Bitcoin Strategy & Market Trend - MicroStrategy's strategy initiated the crypto treasury trend, with the number of companies capitalizing on Bitcoin increasing from approximately 60 to 160 in the past six months [1][2] - The company views Bitcoin as digital capital, expecting it to outperform the S&P index and regarding it as the clear global monetary commodity [2] - The company believes Bitcoin is the lowest risk, highest return strategy for outperforming the S&P and injecting vitality into balance sheets [3] - Innovation across the crypto economy is beneficial, with a focus on delivering digital asset-backed equity and credit to tap into the hundred trillion dollar plus traditional capital markets [3][4] Unique Asset Offerings - The company holds a substantial Bitcoin stock, valued at approximately $74 billion [6] - The company offers structured Bitcoin products like Strike stock, providing Bitcoin upside, guaranteed dividends, and principal protection [7][8] - The company provides long-duration senior credit instruments called Strife, a 21-year Bitcoin-backed bond with an approximately 85% dividend yield [8] - The company offers high-yield long-duration instruments called Strike, paying approximately 115% dividend yield [9] - The company launched Stretch CRC, a monthly Bitcoin-backed bill with a 9% dividend yield, as a Bitcoin alternative to Treasury bills [9][10] Financing & Investor Base - The company issues convertible notes and preferred stock to fund Bitcoin purchases [11] - Retail demand for the company's preferred stock has been extraordinary, increasing from approximately $30-40 million to $600 million in the last offering [13] - The company's investor base includes retail investors, institutional long investors, and hedge funds [13][14] Bitcoin vs Gold - Bitcoin is considered digital gold, and tariffs on physical gold imports are expected to accelerate the migration of capital from physical gold to digital gold [15][16] - Bitcoin's advantages over gold include its digital nature, lack of weight, and ability to be settled anywhere quickly, making it immune to tariffs [16][17]