Core Viewpoint - MicroStrategy is redefining private equity and capital markets by leveraging Bitcoin, achieving what traditional funds have struggled to do for over a decade [1][2] Group 1: Capital Raising and Funding Structures - MicroStrategy has successfully raised capital directly from retail investors and established permanent funding structures [2][3] - The company has created a funding model that does not rely on cyclical capital raises by utilizing publicly listed securities on Nasdaq instead of closed-end private equity structures [3] Group 2: Digital Equity and Digital Credit - Central to MicroStrategy's approach are "Digital Equity" and "Digital Credit," both backed by Bitcoin, which positions Bitcoin as institutional-grade collateral [4] - Digital Equity allows investors to gain leveraged exposure to Bitcoin through MicroStrategy's capital structure, while Digital Credit provides BTC-backed credit facilities [4] Group 3: Future Outlook - MicroStrategy has converted its Bitcoin reserves into a perpetual capital engine, functioning similarly to a public-equity version of a private equity continuation fund [5] - The year 2025 is described as "Year 0" for Digital Credit, focusing on building and scaling BTC-backed credit products during a subdued Bitcoin market [5] - In 2025, MicroStrategy raised approximately $21 billion through various financial instruments, including a notable $2.5 billion perpetual preferred stock issuance, marking the largest US IPO by gross proceeds that year [6]