Strategy (NasdaqGS:MSTR) Q4 2025 Earnings call February 05, 2026 05:00 PM ET Speaker10Jajodia, Corporate Treasurer and Head of Investor Relations at Strategy. I will be your moderator for Strategy's 2025 fourth quarter earnings webinar. We will start the call with a 60-minute presentation, starting with Andrew Kang, followed by Phong Le, and then Michael Saylor. This will be followed by a 30-minute interactive Q&A session with four Wall Street equity analysts and four Bitcoin analysts. Before we proceed, I ...

Core Viewpoint - Strive, Inc. has announced a follow-on offering of 1,320,000 shares of its Variable Rate Series A Perpetual Preferred Stock at an offering price of $90 per share, which is an increase from the previously announced $150 million transaction size [1][2]. Group 1: Offering Details - The total issuance represents up to 2.25 million shares of SATA [1]. - The offering proceeds will be used to finance the redemption and repayment of Semler Convertible Notes, acquire bitcoin and bitcoin-related products, and for working capital [2][3]. - Strive plans to enter into exchange agreements with holders of Semler Convertible Notes, exchanging $90 million principal amount for approximately 930,000 new shares of SATA Stock [3]. Group 2: Dividend Structure - The SATA Stock accumulates cumulative dividends at a variable rate of 12.25% per annum on a stated amount of $100 per share, payable monthly in arrears starting February 15, 2026 [4][5]. - Strive has the discretion to adjust the monthly regular dividend rate, subject to certain restrictions, and intends to maintain the stock price within a long-term range of $95 to $105 per share [4][6]. Group 3: Redemption Rights - Strive has the right to redeem all or any number of shares of SATA Stock at a cash redemption price of $110 per share, plus any accumulated and unpaid dividends [7]. - Redemption can occur if the total number of outstanding shares falls below 25% of the total shares issued or if certain tax events occur [7][8]. Group 4: Company Background - Strive is the first publicly traded asset management Bitcoin treasury company, holding approximately 12,797.6 bitcoin as of January 16, 2026, and managing over $2.3 billion in assets since launching its first ETF in August 2022 [13].

Core Viewpoint - Strive plans to raise $150 million through a follow-on sale of its Variable Rate Series A Perpetual Preferred Stock, SATA, to manage debt and acquire more bitcoin [1][2]. Group 1: Financial Strategy - The proceeds from the SATA sale will be used to repay or repurchase portions of debt from Semler Scientific, which Strive acquired in an all-stock transaction [1]. - Funds will also be allocated to discharge Semler's borrowings from Coinbase Credit and to facilitate further bitcoin acquisitions [1]. Group 2: Stock and Dividend Information - SATA stock is valued at $100 for dividend calculations, with an initial annual payout rate of 12.25%, which can be adjusted downward within strict limits [3]. - Unpaid dividends on SATA compound monthly and can increase up to 20% annually [3]. - As of the latest trading session, SATA stock closed at $99.50, while Strive's common shares increased by 0.8% to 89 cents [3]. Group 3: Negotiations and Market Position - Strive is negotiating private exchanges with certain noteholders to swap convertible notes for SATA stock, which would be exempt from registration and not generate cash proceeds [2]. - Strive holds the 11th-largest bitcoin stash among publicly traded companies, indicating a significant position in the market [2].

Group 1 - The Louisiana state pension fund (LASERS) has announced its indirect exposure to Bitcoin by purchasing 17,900 shares in Bitcoin treasury firm Strategy, representing a total investment of approximately $3.2 million [1][2] - LASERS fund's total value is reported to be $15.6 billion, indicating that the Bitcoin exposure is a small fraction of its overall portfolio [1] - The trend of state pension funds gaining exposure to Bitcoin continues, with LASERS joining other state programs that have invested in Bitcoin directly or through ETFs [2] Group 2 - Other states, such as Texas, have taken significant steps by directly purchasing Bitcoin for their treasuries, with Texas acquiring $10 million worth of BTC [3] - Many state pension funds, including LASERS, typically avoid direct exposure to Bitcoin due to fiduciary duties and volatility concerns, often opting for ETFs or investments in crypto-adjacent firms [4] - A few pension funds, like the Houston Firefighters Relief and Retirement Fund, have made direct investments in Bitcoin, with HFRR's investment performing well as Bitcoin prices have increased [5][6]

As filed with the U.S. Securities and Exchange Commission on January 15, 2026. Registration No. 333-[ ] UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 DDC ENTERPRISE LIMITED (Exact Name of Registrant as Specified in its Charter) Not Applicable (Translation of Registrant's Name into English) Cayman Islands 2000 Not Applicable (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Cla ...

Group 1 - Strive has acquired Semler Scientific, increasing its Bitcoin holdings to 12,797.9 BTC, marking a significant event in the Bitcoin Treasury movement [1][4] - The acquisition reflects a trend where public companies are adopting Bitcoin as a treasury asset, similar to the strategy popularized by MicroStrategy [3][5] - The Bitcoin price remains strong, trading above December 2025 highs, with a local floor at $94,000 and a potential target of $100,000 [2] Group 2 - Strive's acquisition involved transferring 5,048.1 BTC from Semler, adding to its existing 5,886 BTC [4] - The demand for Bitcoin-backed strategies is evident as Strive's capital raise using preferred equity was oversubscribed two times [6] - Holding Bitcoin as a core asset reduces market supply and provides long-term support, as companies do not engage in daily trading [5]

Core Viewpoint - Semler Scientific shareholders have approved the acquisition by Strive Inc. in an all-stock transaction, which will position Strive as the 11th largest publicly traded holder of Bitcoin, although investor sentiment appears pessimistic regarding the deal [1][2]. Group 1: Company Details - Strive shares have fallen nearly 13% following the acquisition news, trading at approximately $0.96, while Semler Scientific shares have dropped about 11%, trading just above $20 [2]. - Semler currently holds 5,048.1 BTC in its treasury, and combined with Strive's 7,626 BTC, the total Bitcoin holdings will be valued at $1.1 billion at current prices [2][3]. - Strive recently acquired an additional 123 BTC at an average price of $91,561, which will enhance the combined company's Bitcoin holdings [3]. Group 2: Historical Context - Semler Scientific was previously known for its medical devices aimed at chronic diseases, including the FDA-approved QuantaFlo cardiovascular testing device, and was an early adopter of Bitcoin as a treasury reserve asset [4]. - Strive was founded in 2022 as an "anti-ESG" investment firm, raising $20 million from notable investors, and adopted Bitcoin as a treasury reserve asset in May before announcing the acquisition of Semler in September [5].

Core Viewpoint - A shareholder vote on January 13 will determine if Semler Scientific and Strive proceed with a merger, potentially positioning the combined entity as a significant player in Bitcoin reserves with approximately 13,000 BTC [1][3]. Group 1: Merger Details - The merger, first announced in September 2025, is an all-stock transaction that combines Strive, a Bitcoin treasury vehicle, with Semler, a smaller public company involved in health diagnostics and Bitcoin holdings [2]. - Strive has committed to substantial Bitcoin purchases, which will significantly increase the combined treasury beyond the previously reported 10,900 BTC to an estimated 13,000 BTC post-merger [3]. Group 2: Shareholder Engagement - Eric Semler, the founder of Semler, is actively encouraging shareholders to support the merger, framing the vote as a pivotal moment for the company's transition into a crypto-focused strategic reserve [4]. - Under the merger agreement, Semler stockholders will receive 21.05 shares of Strive ($ASST) for each share of Semler ($SMLR) [3]. Group 3: Market Context - Both companies' stocks are currently under market scrutiny, with Strive's shares fluctuating between approximately $0.85 and $1.08, while Semler's shares are experiencing pressure related to the implied acquisition value [5].

Company Overview - Sequans Communications S.A. is a leading fabless semiconductor company specializing in wireless 4G/5G cellular technology for the Internet of Things (IoT) and is a pioneer in Bitcoin Treasury [3][4] - The company designs and develops innovative, secure, and scalable technologies for AI-connected applications, including secured payment, smart mobility, logistics, smart cities, industrial, e-health, and smart homes [3] - Sequans offers a comprehensive portfolio of 4G/5G solutions, including LTE-M/NB-IoT, 4G LTE Cat 1bis, and 5G NR RedCap/eRedCap platforms, focusing on breakthroughs in wireless connectivity, power efficiency, security, and performance [3] Recent Developments - Dr. Georges Karam, President and CEO of Sequans, will participate in a fireside chat at the 28th Annual Needham Growth Conference on January 13, 2026, in New York City [1] - The company will also conduct one-on-one meetings with investors throughout the day of the conference [1] Global Presence - Founded in 2003, Sequans is headquartered in France and operates globally with offices in the United States, United Kingdom, Switzerland, Israel, Finland, Taiwan, and China [4]

Group 1 - Prenetics Global Limited has ceased its daily Bitcoin purchasing activity as of December 4 and will not acquire Bitcoin in the future following Board approval [1][6] - The company currently holds 510.03 BTC, valued at over $44.8 billion, and will continue to hold these as a treasury reserve asset [6] - The decision to stop acquiring Bitcoin is influenced by a lack of confidence in digital asset treasuries amid a market crash [7] Group 2 - Prenetics is focusing its resources on the IM8 brand, co-founded by David Beckham, which has achieved over $100 million in annualized recurring revenue since its launch [2][9] - The management team believes that dedicating attention to IM8 represents a significant opportunity for sustainable shareholder value [9] - The stock price of PRE was trading at $15.72, down 3.5% on the day of the announcement [9]