Michael Saylor✓

Bitcoin has won. Global consensus is that $BTC is digital capital. The four-year cycle is dead. Price is now driven by capital flows. Bank and digital credit will determine Bitcoin’s growth trajectory. The biggest risk is bad ideas driving iatrogenic protocol changes.

Our Q3 2026 $MSTR Earnings Call covered record financial results, Digital Capital, Digital Equity, Digital Credit, tokenization, and our strategy for the next bull market. Andrew Kang | Q3 Financial Results 00:01:32 - Q3 highlights: 848,517 BTC, record earnings, and treasury growth 00:06:19 - Capital raising, USD Assets, and balance sheet strength 00:09:31 - Daily dividends approved: $STRC begins November 1 Phong Le | Digital Equity and Digital Credit 00:14:02 - $MSTR as Amplified Bitcoin: Q3 outperformance and Bitcoin Per Share 00:18:44 - Fortress balance sheet, mNAV, and positioning for the next bull market 00:24:45 - Digital Credit growth and $STRC's return to par 00:27:37 - Return of capital and tax-efficient Digital Credit 00:29:22 - Capital framework: USD Assets, Bitcoin monetization, and repurchases 00:33:09 - BTC Hurdle ARR, BTC Breakeven ARR, BTC Floor ARR, and Digital Credit risk modeling 00:41:22 - $STRC performance, institutional adoption, and daily dividends Michael Saylor | Bitcoin and Digital Capital 00:47:14 - Bitcoin's next bull market, dominance, and the 2028 halving 00:50:05 - Regulatory guidance, banking adoption, and Bitcoin supply dynamics 00:56:01 - Tokenized $MSTR and $STRC: 24/7 global capital markets 01:02:05 - AI disruption and the value of scarce Digital Capital 01:07:19 - Quantum computing, Bitcoin security, and long-term potential 01:15:45 - Bitcoin treasury companies and the expanding Digital Credit ecosystem 01:20:12 - Digital Capital, Digital Credit, Digital Equity, and Strategy's central bank vision Live Q&A 01:28:03 - Andrew Harte, BTIG: How does a stronger balance sheet change Strategy's next bull market playbook? 01:32:20 - Khing Oei (@khingoei): Equity ATM issuance, mNAV, capital allocation, and scaling institutional demand for $STRC? 01:36:14 - Alex Thorn (@intangiblecoins), Galaxy: Plans for $STRF, $STRD, $STRK, and $STRE? 01:40:41 - Pete Christiansen, Citi: Does Bitcoin financialization introduce leverage and counterparty risk? 01:48:25 - Scott Melker (@scottmelker): Tokenized $MSTR and preferreds, U.S. access, and Strategy's plans for tokenization?

RT @Strategy: Join our Q3 2026 Earnings Call now:

RT @BTCtreasuries: JUST IN: Strategy $MSTR posts a $21 billion gain on its #Bitcoin holdings for Q3. The company returns to profitability for the first time in four quarters. 🔥 LIVE BREAKDOWN:

Strategy announces Q3 2026 results: - $21 billion operating income, our largest quarter ever - $21 billion capital raised YTD - Returned $STRC to health - 848,517 $BTC held, up 26% YTD

RT @BTCconsortium: Consortium member company, Coinbase, co-hosted a Post-Quantum Bitcoin Workshop at Stanford University at the end of August. The one-day event included Bitcoin developers, cryptographers, researchers, institutional custodians, and hardware-wallet experts.

RT @Strategy: Q3 Earnings Call. Today, 5 PM ET, live on X and YouTube. Links below. $MSTR $STRC

Your money shouldn’t need permission to leave. $STRC

RT @frankiemacd: Me Saying the Bitcoin Again

RT @TNorth: True North Ep. 84: Bitcoin Is The Moat Featuring @hillery_dan and @MasonFoard. Timestamps: 00:00 True North Loading... 03:54 Daily Dividends Come To Strategy $MSTR 11:36 Strive's New $SATS Offering 22:48 Digital Credit As High Powered Money 27:51 AI Disruption And The $BTC Moat 36:26 Digital Credit's Growth Roadmap 45:05 Cash Reserve And $STRC Buybacks 53:14 Managing Amplification 01:01:15 Final Thoughts

RT @dgt10011: Congratulations @Strategy! 99% is a mandate. But why is daily payment such an important feature to create “perfected money”? Listen to @saylor share his view on the “holy grail” opportunity for bitcoin at @paraficapital Investor Day a few weeks before the vote date👇

$MSTR shareholders have approved the Daily Dividends amendment. Preliminary results show 99.3% of votes cast were in favor. The amendment enables $STRF, $STRC, $STRK and $STRD to accrue dividends every calendar day. Thank you to all who voted.

RT @Strategy: $MSTR Q3 Earnings Call.

Tomorrow, 5 PM ET.

RT @phongle: This is a powerful upgrade to $STRC and digital credit. Thank you.

$MSTR shareholders have approved the Daily Dividends amendment. Preliminary results show 99.3% of votes cast were in favor. The amendment enables $STRF, $STRC, $STRK and $STRD to accrue dividends every calendar day. Thank you to all who voted.

Under the new cadence, every calendar day will be a record date, with payment on the next business day. For $STRC, the first record and payment dates will be Nov 1 and Nov 2, respectively. For $STRF, $STRK and $STRD, they will be Jan 1 and Jan 4, respectively.

RT @phongle: More taxes. More $STRC.

RT @CJ_Bitcoin: $STRC vs $MSTR? If the credit works, the equity wins.

RT @intangiblecoins: We believe the bottom is in, selling pressure has diminished, the debasement case has strengthened, and the crowd has left

Saying there’s no reason to own Bitcoin because AI can hack a crypto app is like saying there’s no reason to speak English because AI can hack a messaging app.

RT @Strategy: We're excited to welcome equity analysts from leading Wall Street research firms to the live Q&A during our Q3 2026 Earnings Call on Thursday, October 29 at 5 PM ET: Pete Christiansen (Citi), Nik Cremo (Barclays), and Andrew Harte (BTIG). $MSTR

RT @DocumentingBTC: How AI will make Bitcoin more valuable

Strategy has repurchased $205M of $STRC. As of 10/25/26, we hold 848,517 $BTC and $5.1B of USD Assets. $MSTR

RT @HurdleRatePod: In this week’s Hurdle Rate, the crew breaks down Strive’s biggest buy ever, 6,182 BTC to reach 43,000, plus the new $1B $SATS ATM and hitting 61% amplification on $ASST. They also discuss SpaceX’s $SPCX $40B GPU deal, why perpetual Digital Credit beats time-bound chip financing, and whether capital is the last moat. Here’s the latest with @PunterJeff, @Werkman, @IIICapital, @AdamBLiv, and @TimKotzman. Timestamps: 00:00 - Intro 01:39 - 43,000 BTC And The SATS ATM 04:41 - Our Largest Bitcoin Buy Ever 10:35 - Engineering Amplified $BTC 14:25 - Is The Bear Market Over? 21:49 - Inside SpaceX’s $40B GPU Deal 26:57 - GPUs Vs. Bitcoin As Collateral 31:29 - Why Perpetual Beats Time Bound 39:08 - Is Capital The Last Moat? 51:25 - Will AI Labs Hold Bitcoin? 56:05 - The Future Of Income 01:00:27 - Risk Is Mispriced

RT @CJ_Bitcoin: My podcast conversation with @saturn_credit (@kevinlhr88, @eosborn88). We cover many challenging and nuanced questions on $STRC including buybacks, dividend rate, target price range, and onchain structuring. Reminder: @Strategy's Q3 2026 earnings call is this Thursday, October 29 at 5 PM ET. Timestamps: 00:45 CJ's Journey from Blackstone to Strategy 02:30 Strategy's Business Model: More Than Leveraged Bitcoin 08:02 Who Owns STRC? Retail vs. Institutional Investors 11:59 Institutional Demand for STRF, STRD, and STRK 14:02 Has the Selling Pressure from June Finally Ended? 17:15 Why Is STRC's Dividend Rate 12%? 30:55 Are STRC Buybacks a Sign of Weak Demand? 33:20 Strategy's Plans for Its Other Preferred Stocks 39:16 Did Strategy Grow STRC Too Quickly? How Big Can It Get? 45:49 Why Doesn't STRC Have the Same Investor Protections as SATA? 49:32 Why Not Let STRC Trade Above $100? 54:16 Can Strategy Maintain Bitcoin Amplification at Scale? 57:01 STRC vs. MSTR: Are Shareholder Interests in Conflict? 1:00:03 Do STRC Buybacks Undermine the Benefits of Perpetual Financing? 1:03:09 Maximizing Bitcoin per Share: When Should Strategy Issue Equity? 1:08:25 Behind the Scenes: How Strategy Makes Capital Allocation Decisions 1:14:02 Bringing Digital Credit Onchain with Saturn 1:17:35 Who Will Buy STRC During a Bitcoin Bull Market? 1:20:47 The Future of Onchain Credit: Global Access and Structured Products

USD Duration is 3.4 yrs and STRC's BTC Credit is 54 bps assuming 10% BTC ARR, 40% BTC Vol, and a BTC price of $81,200. Learn more about Strategy's credit metrics:

RT @phongle: If approved, $STRC will start paying daily dividends one week from today. It will be the first global security with calendar day accruals, paving the way for the digital transformation of capital markets.

RT @Strategy: We're excited to welcome leading Bitcoin analysts to the live Q&A during our Q3 2026 Earnings Call this Thursday, October 29 at 5 PM ET: Scott Melker (@scottmelker), Khing Oei (@khingoei), and Alex Thorn (@intangiblecoins). $MSTR

Passive income should be passive. $STRC

Saying there’s no reason to buy Bitcoin because anyone can create a cryptocurrency is like saying there’s no reason to learn English because anyone can invent a language.

RT @Strategy: Digital Credit is the largest perpetual preferred stock in America. $MSTR $STRC