Bitcoin’s recent stretch of muted price action is a sign of strength, not weakness, according to Strategy (MSTR) Executive Chairman Michael Saylor. Speaking on an episode of Natalie Brunell’s "Coin Stories" podcast released Friday, Saylor argued that the market is in a consolidation phase as long-time holders sell portions of their stacks and institutions prepare for bigger allocations. “If you zoom out and look at the one-year chart, bitcoin is up 99%,” he said. “The volatility is coming out of the asset ...

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]

Core Concept - Activate is an active gaming arcade that combines gaming with physical exercise, recently opened in White Marsh, Maryland [3][4] Company Overview - Activate occupies over 10,000 square feet and employs around 15 staff members [3] - The company is co-founded by Adam and Megan Schmidt, who previously operated a successful escape room business in Canada [9] Market Position - Activate claims to be "the world's first active gaming facility," targeting families, friend groups, and team-building events [4][9] - The location in White Marsh is positioned as a vibrant community hub for shopping and entertainment, making it an ideal spot for experiential destinations [4] Gaming Experience - The arcade features 13 different game rooms designed to enhance physical activity and social interaction [5] - Notable games include Mega Laser, where players dodge 180 lasers, and Press, which involves pressing 452 light-up buttons [6][7] - Games last between one to three minutes, with a live ranking board for competitive play [7][8] Pricing and Admission - Admission costs $25 plus tax per player from Mondays to Thursdays, and $30 plus tax from Fridays to Sundays and holidays [8] - Each gaming session lasts 75 minutes, with an option to purchase an additional 30 minutes for $15 [8] Expansion Plans - Activate currently operates 29 locations in the United States, with plans to open an additional 20 locations soon [9]

Financial Data and Key Metrics Changes - In Q1 2025, the company reported total software revenues of approximately $111 million, down 3.6% year-over-year, primarily due to lower product license and support revenues [24] - The company adopted fair value accounting for its Bitcoin holdings, resulting in a beginning balance of retained earnings adjustment of $17.9 billion due to the difference between carrying value and fair value [27] - The price of Bitcoin declined from approximately $93,400 at the end of 2024 to roughly $82,400 at the end of Q1 2025, leading to an unrealized fair value loss of $5.9 billion [28] Business Line Data and Key Metrics Changes - Subscription services revenues in the cloud segment increased by 62% year-over-year, now accounting for approximately 33% of total revenues, with subscription billings growing by 38% to $24.5 million [24] - The decline in product license revenues and support revenues was offset by growth in cloud services, indicating a successful transition from on-premise to cloud solutions [24] Market Data and Key Metrics Changes - The company remains the largest corporate holder of Bitcoin globally, holding 553,555 Bitcoins valued at $52 billion as of April 28, 2025 [6] - The company has raised $10 billion year-to-date through various capital market activities, including $6.6 billion in equity and $3.4 billion in fixed income instruments [12] Company Strategy and Development Direction - The company plans to continue its aggressive Bitcoin accumulation strategy, having utilized $37.3 billion of capital to increase its Bitcoin holdings [10] - The introduction of the new $42 billion capital plan aims to raise additional equity and fixed income capital through 2027, allowing for strategic flexibility [19][20] - The company emphasizes its unique position in the market, having outperformed major asset classes and the S&P 500 since adopting its Bitcoin strategy in 2020 [14] 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%, reflecting strong year-to-date performance [23] - The management highlighted the positive impact of recent government actions on Bitcoin's legitimacy and institutional interest, setting the stage for deeper integration into the U.S. financial system [7] Other Important Information - The company has raised $6.6 billion through its ATM equity offering program and $2 billion through a convertible note offering in Q1 2025 [8] - The company’s capital structure is described as well-fortified, with $109 billion in equity market cap and significant Bitcoin reserves supporting its fixed income liabilities [35] Q&A Session Summary Question: What is the company's strategy for capital raising? - The company introduced the 2121 plan to raise $21 billion in equity and fixed income capital, achieving 65% completion in just six months, reflecting strong market access and investor demand [18] Question: How does the company plan to outperform Bitcoin? - The management discussed various BTC metrics and strategies to create shareholder value, emphasizing the importance of capital markets transactions and their long-term impact on stock performance [42][46]