Financial Data and Key Metrics Changes - In Q1 2025, total software revenues were approximately $111 million, down 3.6% year over year, reflecting a transition from on-premises to cloud services [24] - The company raised $6.6 billion in net proceeds through its ATM equity offering program and $2 billion through a convertible note offering in Q1 2025 [8][12] - The Bitcoin holdings were valued at approximately $52 billion as of April 28, 2025, with a total of 553,555 Bitcoins [6] Business Line Data and Key Metrics Changes - Subscription services revenues in the cloud segment increased by 62% year over year, now making up approximately 33% of total revenues [24] - Product license revenues and support revenues continued to decline, but growth in cloud services is expected to offset this trend [24] Market Data and Key Metrics Changes - The company remains the largest corporate holder of Bitcoin globally, representing 2.6% of all Bitcoin in existence [6][9] - The price of Bitcoin declined from approximately $93,400 at the end of 2024 to roughly $82,400 at the end of Q1 2025, resulting in a $5.9 billion unrealized fair value loss [27][28] Company Strategy and Development Direction - The company plans to continue its capital markets innovation and Bitcoin operations to strategically accumulate more Bitcoin [10] - A new capital plan, the "42-42 Capital Plan," aims to raise $42 billion in equity and $42 billion in fixed income by the end of 2027 [19][20] - The company is focused on maintaining a disciplined leverage ratio between 20-30% to maximize long-term value [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a 25% BTC yield target for 2025, up from the previous target of 15% [23] - The management highlighted the strong institutional interest in Bitcoin and the favorable regulatory environment as key drivers for future growth [7][14] Other Important Information - The company adopted fair value accounting for its Bitcoin holdings, which has changed how it values its Bitcoin treasury [26] - The company has issued innovative preferred equity offerings, which have shown strong liquidity and investor demand [30][31] Q&A Session Summary Question: What is the outlook for Bitcoin's performance? - Management believes Bitcoin will continue to grow, with a long-term forecast of 29% annual growth rate over the next 21 years [48] Question: How does the company plan to maintain its competitive edge? - The company aims to leverage its unique attributes, transparent investor relations, and innovative offerings to differentiate itself in the market [14] Question: What are the expected returns from the new capital plan? - The new capital plan is expected to generate significant value for shareholders, with a projected return on capital of $6.9 for every dollar raised [68]