52]. - The company has historically not paid any dividends on its Class A common stock, and there is no indication of future dividend payments[45]. - The company anticipates no change in the dividend rate if the stock price remains between $99.00 and $100.99, with potential minor adjustments based on market conditions[31]. Key Performance Indicators - Key performance indicators (KPIs) include Bitcoin Per Share (BPS), BTC Yield, BTC Gain, and BTC $ Gain, which help assess the performance of the company's Bitcoin acquisition strategy[33][35]. - The company's Bitcoin NAV is calculated by multiplying the current market price of Bitcoin by the total number of Bitcoins held, though it is not equivalent to traditional net asset value metrics[49]. Corporate Governance and Management - The Chief Operating Decision Maker (CODM) focuses on "net income (loss)" to assess profitability and manage controllable costs within the Software Business segment[71]. - The Company has dedicated resources to its bitcoin strategy starting in 2025, impacting corporate expenses and aligning with its digital asset activities[70].

The Morning Minute (7.30)⏰Top News:-Crypto majors down 1-3% ahead of FOMC; BTC at $117,500-SEC approves in-kind redemptions for spot BTC & ETH ETFs-Saylor buys another $2.5B in Bitcoin using latest fundraise-ETHZilla announces $425M for ETH Treasury; BTCS to raise up to $2B for ETH-Linea announces tokenomics, native ETH yield and protocol level burns-Kraken to IPO at $15B🌎 Macro Crypto and Memes-Crypto majors were red ahead of FOMC; BTC -1% at $117,400, ETH -2% at $3,750, XRP -3% at $3.03, SOL -3% at $177-F ...

🚨 NEW: Strategy has purchased $2.4B in Bitcoin using proceeds from its preferred stock offering.The company now holds over 628,000 BTC. https://t.co/2PzafKvQAl ...