Microstrategy Q2 2025 Financial Results

Microstrategy Q2 2025 Financial Results

• 1. Copyright © 2025 Strategy. All Rights Reserved. July 31, 2025 Q2 2025 Financial Results

• 2. 2 Strategy Q2 2025 Earnings Call Safe Harbor Statement Some of the information we provide in this presentation regarding our future expectations, plans, guidance, and prospects may constitute forward-looking statements, including, without limitation, our guidance with respect to 2025 operating income, net income, earnings per share, BTC Yield and BTC $ Gain, and the hypothetical valuation models contained in this presentation. Actual results may differ materially from these forward-looking statements due to various important factors, including the risk factors discussed in our most recent Quarterly Report on Form 10-Q filed with the SEC on May 5, 2025, and our Current Report on Form 8-K filed with the SEC on July 7, 2025 and, in the case of our guidance with respect to 2025 operating income, net income, earnings per share, BTC Yield and BTC $ Gain, and the hypothetical valuation models contained in this presentation, each of which is based on an assumed bitcoin price as of December 31, 2025, the risk that the price of Bitcoin as of such date may be substantially different than assumed target price, which would cause our actual results to vary substantially from such guidance and the hypothetical values generated by such models. We assume no obligation to update these forward-looking statements, which speak only as of today. Also, in this presentation, we will refer to certain non-GAAP financial measures. Reconciliations showing GAAP versus nonGAAP results are available in our earnings release and the appendix of this presentation, which were issued today and are available on our website at www.strategy.com. FORWARD-LOOKING STATEMENTS

• 3. Copyright © 2025 Strategy. All Rights Reserved. Andrew Kang Executive Vice President & Chief Financial Officer Financial Performance

• 4. 4 Strategy Highlights 628,791 Bitcoin Holdings 3.0% of all BTC ever to be in existence STRF / STRK / STRD / STRC Four Listed Preferreds Largest USA IPO of 2025: STRC $112 Billion Market Cap 96 th largest publicly listed company in USA $18.3 Billion YTD 2025 Capital Raised 81% of 2024’s total in just 7 months Note: As of July 29, 2025

• 5. Copyright © 2025 Strategy. All Rights Reserved. EPS (“Earnings Per Share”) Results

• 6. 6 Q2 2025: $14.0B Op. Income, $10.0B Net Income, $32.60 EPS Q2 2024 Q1 2025 Q2 2025 (Prev. Year) (Prev. Quarter) Operating Income ($0.2B) ($5.9B) $14.0B Net Income(1) ($0.1B) ($4.2B) $10.0B EPS(2) ($0.57)/sh ($16.49)/sh $32.60/sh (1) Net Income attributable to common stockholders. (2) Diluted earnings per common share. Strategy record highs • Adopted FASB fair value accounting on January 1, 2025. Carrying value of bitcoin is now equal to the market value at the end of each quarter, instead of the cost-less-impairment value under the previous accounting standard. • Recognize a deferred tax expense on the income statement, calculated based on the increase in fair market value of BTC holdings.

• 7. 7 H1 2025: $8.1B Op. Income, $5.7B Net Income, $19.43 EPS H1 2024 H1 2025 Operating Income ($0.4B) $8.1B Net Income(1) ($0.2B) $5.7B EPS(2) ($0.89)/sh $19.43/sh (1) Net Income attributable to common stockholders. (2) Diluted earnings per common share. Strategy record highs

• 8. Copyright © 2025 Strategy. All Rights Reserved. BPS (“Bitcoin Per Share”) Results

• 9. 9 Strategy’s Business Model Accretes Bitcoin Per Share 26,752 1,521 6,226 67,730 39,716 2021 2022 2023 2024 YTD 2025 7/31/2025 (Change in Sats per Share) (1) BPS is a KPI that represents the ratio between the Company’s bitcoin holdings and its Assumed Diluted Shares Outstanding, expressed in terms of Sats. A “Sat” or a “Satoshi” is one one-hundred-millionth of one bitcoin, the smallest indivisible unit of a bitcoin. Refer to the Appendix for more information about BPS, BTC Yield, BTC Gain and BTC $ Gain.

• 10. 10 56,598 83,350 84,871 91,097 158,827 198,543 2020 2021 2022 2023 2024 7/31/2025 (Sats per Share) (1) BPS is a KPI that represents the ratio between the Company’s bitcoin holdings and its Assumed Diluted Shares Outstanding, expressed in terms of Sats. A “Sat” or a “Satoshi” is one one-hundred-millionth of one bitcoin, the smallest indivisible unit of a bitcoin. Refer to the Appendix for more information about BPS, BTC Yield, BTC Gain and BTC $ Gain. BTC Yield Strategy Has Consistently Delivered BTC Yield Since 2020

• 11. 11 (1) Presented for illustrative purposes only. BTC Yield is not equivalent to "yield" in the traditional financial context and BTC $ Gain is not equivalent to “gain” in the traditional financial context. BTC $ Gain does not represent the fair value gain on our bitcoin holdings. Refer to the Appendix for more information about BTC Yield, BTC Gain and BTC $ Gain. YTD metrics are as July 29, 2025. YTD BTC KPIs vs. 2025 Targets Reflects the incremental value generated through Strategy treasury operations Q1 Q2 QTD Q3 $15.0 $13.2 Target 2025 YTD 2025 Q1 Q2 QTD Q3 25.0% 25.0% Target 2025 YTD 2025 ₿TC Yield % (1) ₿TC $ Gain ($ billion) (1) $4.1 $9.5 Q1 Q2 QTD Q3 ₿111,894 YTD 2025 ₿TC Gain (1) 11.0% 19.7% ₿49,131 ₿88,109

• 12. Copyright © 2025 Strategy. All Rights Reserved. Balance Sheet Update

• 13. 13 Growth in Bitcoin Strategic Treasury Reserve Strategy has acquired additional bitcoin in every quarter since Q3 2020 Bitcoin Holdings (in ‘000s) 38.3 70.5 91.3 105.1 114.0 124.4 129.2 129.7 130.0 132.5 140.0 152.3 158.2 189.2 214.3 226.3 252.2 447.5 528.2 597.3 628.8 (1) As of July 29, 2025. 628,791 bitcoins held on balance sheet, acquired for a total cost of $46.08 billion, or $73,277 per bitcoin(1) Represents 3.0% of all bitcoin ever to be in existence

• 14. 14 $22.6 Billion Increase in Digital Assets Value since 1/1/2025 12/31/2024 Fair Value Adoption 1/1/2025 3/31/2025 6/30/2025 Digital Assets $23.9B +$17.9B $41.8B $43.5B $64.4B Deferred Tax Liability(1) ($1.5B) +$5.1B $3.6B $1.9B $5.9B Long-Term Debt(2) $7.2B - $7.2B $8.1B $8.2B Preferred Equity - - - $1.3B $2.9B Common Equity $18.2B +$12.7B $31.0B $32.2B $47.5B • Adopted FASB fair value accounting on January 1, 2025. Carrying value of bitcoin is now equal to the market value at the end of each quarter, instead of the cost-less-impairment value under the previous accounting standard. • Recognize a deferred tax liability on the balance sheet, calculated based on the market value of BTC holdings less the cost basis of BTC holdings. (1) Net of deferred tax assets. (2) Primarily convertible debt. Net of current portion of long-term debt.

• 15. 15 $2 Billion of Digital Assets Value added in Q1 2025 -$4.9 $7.7 -$1.1 $43.5 $41.8 12/31/2024 BTC Holdings Market Value 3/31/2025 BTC Holdings Market Value BTC Price Change (Prior Holdings) BTC Purchased (Q1/25 Purchases) BTC Price Change (Q1/25 Purchases) BTC Count 447,470 Additions: 80,715 528,185 BTC Mkt. Price $93,390 Avg Price: $94,922 $82,445 Unrealized FMV loss = ~$5.9B $23.9 $17.9 Unrealized FMV gain recognized in retained earnings ($ in Billions)

• 16. 16 $21 Billion of Digital Assets Value Added in Q2 2025 ($ in Billions) $43.5 $13.4 $6.8 $0.7 $64.4 3/31/2025 BTC Holdings Market Value 6/30/2025 BTC Holdings Market Value BTC Price Change (Holdings as of Q1/25) BTC Purchased (Q2/25 Purchases) BTC Price Change (Q2/25 Purchases) BTC Count 528,185 Additions: 69,140 597,325 BTC Mkt. Price $82,445 Avg Price: $97,906 $107,752 Unrealized FMV gain = ~$14.0B

• 17. 17 $9 Billion of Digital Assets Value Added in QTD Q3 2025 ($ in Billions) $64.4 $6.1 $3.7 $0.0 $74.2 6/30/2025 BTC Holdings Market Value 7/29/2025 BTC Holdings Market Value BTC Price Change (Holdings as of Q2/25) BTC Purchased (QTD Q3/25 Purchases) BTC Price Change (QTD Q3/25 Purchases) BTC Count 597,325 Additions: 31,466 628,791 BTC Mkt. Price $107,752 Avg Price: $116,860 $118,000 (1) Unrealized FMV gain = ~$6.2B (1) As of July 29, 2025.

• 18. 18 Debt & Preferred Equity Notional Value ($M) Market Value ($M) Conversion Price Maturity Earliest Call Date In-the-Money Debt: Convertible 2028 $1,010 $2,278 $183.19 9/14/2028 12/20/2027 Convertible 2029 $3,000 $2,865 $672.40 12/1/2029 12/4/2026 Convertible 2030 (0.625%) $800 $2,170 $149.77 3/15/2030 3/22/2027 Convertible 2030 (0.000%) $2,000 $2,316 $433.43 3/1/2030 3/5/2027 Convertible 2031 $604 $1,124 $232.72 3/15/2031 3/22/2028 Convertible 2032 $800 $1,587 $204.33 6/15/2032 6/30/2029 Total Debt $8,214 $12,341 4.7 Years Preferred Equity: STRF $1,051 $1,209 - Perpetual STRC $2,801 $2,647 - Perpetual STRK $1,278 $1,367 $1,000.00 Perpetual STRD $1,195 $1,003 - Perpetual Total Preferred Equity $6,326 $6,226 39% of our $8.2B convertible debt is in-the-money Note: As of July 29, 2025. (1) Each share of STRK is convertible at any time into 0.1 of a share of MSTR. With a stated amount of $100, this implies an “at-the-money” conversion price of MSTR at $1000. (1)

• 19. 19 $1.05B $8B $1.05B $8B $2.80B $2.80B $1.28B $1.28B $1.20B $1.20B $60B $112B $74B $126B Bitcoin Enterprise Value Equity Bitcoin Surplus STRD Preferred Stock STRK Preferred Stock STRC Preferred Stock STRF Preferred Stock Converts Strategy Capital Structure Strategy’s debt and preferred securities are supported by the value of the Company’s bitcoin reserves and have a substantial equity cushion Note: As of July 29, 2025. Equity reflects market capitalization of basic shares outstanding as per closing share price on July 29, 2025.

• 20. 20 $614 Million Annual Dividend and Interest Expense Notional Value ($M) Coupon or Dividend % Annual Interest Expense or Dividend ($M) (2) Converts $8,214 0.421%(1) $35 Interest on Debt $8,214 $35 STRF $1,051 10.000% $105 STRC $2,801 9.000%(3) $252(4) STRK $1,278 8.000% $102 Cum. Dividends on Pref. Equity $5,130 $459 STRD $1,195 10.000% $120 Non-cum. Dividends on Pref. Equity $1,195 $120 Total $614 Note: As of July 29, 2025. (1) Represents the weighted average coupon rate on convertible debt. (2) Represents interest / dividend obligations for the next 12 months based on the number of securities of each class outstanding as of July 29, 2025. (3) Initial per annum dividend rate; this rate, and the corresponding dividend expense, is subject to change in subsequent periods. (4) Assumes the initial 9.000% per annum dividend rate remains constant for the next 12 months.

• 21. 21 Interest & Dividends to be covered via Common Equity ATM Interest & Dividends as a % of LTM Capital Raised, Equity Raised, & Daily Traded Volume Note: As of July 29, 2025. $5.1B $26.9B $38.5B 13.7% 2.3% 1.6% Average Daily Volume (Common Equity Last 30D) LTM Equity Raised (Common Equity) LTM Total Capital Raised

• 22. 22 $74 $(5) Bitcoin Debt Coverage Strategy’s bitcoin holdings at $118,000 per bitcoin provide significant coverage of its indebtedness Note: Information presented on this slide is provided for illustrative purposes only. Actual results may vary materially from these illustrative results. (1) Based on the share price of $394.66 as of July 29, 2025. Bitcoin Debt Coverage ($B) $74B BTC (1) = ~15x Coverage $5B Out-of-Money Converts Adjusted Value of Bitcoin Holdings $69 0% due March 1, 2030 and 0% due 2029 are the only convertible notes for which the conversion option is not currently in the money(1) Existing Bitcoin Coverage Out-of-the-Money Convertibles

• 23. 23 $0.58 Annual Preferred Dividends $74 $(5) Bitcoin Dividend Coverage Strategy’s bitcoin holdings at $118,000 per bitcoin provide significant coverage of preferred dividends Note: Information presented on this slide is provided for illustrative purposes only. Actual results may vary materially from these illustrative results. (1) Based on the share price of $394.66 as of July 29, 2025. (2) Equal to 25% of $74B bitcoin holdings, less $8.2B convertibles, divided by sum of annual preferred dividends. Bitcoin Dividend Coverage ($B) ÷ ~120 years of preferred dividends ~18 years of preferred dividends if BTC declined by 75%(2) STRC STRD = STRF STRK 0% due March 1, 2030 and 0% due 2029 are the only convertible notes for which the conversion option is not currently in the money(1) $69 Value of Bitcoin Bitcoin Coverage Holdings Existing Out-of-the-Money Convertibles

• 24. Copyright © 2025 Strategy. All Rights Reserved. Bitcoin Update Michael Saylor Executive Chairman

• 25. 25 The White House has embraced Bitcoin

• 26. 26 The New US Administration has embraced Bitcoin Robert F. Kennedy Health and Human Services Secretary Howard Lutnick Commerce Secretary David Sacks AI and Crypto Czar Scott Bessent Treasury Secretary Brian Quintenz CFTC Chairman Nominee Paul Atkins SEC Chairman Kelly Loeffler SBA Administrator Tulsi Gabbard National Intelligence Director J.D. Vance Vice President Kash Patel FBI Director William Pulte Federal Housing FHFA Director Donald J. Trump President

• 27. 27 White House Crypto Policy Report

• 28. 28 Wall Street Has Embraced Bitcoin 80+ ETFs launched globally 1.5M BTC Holdings ~$170B BTC Value (Spot ETPs) (Spot ETFs)

• 29. 29 Public Companies Have Embraced Bitcoin 160+ Publicly Listed Companies Globally ~950,000 BTC Acquired ~$110B BTC Value New Entrants Notable Existing Bitcoin Treasury Companies India USA USA Japan France USA USA USA USA USA

• 30. 30 More Companies are Embracing Bitcoin Each Year 0 2 33 39 43 64 160 2019 2020 2021 2022 2023 2024 2025 Publicly traded companies with BTC on balance sheet Source: Blockware

• 31. 31 Companies are Racing to Get into the Bitcoin 100 Note: As of July 30, 2025.

• 32. 32 Institutional Research Analysts Have Embraced Bitcoin Firm EOY 2025 Barclays $116K Bernstein $200K Benchmark $167K BTIG $150K Compass Point $160K HC Wainwright $225K Maxim $235K Stifel $122K TD Cowen $137K Average $168K The Average BTC Price Forecast of MSTR Coverage Analysts for EOY 2025 is $168,000 Note: Information presented on this slide is provided for illustrative purposes only. The forecasts regarding the price of bitcoin made by these analysts are theirs alone and do not represent forecasts or predictions made by Strategy or its management and Strategy does not by its reference to such forecasts imply its endorsement of or concurrence with such forecasts. Actual results may vary materially from these illustrative results.

• 33. 33 Technology Investors Have Embraced Bitcoin

• 34. 34 Financial Regulators Have Embraced Bitcoin

• 35. 35 SEC Has Embraced Bitcoin

• 36. 36 US Federal Housing Authority Has Embraced Bitcoin

• 37. 37 Capitol Hill Has Embraced Bitcoin Bitcoin Act Clarity Act Genius Act

• 38. 38 US States Have Embraced Bitcoin 216 Total Measures 44 States 47 SBR Proposals Introduced 26 States 3 States with SBRs Enacted 15 Live SBR Proposals 7 States Source: bitcoinlaws.io as of July 30, 2025. US states that currently have at least 1 active legislative proposal related to BTC

• 39. 39 International Governments Have Embraced Bitcoin

• 40. 40 The Crypto Industry Has Embraced Bitcoin

• 41. Copyright © 2025 Strategy. All Rights Reserved. Financial Products

• 42. 42 Mkt Value TAM Yield Return(3) MSTR Options (2) $100B $600B+ (Mag7 Options) - - MSTR ETFs(2) $8B $200B+ (Leverage/Income ETPs) 72% 145%+ MSTR $112B $57T (S&P/BTC) - 150% IBIT(2) $87B $1T (eligible capital) - 74% MSTR Converts $12B $500B+ (global converts/hybrid) <1% 45% STRK $1B $90T (equity/real estate/hedge fund/BTC) 8% 34% STRF $1B $40T (long duration IG credit) 9% 35% STRD $1B $2T (long duration HY credit) 12% 0% STRC $3B $30T (money markets/short duration credit) 10% 5% Strategy Enables a Wide Variety of Securities Based on Bitcoin For illustrative purposes only; does not constitute investment advice and should not form the basis for an investment in MSTR or any other securities. Bitcoin $2.3 Trillion Lower Volatility & Leverage Higher Volatility & Leverage (1) As of 8-K filed on July 29, 2025. (2) Not a security or financial product of Strategy. (3) Returns reflect LTM performance or performance since initial issuance as of July 30, 2025. $60-70 Billion Avg. Daily Trading Volume 628,791 BTC(1) ~$74B USD ~3% of Total Supply

• 43. 43 STRK is Structured Bitcoin Growth-oriented income investors seeking Bitcoin exposure with yield protection

• 44. 44 STRK (Strike) Preferred Equity 8% Dividend Coupon Plus MSTR Exposure Through Conversion Right Investment Highlights • 8% dividend coupon (~6x the S&P 500 average yield) • Convertible to common stock (0.1 shares per preferred) • Initial offering: $80 per share (effective 10% yield at launch) Investor Demand • 34% price return since launch (vs. -2% median for PFF ETF)(1) • $51M average daily trading volume (vs. $1M median)(2) Growth-oriented income investors seeking Bitcoin exposure with yield protection Effective Yield 7.5% as of July 29, 2025 BTC Rating 5.6x as of July 29, 2025 STRK 8% Coupon @ Notional Value STRK 10 STRK shares Convert to MSTR MSTR 1 MSTR share Bitcoin Upside with Yield Protection MSTR @ $500 0.5x notional value MSTR @ $1,000 1.0x notional value MSTR @ $5,000 5.0x notional value Quarterly Dividends (8% p.a.) Conversion Option (0.1x MSTR per STRK) Conversion Value at Different MSTR Prices: (1) Price return since STRK initial pricing on January 31, 2025. PFF refers to iShares Preferred & Income Securities ETF. (2) Average trading volume since STRK initial pricing on January 31, 2025. Median refers to exchange-listed, USD preferreds issued by U.S. companies with >$50M outstanding; excludes mandatory convertible, securities without an observable price, current yields >50% or <-10% (n=517). Past performance is not indicative of future results. Targeting

• 45. 45 Universe of Comparable Assets for STRK is $90 Trillion Asset Class Size of Market Effective Yield YTD Performance S&P 500(1) ~$53.8 trillion ~1.3% ~9% Nasdaq 100(2) ~$30.8 trillion ~1.1% ~9% Commercial Real Estate ~$30 trillion ~4.0% ~5% Hedge Funds ~$4.7 trillion - ~4% BTC ~$2.3 trillion - ~20% BTC Spot ETPs(3) ~$152.5 billion - ~20% STRK(4) ~$1.3 billion ~7.5% ~34% Sources: (1) S&P 500 combined constituent market capitalization and YTD index return as of 7/29/25. (2) Nasdaq combined constituent market capitalization and YTD index return as of 7/29/25. (3) BTC spot ETPs represents value of BTC held by top BTC ETPs as of 7/29/25 per BitBO; IBIT YTD performance used as proxy for YTD performance. (4) STRK notional amount, effective yield and YTD return as of 7/29/25.

• 46. 46 STRF is Long Duration Senior Credit Income-focused investors seeking premium yield with enhanced payment protection

• 47. 47 STRF (Strife) Preferred Equity 10% Cash Dividend Coupon with Enhanced Payment Protection Features Investment Highlights • 10% annual cash dividend coupon (~7x the S&P 500 average yield) • Escalating dividend protection (1% increase per missed payment; 18% cap) • Initial offering: $85 per share (effective 11.8% yield at launch) Investor Demand • 35% price return since launch (vs. 0% median for PFF ETF) (1) • $41M average daily trading volume (vs. $1M median) (2) Income-focused investors seeking premium yield with enhanced payment protection Effective Yield 8.7% as of July 29, 2025 BTC Rating 8.0x as of July 29, 2025 STRF 10% Cash Yield @ Stated Amount Quarterly Cash Dividends Enhanced Protection 10% p.a. Escalation Mechanism (1% increase per missed payment; 18% cap) (1) Price return since STRF initial pricing on March 21, 2025. PFF refers to iShares Preferred & Income Securities ETF. (2) Average trading volume since STRF initial pricing on March 21, 2025. Median refers to exchange-listed, USD preferreds issued by U.S. companies with >$50M outstanding; excludes mandatory convertible, securities without an observable price, current yields >50% or <-10% (n=517). Past performance is not indicative of future results. Targeting

• 48. 48 Universe of Comparable Assets for STRF is $40 Trillion Asset Class Size of Market Effective Yield Long-Term U.S. Treasury Notes/Bonds(1) ~$20.1 trillion ~4.4% – 4.9% Agency Mortgage-Backed Securities(2) ~$9.0 trillion ~5.2% U.S. IG Corporate Bonds(3) ~$5.7 trillion ~5.1% Municipal Bond Funds(4) ~$4.2 trillion ~3.3% – 5.0% STRF(5) ~$1.1 billion ~8.7% Sources: (1) Treasury.gov U.S. Treasury Notes Outstanding as of 6/30/25; Yield range represents 10Y and 30Y U.S. Treasury yields as of 7/29/25. (2) Agency MBS securities market size as of 1/3/25 per Weitz; S&P U.S. Mortgage-Backed Securities Index YTM as of 7/29/25 used as proxy for yield. (3) U.S. IG corporate debt outstanding as of 7/29/25 per S&P Investment Grade Corporate Bond Index; S&P Investment Grade Corporate Bond Index YTM as 7/29/25. (4) SIFMA U.S. Municipal Bonds outstanding as of Q1 25; Yield range represents AAA, AA and A-rated 10 – 30 year Muni Bond Yields as of 7/29/25 per FMS Bonds. (5) STRF notional amount and effective yield as of 7/29/25.

• 49. 49 STRD is Long Duration High Yield Credit Yield-focused investors seeking high yield with strong collateral coverage

• 50. 50 STRD (Stride) Preferred Equity 10% Cash Dividend Coupon with Strong Collateral Coverage Investment Highlights • 10% annual cash dividend coupon (~7x the S&P 500 average yield) • Initial offering: $85 per share (effective 11.8% yield at launch) Investor Demand • Upsized initial offering from $250M to $1B • $30M average daily trading volume (vs. $1M median) (2) Yield-focused investors seeking high yield with strong collateral coverage Effective Yield 11.9% as of July 29, 2025 BTC Rating 5.1x as of July 29, 2025 STRD 10% Cash Yield @ Stated Amount Quarterly Cash Dividends 10% p.a. (1) Price return since STRD initial pricing on June 6, 2025. PFF refers to iShares Preferred & Income Securities ETF. (2) Average trading volume since STRD initial pricing on June 6, 2025. Median refers to exchange-listed, USD preferreds issued by U.S. companies with >$50M outstanding; excludes mandatory convertible, securities without an observable price, current yields >50% or <-10% (n=517). Past performance is not indicative of future results. Targeting

• 51. 51 Universe of Comparable Assets for STRD is $2 Trillion Asset Class Size of Market Effective Yield U.S. High Yield Corporate Bonds(1) ~$1.7 trillion ~7.4% Closed-End Funds(2) ~$249.0 billion ~7.3% Preferred Stock ETFs(3) ~$33.4 billion ~6.0% – 7.0% Emerging Market Debt ETFs(4) ~$27.1 billion ~6.5% STRD(5) ~$1.2 billion ~11.8% Sources: (1) U.S. High Yield Corporate Bonds outstanding as of 7/29/25 per S&P High Yield Corporate Bond Index; S&P High Yield Corporate Bond Index YTM as 7/28/25. (2) CEF represents traditional CEF asset value as of April, 2024 per ICI Research; CEF distributions average of 7.3% in 2023 per VettaFi used as proxy for CEF Yield. (3) VettaFi Preferred Stock ETF AUM as of 7/29/25; Yield range represents PFF Yield range as of 7/29/25. (4) VettaFi Emerging Bond Market ETF AUM as of 7/29/25; Yield range represents “EMB” Average YTM as of 7/29/25. (5) STRD notional amount and effective yield as of 7/29/25.

• 52. 52 STRC is Short Duration High Yield Credit Short-duration investors seeking stable value with higher yield than money markets

• 53. 53 STRC (Stretch) Preferred Equity Variable monthly cash dividend; designed to promote stable price dynamics Investment Highlights • Monthly variable cash dividend with effective yield of 10.0% p.a. at IPO • Designed to enable price stability near $100 via variable dividend, call option and ATM • Any monthly step downs capped at 25 bps plus the maximum decline, if any, in 1- month SOFR from the first to any business day during the current month Investor Demand • $2.521 billion IPO of STRC, including ~$570 million retail participation • Largest preferred or common equity IPO in the USA in 2025 (YTD) • Filed a $4.2 billion ATM program, to not be used below $99.0 STRC price Short-duration investors seeking stable value with higher yield than money markets Effective Yield 9.5% as of July 30, 2025 BTC Rating 6.1x as of July 29, 2025 Targeting $100 STRC Designed for price stability at or near stated value Note: STRC Stock is not regulated in the same way, and does not have the same regulatory and other protections, as bank accounts, money market funds, treasuries, or similar instruments and as a result may not be a comparable investment for many investors. Investors should review the features and risks of investing in STRC Stock relative to these assets.

• 54. 54 Universe of Comparable Assets for STRC is $30 Trillion Asset Class Size of Market Effective Yield USD Bank Accounts(3) ~$18.3 trillion ~0.1% – 4.0% Money Market Funds(1) ~$7.4 trillion ~4.2% Short-Term Treasury Bills(2) ~$5.8 trillion ~4.3% Corporate Commercial Paper(4) ~$1.4 trillion ~4.3% Stablecoins(5) ~$250 billion 0.0% STRC(6) $2.8 billion 9.5% Note: STRC Stock is not regulated in the same way, and does not have the same regulatory and other protections, as bank accounts, money market funds, treasuries, or similar instruments and as a result may not be a comparable investment for many investors. Investors should review the features and risks of investing in STRC Stock relative to these assets. Sources: (1) Fed St. Louis, 3/31/25; VMFXX yield proxy, 7/11/25. (2) JEC; T-bills outstanding, 6/30/25; 1M yield, 7/11/25. (3) Fed St. Louis, 7/2/25; deposits as proxy; yield from major/high-yield banks. (4) Fitch, 3/28/25; CP size and Tier 1 30D yield. (5) Coindesk; stablecoin cap, 6/18/25. (6) STRD notional amount and effective yield as of 7/29/25. (6) STRC notional amount and effective yield as of July 30, 2025.

• 55. 55 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 0% 10% 20% 30% 40% 50% 60% Seniority & Volatility of our Securities Note: Information presented on this slide is provided for illustrative purposes only. Volatility is based on 30D historical volatility with respect to all securities, except STRC, which represents expected volatility. Past performance is not indicative of future results. Seniority Volatility STRF STRK MSTR Leveraged Bitcoin Exposure 8% quarterly fixed dividend, convertible preferred 10% quarterly fixed dividend, perpetual preferred Low High $2.1 billion ATM $21 billion ATM $21 billion ATM STRD 10% quarterly fixed noncumulative dividend, perpetual preferred $4.2 billion ATM STRC Variable rate monthly dividend, perpetual preferred $4.2 billion ATM Low High

• 56. 56 2% 3% 4% 5% 6% 7% 8% 9% 10% 11% 12% 0 2 4 6 8 10 12 14 16 Building out the Yield Curve for BTC Credit 56 Note: Information presented on this slide is provided for illustrative purposes only. Actual results may vary materially from these illustrative results. “Yield (%)” indicates 30 Day SEC Yield for ETFs, and current yield for Strategy’s preferred securities. Sources: Data as of 7/29/25. Loans represented by BKLN ETF; Junk Bonds represented by HYG ETF. Long term U.S. Treasury Bonds represented by TLT ETF; Preferred Stocks represented by FPE ETF; Agency MBS represented by MBB ETF. Yield (%) Effective Duration (years) STRD Long-term U.S. Treasury Bonds Leveraged Loans Junk Bonds STRF STRK STRC Preferred Stocks Agency MBS Future Opportunity $30 trillion in medium-duration corporate credit

• 57. 57 0% 5% 10% 15% $0 $50 $100 $150 $200 $250 $300 Our Preferred Equities offer Superior Yield and Liquidity STRK STRD STRF Source: Bloomberg for other preferreds as of 7/3/2025. Strategy’s preferreds as of 7/29/2025. Preferreds includes exchange-listed, USD preferreds issued by U.S. companies, >$50M outstanding. Excludes mandatory convertibles, securities without an observable price, securities with current yields >50% or <-10% (n=517). 30D Average Daily Trading Volume ($M) Yield (%) STRC

• 58. 58 0% 5% 10% 15% 1x 2x 3x 4x 5x 6x 7x 8x 9x 10x Our Preferred Equities offer Superior Yield and Collateral STRK STRD STRF Collateral (x) Source: Bloomberg for other preferreds as of 7/3/2025. Strategy’s preferreds as of 7/29/2025. Preferreds includes exchange-listed, USD preferreds issued by U.S. companies, >$50M outstanding. Excludes mandatory convertibles, securities without an observable price, securities with current yields >50% or <-10% (n=517). Collateral is defined as Assets / (Debt + Pref + Deposits + Insurance Reserves) (as applicable), or as FCF / Annual Dividends for Dividend Paying Stocks. Yield (%) STRC

• 59. 59 Asset Class Ticker Net Assets Yield(1) Volatility (2) Fees Liquidity(3) Duration(4) Preferred Equity PFF $14 B 7% 11% 0.46% $122 M 5.3(5) PGX $4 B 6% 9% 0.51% $87 M 10.2 FPE $6 B 6% 8% 0.85% $28 M 5.3 PGF $1 B 6% 10% 0.54% $3 M 12.9 PSK $1 B 6% 9% 0.45% $6 M 5.3(5) High Yield Bonds HYG $17 B 6% 8% 0.49% $4 B 2.8 USHY $24 B 7% 8% 0.08% $561 M 2.9 JNK $8 B 7% 9% 0.40% $518 M 3.1 Loans BKLN $7 B 7% 6% 0.65% $369 M ~0.25 SRLN $7 B 8% 7% 0.70% $261 M ~0.25 STRK $1 B 7% 49% - $51 M 13.4 STRF $1 B 9% 35% - $41 M 11.5 STRD $1 B 12% 23% - $30 M 8.4 STRC $3 B 10% - - $288 M <0.1 ETF Market Comparisons Source: CapIQ as of July 3, 2025 for comparisons. Strategy’s preferred stocks as of July 29, 2025. Note that Strategy is not an exchange traded product ("ETP") or an exchange-traded fund ("ETF") registered under the Investment Company Act of 1940, as amended, is not subject to the same rules and regulations as an ETP or an ETF, and does not operate as an ETP or ETF. Refer to the Appendix for more information. (1) 30-Day SEC Yield. (2) 90-day realized volatility. (3) 30-day ADTV (4) Effective Duration (5) Effective Duration not provided; Data reflects Category Average Effective Duration.

• 60. 60 Universe of Comparable Assets Asset Class # of Securities Aggregate Outstanding Yield Duration Collateral Liquidity U.S. Treasury 497 $28.3 trillion 4.1% 5.9 N/A $2 billion Agency MBS 35 $9.2 trillion 5.0% 6.1 1.3x $10 billion IG Bonds 12,263 $5.0 trillion 5.0% 6.8 2.1x $9 million Junk Bonds 3,571 $2.6 trillion 7.0% 2.8 1.9x $3 million Preferreds 517 $179 billion 7.7% 7.2 1.7x $1 million Dividend Paying Stocks 1,378 $48 trillion 3.3% N/A 4.6x $200 million STRK $1.3 billion 7.5% 13.4 5.6x $51 million STRF $1.1 billion 8.7% 11.5 8.0x $41 million STRD $1.2 billion 11.9% 8.4 5.1x $30 million STRC $2.8 billion 9.5% <0.1 6.1x $288 million Source: Bloomberg, FactSet, SIFMA as of July 3, 2025. Strategy’s preferred stocks as of July 29, 2025. Duration is means Effective Duration, where available, or as Modified Duration, as each term is defined by Bloomberg. Collateral is defined as Assets / (Debt + Pref + Deposits + Insurance Reserves) (as applicable), or as FCF / Annual Dividends for Dividend Paying Stocks.

• 61. 61 MSTR is Amplified Bitcoin Growth investors that want to benefit from the digital transformation of capital.

• 62. 62 MSTR Performance Metrics (1) Note: Past performance is not indicative of future results. (1) As of July 29, 2025. (2) The percentage return on MSTR Price since August 10, 2020, the beginning date of the Bitcoin Standard Era. (3) A measure of the market's expectation of the future volatility of MSTR Price over the life of the outstanding options contracts on MSTR. (4) The product of (i) total number of outstanding options contracts on MSTR, (ii) 100 shares of MSTR and (iii) MSTR Price. (5) BTC NAV = the number of bitcoins held by MSTR multiplied by the market price of bitcoin. (6) Average trading volume over last 30 calendar days. Implied Volatility (3) 53% #18 vs top S&P 500 Options Open Interest as % of Market Cap 89% #1 vs top S&P 500 Annualized Return 101% #1 vs top S&P 500 BSE Return (2) 3093% #1 vs top S&P 500 Options Open Interest (4) $92.9 B #6 vs top S&P 500 Options Market 3.1x IBIT, #1 amongst Crypto Complex Daily Traded Volume (6) $5.1 B #11 vs top S&P 500 Daily Traded Volume as % of Market Cap 4.9% #5 vs top S&P 500 Bitcoin NAV (5) $74 B #1 corporate BTC holder

• 63. 63 Annualized Asset Performance Chart since Aug 10, 2020 101% 58% 27% 14% 10% 6% -4% MSTR Bitcoin Magnificent 7 S&P 500 Gold Real Estate Bonds (1) (2) 3093% 885% 332% 90% 64% 34% -19% Total performance Source: FactSet as of July 29, 2025. Note: Past performance is not indicative of future results. (1) Real Estate refers to iShares Residential and Multisector Real Estate ETF (REZ) (2) Bonds refers to PIMCO Active Bond ETF (BOND).

• 64. 64 Asset Performance Chart for Last 12 Months Source: FactSet as of July 29, 2025. Note: Past performance is not indicative of future results. (1) Real Estate refers to iShares Residential and Multisector Real Estate ETF (REZ) (2) Bonds refers to PIMCO Active Bond ETF (BOND). 134% 74% 40% 29% 17% 6% 0% MSTR Bitcoin Gold Magnificent 7 S&P 500 Real Estate Bonds (1) (2)

• 65. 65 MSTR Amplifies BTC through Intelligent Leverage BTC Factor is the ratio of ending BPS to starting BPS (assuming 30% BTC ARR, 8% dividend rate) For illustrative purposes only; does not constitute investment advice and should not form the basis for an investment in MSTR or any other securities. 199K 199K 199K 199K 199K 199K 199K 199K 199K 199K 199K 0 1 2 3 4 5 6 7 8 9 10 Year (Sats per Share) Baseline 0% Leverage Column1 1.0x BTC Factor

• 66. 66 MSTR Amplifies BTC through Intelligent Leverage BTC Factor is the ratio of ending BPS to starting BPS (assuming 30% BTC ARR, 8% dividend rate) For illustrative purposes only; does not constitute investment advice and should not form the basis for an investment in MSTR or any other securities. 199K 223K 227K 232K 237K 241K 246K 251K 256K 262K 267K 0 1 2 3 4 5 6 7 8 9 10 Year (Sats per Share) Baseline 10% Leverage Column1 1.3x BTC Factor

• 67. 67 MSTR Amplifies BTC through Intelligent Leverage BTC Factor is the ratio of ending BPS to starting BPS (assuming 30% BTC ARR, 8% dividend rate) For illustrative purposes only; does not constitute investment advice and should not form the basis for an investment in MSTR or any other securities. 199K 237K 262K 274K 287K 300K 314K 328K 343K 359K 376K 0 1 2 3 4 5 6 7 8 9 10 Year (Sats per Share) Baseline 20% Leverage Column1 1.9x BTC Factor

• 68. 68 MSTR Amplifies BTC through Intelligent Leverage BTC Factor is the ratio of ending BPS to starting BPS (assuming 30% BTC ARR, 8% dividend rate) For illustrative purposes only; does not constitute investment advice and should not form the basis for an investment in MSTR or any other securities. 199K 237K 281K 323K 349K 377K 407K 440K 475K 514K 555K 0 1 2 3 4 5 6 7 8 9 10 Year (Sats per Share) Baseline 30% Leverage Column1 2.8x BTC Factor

• 69. 69 MSTR Amplifies BTC through Intelligent Leverage BTC Factor is the ratio of ending BPS to starting BPS (assuming 8% Dividend Rate; 10Y duration) Leverage % BTC ARR % 0% 10% 20% 30% 40% 50% 0% 1.0x 1.0x 1.1x 1.1x 1.2x 1.3x 10% 1.0x 1.1x 1.3x 1.5x 1.8x 2.2x 20% 1.0x 1.2x 1.6x 2.1x 2.9x 4.3x 30% 1.0x 1.3x 1.9x 2.8x 4.4x 7.8x 40% 1.0x 1.5x 2.2x 3.7x 6.5x 13.5x 50% 1.0x 1.6x 2.6x 4.7x 9.3x 22.5x For illustrative purposes only; does not constitute investment advice and should not form the basis for an investment in MSTR or any other securities.

• 70. 70 MSTR Amplifies BTC through Intelligent Leverage BTC Factor is the ratio of ending BPS to starting BPS (assuming 30% Leverage; 10Y duration) Dividend Rate % BTC ARR % 10% 9% 8% 7% 6% 5% 0% 1.0x 1.1x 1.1x 1.2x 1.2x 1.2x 10% 1.4x 1.5x 1.5x 1.6x 1.6x 1.7x 20% 1.9x 2.0x 2.1x 2.2x 2.2x 2.3x 30% 2.6x 2.7x 2.8x 2.9x 3.0x 3.1x 40% 3.4x 3.5x 3.7x 3.8x 3.9x 4.1x 50% 4.3x 4.5x 4.7x 4.9x 5.1x 5.3x For illustrative purposes only; does not constitute investment advice and should not form the basis for an investment in MSTR or any other securities.

• 71. 71 MSTR Amplifies BTC through Intelligent Leverage BTC Factor is the ratio of ending BPS to starting BPS (assuming 30% BTC ARR; 10Y duration) Dividend Rate % Leverage % 10% 9% 8% 7% 6% 5% 0% 1.0x 1.0x 1.0x 1.0x 1.0x 1.0x 10% 1.3x 1.3x 1.3x 1.4x 1.4x 1.4x 20% 1.8x 1.8x 1.9x 1.9x 2.0x 2.0x 30% 2.6x 2.7x 2.8x 2.9x 3.0x 3.1x 40% 3.9x 4.2x 4.4x 4.6x 4.9x 5.2x 50% 6.7x 7.2x 7.8x 8.4x 9.1x 9.9x For illustrative purposes only; does not constitute investment advice and should not form the basis for an investment in MSTR or any other securities.

• 72. 72 Universe of Comparable Assets for MSTR is $57 Trillion Asset Class Size of Market YTD Performance S&P 500(1) ~$53.8 trillion ~9% Nasdaq 100(2) ~$30.8 trillion ~9% Magnificent 7(3) ~$19.0 trillion ~6% BTC ~$2.3 trillion ~20% BTC Spot ETPs(4) ~$152.5 billion ~20% MSTR(5) ~$111.9 billion ~32% Sources: (1) S&P 500 combined constituent market capitalization and YTD index return as of 7/29/25. (2) Nasdaq combined constituent market capitalization and YTD index return as of 7/29/25. (3) Mag 7 combined market capitalization and average YTD return as of 7/29/25. (4) BTC spot ETPs represents value of BTC held by top BTC ETFs as of 7/29/25 per BitBO; IBIT YTD performance used as proxy for YTD performance. (5) MSTR market capitalization and YTD return as of 7/29/25.

• 73. Copyright © 2025 Strategy. All Rights Reserved. BTC Credit Model

• 74. 74 Strategy Liabilities and Capital Structure Today Notional ($M) Cum. Notional ($M) Duration (Yrs)(1) BTC Rating BTC Risk(2) BTC Credit (3) Market Credit Spread(4) Spread Premium Debt: Convertible 2028 $1,010 $1,010 2.1 73.5x 0.00% 0 bps 480 bps 480 bps Convertible 2030 (0.000%) $2,000 $3,010 2.6 24.7x 0.00% 0 bps 760 bps 760 bps Convertible 2029 $3,000 $6,010 2.8 12.3x 0.03% 1 bps 660 bps 659 bps Convertible 2030 (0.625%) $800 $7,414 3.1 10.0x 0.19% 6 bps 550 bps 544 bps Convertible 2031 $604 $7,414 3.1 10.0x 0.19% 6 bps 680 bps 674 bps Convertible 2032 $800 $8,214 3.9 9.0x 0.82% 21 bps 630 bps 609 bps Total Debt $8,214 $8,214 9.0x Preferred Equity: STRF $1,051 $9,265 11.8 8.0x 20.29% 193 bps 430 bps 237 bps STRC $2,801 $12,066 10.6 6.1x 22.81% 245 bps 520 bps 275 bps STRK $1,278 $13,344 13.6 5.6x 33.58% 300 bps 700 bps 400 bps STRD $1,195 $14,540 8.6 5.1x 21.23% 276 bps 750 bps 474 bps Total Preferred Equity $6,326 $14,540 5.1x Total Debt & Pref. Equity $14,540 $14,540 5.1x Assuming $118,000 BTC Price, 40% BTC Volatility, and 0% BTC ARR (“Skeptic”) Note: As of July 29, 2025. Information presented on this slide is provided for illustrative purposes only. Actual results may vary materially from these illustrative results. BTC Rating does not represent a rating from any rating agency and is not equivalent to a “rating” in the traditional financial context. BTC Rating does not account for potential cross defaults under our debt obligations. Refer to the Appendix for more information about Duration, BTC Rating, BTC Risk and BTC Credit. (1) Sooner of the stated maturity date or the put date for converts. Macaulay Duration for preferred stock. (2) Probability of an instrument having a BTC Rating less than 1 at the end of its Duration, using a lognormal distribution modeling of bitcoin’s price adjusted for BTC ARR and BTC Volatility assumptions. (3) Credit spread necessary to offset BTC Risk. Calculated by annualizing BTC Risk assuming same probability each year of BTC Rating falling below 1 and assuming no recovery. BTC Credit = (–ln(1 – BTC Risk) ÷ Duration). (4) Source: Bloomberg, Kynex. Benchmark rate used: SOFR for converts; UST 10Y for preferred stock. Credit spreads for convertible notes and STRK are calculated assuming a 0.50% borrow cost and 60% implied volatility. As of July 29, 2025 BTC Inv. Grade BTC Mezzanine BTC High Yield

• 75. 75 Strategy Liabilities and Capital Structure Today Notional ($M) Cum. Notional ($M) Duration (Yrs)(1) BTC Rating BTC Risk(2) BTC Credit (3) Market Credit Spread(4) Spread Premium Debt: Convertible 2028 $1,010 $1,010 2.1 73.5x 0.00% 0 bps 480 bps 480 bps Convertible 2030 (0.000%) $2,000 $3,010 2.6 24.7x 0.00% 0 bps 760 bps 760 bps Convertible 2029 $3,000 $6,010 2.8 12.3x 0.00% 0 bps 660 bps 660 bps Convertible 2030 (0.625%) $800 $7,414 3.1 10.0x 0.03% 1 bps 550 bps 549 bps Convertible 2031 $604 $7,414 3.1 10.0x 0.03% 1 bps 680 bps 679 bps Convertible 2032 $800 $8,214 3.9 9.0x 0.22% 6 bps 630 bps 624 bps Total Debt $8,214 $8,214 9.0x Preferred Equity: STRF $1,051 $9,265 11.8 8.0x 12.85% 117 bps 430 bps 313 bps STRC $2,801 $12,066 10.6 6.1x 15.25% 156 bps 520 bps 364 bps STRK $1,278 $13,344 13.6 5.6x 24.76% 209 bps 700 bps 491 bps STRD $1,195 $14,540 8.6 5.1x 14.23% 178 bps 750 bps 572 bps Total Preferred Equity $6,326 $14,540 5.1x Total Debt & Pref. Equity $14,540 $14,540 5.1x Assuming $118,000 BTC Price, 35% BTC Volatility, and 0% BTC ARR (“Skeptic”) Note: As of July 29, 2025. Information presented on this slide is provided for illustrative purposes only. Actual results may vary materially from these illustrative results. BTC Rating does not represent a rating from any rating agency and is not equivalent to a “rating” in the traditional financial context. BTC Rating does not account for potential cross defaults under our debt obligations. Refer to the Appendix for more information about Duration, BTC Rating, BTC Risk and BTC Credit. (1) Sooner of the stated maturity date or the put date for converts. Macaulay Duration for preferred stock. (2) Probability of an instrument having a BTC Rating less than 1 at the end of its Duration, using a lognormal distribution modeling of bitcoin’s price adjusted for BTC ARR and BTC Volatility assumptions. (3) Credit spread necessary to offset BTC Risk. Calculated by annualizing BTC Risk assuming same probability each year of BTC Rating falling below 1 and assuming no recovery. BTC Credit = (–ln(1 – BTC Risk) ÷ Duration). (4) Source: Bloomberg, Kynex. Benchmark rate used: SOFR for converts; UST 10Y for preferred stock. Credit spreads for convertible notes and STRK are calculated assuming a 0.50% borrow cost and 60% implied volatility. As of July 29, 2025 BTC Inv. Grade BTC Mezzanine BTC High Yield

• 76. 76 Strategy Liabilities and Capital Structure Today Notional ($M) Cum. Notional ($M) Duration (Yrs)(1) BTC Rating BTC Risk(2) BTC Credit (3) Market Credit Spread(4) Spread Premium Debt: Convertible 2028 $1,010 $1,010 2.1 73.5x 0.00% 0 bps 480 bps 480 bps Convertible 2030 (0.000%) $2,000 $3,010 2.6 24.7x 0.00% 0 bps 760 bps 760 bps Convertible 2029 $3,000 $6,010 2.8 12.3x 0.00% 0 bps 660 bps 660 bps Convertible 2030 (0.625%) $800 $7,414 3.1 10.0x 0.00% 0 bps 550 bps 550 bps Convertible 2031 $604 $7,414 3.1 10.0x 0.00% 0 bps 680 bps 680 bps Convertible 2032 $800 $8,214 3.9 9.0x 0.03% 1 bps 630 bps 629 bps Total Debt $8,214 $8,214 9.0x Preferred Equity: STRF $1,051 $9,265 11.8 8.0x 6.57% 58 bps 430 bps 372 bps STRC $2,801 $12,066 10.6 6.1x 8.49% 84 bps 520 bps 436 bps STRK $1,278 $13,344 13.6 5.6x 15.97% 128 bps 700 bps 572 bps STRD $1,195 $14,540 8.6 5.1x 7.97% 96 bps 750 bps 654 bps Total Preferred Equity $6,326 $14,540 5.1x Total Debt & Pref. Equity $14,540 $14,540 5.1x Assuming $118,000 BTC Price, 30% BTC Volatility, and 0% BTC ARR (“Skeptic”) Note: As of July 29, 2025. Information presented on this slide is provided for illustrative purposes only. Actual results may vary materially from these illustrative results. BTC Rating does not represent a rating from any rating agency and is not equivalent to a “rating” in the traditional financial context. BTC Rating does not account for potential cross defaults under our debt obligations. Refer to the Appendix for more information about Duration, BTC Rating, BTC Risk and BTC Credit. (1) Sooner of the stated maturity date or the put date for converts. Macaulay Duration for preferred stock. (2) Probability of an instrument having a BTC Rating less than 1 at the end of its Duration, using a lognormal distribution modeling of bitcoin’s price adjusted for BTC ARR and BTC Volatility assumptions. (3) Credit spread necessary to offset BTC Risk. Calculated by annualizing BTC Risk assuming same probability each year of BTC Rating falling below 1 and assuming no recovery. BTC Credit = (–ln(1 – BTC Risk) ÷ Duration). (4) Source: Bloomberg, Kynex. Benchmark rate used: SOFR for converts; UST 10Y for preferred stock. Credit spreads for convertible notes and STRK are calculated assuming a 0.50% borrow cost and 60% implied volatility. As of July 29, 2025 BTC Inv. Grade BTC Mezzanine BTC High Yield

• 77. 77 Strategy Liabilities and Capital Structure Today Notional ($M) Cum. Notional ($M) Duration (Yrs)(1) BTC Rating BTC Risk(2) BTC Credit (3) Market Credit Spread(4) Spread Premium Debt: Convertible 2028 $1,010 $1,010 2.1 73.5x 0.00% 0 bps 480 bps 480 bps Convertible 2030 (0.000%) $2,000 $3,010 2.6 24.7x 0.00% 0 bps 760 bps 760 bps Convertible 2029 $3,000 $6,010 2.8 12.3x 0.01% 0 bps 660 bps 660 bps Convertible 2030 (0.625%) $800 $7,414 3.1 10.0x 0.04% 1 bps 550 bps 549 bps Convertible 2031 $604 $7,414 3.1 10.0x 0.04% 1 bps 680 bps 679 bps Convertible 2032 $800 $8,214 3.9 9.0x 0.19% 5 bps 630 bps 625 bps Total Debt $8,214 $8,214 9.0x Preferred Equity: STRF $1,051 $9,265 11.8 8.0x 4.57% 40 bps 430 bps 390 bps STRC $2,801 $12,066 10.6 6.1x 5.96% 58 bps 520 bps 462 bps STRK $1,278 $13,344 13.6 5.6x 8.91% 68 bps 700 bps 632 bps STRD $1,195 $14,540 8.6 5.1x 6.26% 75 bps 750 bps 675 bps Total Preferred Equity $6,326 $14,540 5.1x Total Debt & Pref. Equity $14,540 $14,540 5.1x Assuming $118,000 BTC Price, 40% BTC Volatility, and 10% BTC ARR (“Trader”) Note: As of July 29, 2025. Information presented on this slide is provided for illustrative purposes only. Actual results may vary materially from these illustrative results. BTC Rating does not represent a rating from any rating agency and is not equivalent to a “rating” in the traditional financial context. BTC Rating does not account for potential cross defaults under our debt obligations. Refer to the Appendix for more information about Duration, BTC Rating, BTC Risk and BTC Credit. (1) Sooner of the stated maturity date or the put date for converts. Macaulay Duration for preferred stock. (2) Probability of an instrument having a BTC Rating less than 1 at the end of its Duration, using a lognormal distribution modeling of bitcoin’s price adjusted for BTC ARR and BTC Volatility assumptions. (3) Credit spread necessary to offset BTC Risk. Calculated by annualizing BTC Risk assuming same probability each year of BTC Rating falling below 1 and assuming no recovery. BTC Credit = (–ln(1 – BTC Risk) ÷ Duration). (4) Source: Bloomberg, Kynex. Benchmark rate used: SOFR for converts; UST 10Y for preferred stock. Credit spreads for convertible notes and STRK are calculated assuming a 0.50% borrow cost and 60% implied volatility. As of July 29, 2025 BTC Inv. Grade BTC Mezzanine BTC High Yield

• 78. 78 Strategy Liabilities and Capital Structure Today Notional ($M) Cum. Notional ($M) Duration (Yrs)(1) BTC Rating BTC Risk(2) BTC Credit (3) Market Credit Spread(4) Spread Premium Debt: Convertible 2028 $1,010 $1,010 2.1 73.5x 0.00% 0 bps 480 bps 480 bps Convertible 2030 (0.000%) $2,000 $3,010 2.6 24.7x 0.00% 0 bps 760 bps 760 bps Convertible 2029 $3,000 $6,010 2.8 12.3x 0.00% 0 bps 660 bps 660 bps Convertible 2030 (0.625%) $800 $7,414 3.1 10.0x 0.01% 0 bps 550 bps 550 bps Convertible 2031 $604 $7,414 3.1 10.0x 0.01% 0 bps 680 bps 680 bps Convertible 2032 $800 $8,214 3.9 9.0x 0.04% 1 bps 630 bps 629 bps Total Debt $8,214 $8,214 9.0x Preferred Equity: STRF $1,051 $9,265 11.8 8.0x 0.55% 5 bps 430 bps 425 bps STRC $2,801 $12,066 10.6 6.1x 0.89% 8 bps 520 bps 512 bps STRK $1,278 $13,344 13.6 5.6x 1.16% 9 bps 700 bps 691 bps STRD $1,195 $14,540 8.6 5.1x 1.17% 14 bps 750 bps 736 bps Total Preferred Equity $6,326 $14,540 5.1x Total Debt & Pref. Equity $14,540 $14,540 5.1x Assuming $118,000 BTC Price, 40% BTC Volatility, and 20% BTC ARR (“Investor”) Note: As of July 29, 2025. Information presented on this slide is provided for illustrative purposes only. Actual results may vary materially from these illustrative results. BTC Rating does not represent a rating from any rating agency and is not equivalent to a “rating” in the traditional financial context. BTC Rating does not account for potential cross defaults under our debt obligations. Refer to the Appendix for more information about Duration, BTC Rating, BTC Risk and BTC Credit. (1) Sooner of the stated maturity date or the put date for converts. Macaulay Duration for preferred stock. (2) Probability of an instrument having a BTC Rating less than 1 at the end of its Duration, using a lognormal distribution modeling of bitcoin’s price adjusted for BTC ARR and BTC Volatility assumptions. (3) Credit spread necessary to offset BTC Risk. Calculated by annualizing BTC Risk assuming same probability each year of BTC Rating falling below 1 and assuming no recovery. BTC Credit = (–ln(1 – BTC Risk) ÷ Duration). (4) Source: Bloomberg, Kynex. Benchmark rate used: SOFR for converts; UST 10Y for preferred stock. Credit spreads for convertible notes and STRK are calculated assuming a 0.50% borrow cost and 60% implied volatility. As of July 29, 2025 BTC Inv. Grade BTC Mezzanine BTC High Yield

• 79. 79 Strategy Liabilities and Capital Structure Today Notional ($M) Cum. Notional ($M) Duration (Yrs)(1) BTC Rating BTC Risk(2) BTC Credit (3) Market Credit Spread(4) Spread Premium Debt: Convertible 2028 $1,010 $1,010 2.1 73.5x 0.00% 0 bps 480 bps 480 bps Convertible 2030 (0.000%) $2,000 $3,010 2.6 24.7x 0.00% 0 bps 760 bps 760 bps Convertible 2029 $3,000 $6,010 2.8 12.3x 0.00% 0 bps 660 bps 660 bps Convertible 2030 (0.625%) $800 $7,414 3.1 10.0x 0.00% 0 bps 550 bps 550 bps Convertible 2031 $604 $7,414 3.1 10.0x 0.00% 0 bps 680 bps 680 bps Convertible 2032 $800 $8,214 3.9 9.0x 0.01% 0 bps 630 bps 630 bps Total Debt $8,214 $8,214 9.0x Preferred Equity: STRF $1,051 $9,265 11.8 8.0x 0.03% 0 bps 430 bps 430 bps STRC $2,801 $12,066 10.6 6.1x 0.07% 1 bps 520 bps 519 bps STRK $1,278 $13,344 13.6 5.6x 0.07% 1 bps 700 bps 699 bps STRD $1,195 $14,540 8.6 5.1x 0.13% 2 bps 750 bps 748 bps Total Preferred Equity $6,326 $14,540 5.1x Total Debt & Pref. Equity $14,540 $14,540 5.1x Assuming $118,000 BTC Price, 40% BTC Volatility, and 30% BTC ARR (“Maximalist”) Note: As of July 29, 2025. Information presented on this slide is provided for illustrative purposes only. Actual results may vary materially from these illustrative results. BTC Rating does not represent a rating from any rating agency and is not equivalent to a “rating” in the traditional financial context. BTC Rating does not account for potential cross defaults under our debt obligations. Refer to the Appendix for more information about Duration, BTC Rating, BTC Risk and BTC Credit. (1) Sooner of the stated maturity date or the put date for converts. Macaulay Duration for preferred stock. (2) Probability of an instrument having a BTC Rating less than 1 at the end of its Duration, using a lognormal distribution modeling of bitcoin’s price adjusted for BTC ARR and BTC Volatility assumptions. (3) Credit spread necessary to offset BTC Risk. Calculated by annualizing BTC Risk assuming same probability each year of BTC Rating falling below 1 and assuming no recovery. BTC Credit = (–ln(1 – BTC Risk) ÷ Duration). (4) Source: Bloomberg, Kynex. Benchmark rate used: SOFR for converts; UST 10Y for preferred stock. Credit spreads for convertible notes and STRK are calculated assuming a 0.50% borrow cost and 60% implied volatility. As of July 29, 2025 BTC Inv. Grade BTC Mezzanine BTC High Yield

• 80. 80 Strategy Pro-Forma Liabilities and Equitized Capital Structure Notional ($M) Cum. Notional ($M) Duration (Yrs)(1) BTC Rating BTC Risk(2) BTC Credit (3) Market Credit Spread(4) Spread Premium Preferred Equity: STRF $1,051 $1,051 11.8 70.6x 0.78% 7 bps 430 bps 423 bps STRC $2,801 $3,852 10.6 19.3x 5.23% 51 bps 520 bps 469 bps STRK $1,278 $5,130 13.6 14.5x 14.20% 112 bps 700 bps 588 bps STRD $1,195 $6,326 8.6 11.7x 6.60% 79 bps 750 bps 671 bps Total Preferred Equity $6,326 11.7x Assuming $118,000 BTC Price, 40% BTC Volatility, 0% BTC ARR (“Skeptic”), and conversion of all convertible notes Note: As of July 29, 2025. Information presented on this slide is provided for illustrative purposes only. Actual results may vary materially from these illustrative results. BTC Rating does not represent a rating from any rating agency and is not equivalent to a “rating” in the traditional financial context. BTC Rating does not account for potential cross defaults under our debt obligations. Refer to the Appendix for more information about Duration, BTC Rating, BTC Risk and BTC Credit. (1) Sooner of the stated maturity date or the put date for converts. Macaulay Duration for preferred stock. (2) Probability of an instrument having a BTC Rating less than 1 at the end of its Duration, using a lognormal distribution modeling of bitcoin’s price adjusted for BTC ARR and BTC Volatility assumptions. (3) Credit spread necessary to offset BTC Risk. Calculated by annualizing BTC Risk assuming same probability each year of BTC Rating falling below 1 and assuming no recovery. BTC Credit = (–ln(1 – BTC Risk) ÷ Duration). (4) Source: Bloomberg, Kynex. Benchmark rate used: SOFR for converts; UST 10Y for preferred stock. Credit spreads for convertible notes and STRK are calculated assuming a 0.50% borrow cost and 60% implied volatility. As of July 29, 2025 BTC Inv. Grade BTC Mezzanine BTC High Yield

• 81. 81 Strategy Pro-Forma Liabilities and Equitized Capital Structure Notional ($M) Cum. Notional ($M) Duration (Yrs)(1) BTC Rating BTC Risk(2) BTC Credit (3) Market Credit Spread(4) Spread Premium Preferred Equity: STRF $1,051 $1,051 11.8 70.6x 0.05% 0 bps 430 bps 430 bps STRC $2,801 $3,852 10.6 19.3x 0.74% 7 bps 520 bps 513 bps STRK $1,278 $5,130 13.6 14.5x 2.31% 17 bps 700 bps 683 bps STRD $1,195 $6,326 8.6 11.7x 1.25% 15 bps 750 bps 735 bps Total Preferred Equity $6,326 11.7x Assuming $118,000 BTC Price, 40% BTC Volatility, 10% BTC ARR (“Trader”), and conversion of all convertible notes Note: As of July 29, 2025. Information presented on this slide is provided for illustrative purposes only. Actual results may vary materially from these illustrative results. BTC Rating does not represent a rating from any rating agency and is not equivalent to a “rating” in the traditional financial context. BTC Rating does not account for potential cross defaults under our debt obligations. Refer to the Appendix for more information about Duration, BTC Rating, BTC Risk and BTC Credit. (1) Sooner of the stated maturity date or the put date for converts. Macaulay Duration for preferred stock. (2) Probability of an instrument having a BTC Rating less than 1 at the end of its Duration, using a lognormal distribution modeling of bitcoin’s price adjusted for BTC ARR and BTC Volatility assumptions. (3) Credit spread necessary to offset BTC Risk. Calculated by annualizing BTC Risk assuming same probability each year of BTC Rating falling below 1 and assuming no recovery. BTC Credit = (–ln(1 – BTC Risk) ÷ Duration). (4) Source: Bloomberg, Kynex. Benchmark rate used: SOFR for converts; UST 10Y for preferred stock. Credit spreads for convertible notes and STRK are calculated assuming a 0.50% borrow cost and 60% implied volatility. As of July 29, 2025 BTC Inv. Grade BTC Mezzanine BTC High Yield

• 82. 82 Strategy Pro-Forma Liabilities and Equitized Capital Structure Notional ($M) Cum. Notional ($M) Duration (Yrs)(1) BTC Rating BTC Risk(2) BTC Credit (3) Market Credit Spread(4) Spread Premium Preferred Equity: STRF $3,205 $3,205 11.8 23.1x 0.69% 6 bps 430 bps 424 bps STRC $6,204 $9,409 10.6 7.9x 4.01% 39 bps 520 bps 481 bps STRK $6,112 $15,521 13.6 4.8x 10.67% 83 bps 700 bps 617 bps STRD $6,782 $22,303 8.6 3.3x 12.11% 149 bps 750 bps 601 bps Total Preferred Equity $22,303 3.3x Assuming $118,000 BTC Price, 40% BTC Volatility, 10% BTC ARR (“Trader”), conversion of all convertible notes, and illustrative example of higher notional value of Preferred Equity Note: As of July 29, 2025. Information presented on this slide is provided for illustrative purposes only. Actual results may vary materially from these illustrative results. BTC Rating does not represent a rating from any rating agency and is not equivalent to a “rating” in the traditional financial context. BTC Rating does not account for potential cross defaults under our debt obligations. Refer to the Appendix for more information about Duration, BTC Rating, BTC Risk and BTC Credit. (1) Sooner of the stated maturity date or the put date for converts. Macaulay Duration for preferred stock. (2) Probability of an instrument having a BTC Rating less than 1 at the end of its Duration, using a lognormal distribution modeling of bitcoin’s price adjusted for BTC ARR and BTC Volatility assumptions. (3) Credit spread necessary to offset BTC Risk. Calculated by annualizing BTC Risk assuming same probability each year of BTC Rating falling below 1 and assuming no recovery. BTC Credit = (–ln(1 – BTC Risk) ÷ Duration). (4) Source: Bloomberg, Kynex. Benchmark rate used: SOFR for converts; UST 10Y for preferred stock. Credit spreads for convertible notes and STRK are calculated assuming a 0.50% borrow cost and 60% implied volatility. 30% Leverage Model BTC Inv. Grade BTC Mezzanine BTC High Yield

• 83. 83 Strategy Pro-Forma Liabilities and Equitized Capital Structure Notional ($M) Cum. Notional ($M) Duration (Yrs)(1) BTC Rating BTC Risk(2) BTC Credit (3) Market Credit Spread(4) Spread Premium Preferred Equity: STRF $5,000 $5,000 11.8 14.8x 0.06% 0 bps 430 bps 430 bps STRC $10,000 $15,000 10.6 4.9x 1.27% 12 bps 520 bps 508 bps STRK $12,000 $27,000 13.6 2.7x 5.60% 42 bps 700 bps 658 bps STRD $10,000 $37,000 8.6 2.0x 9.21% 112 bps 750 bps 638 bps Total Preferred Equity $37,000 2.0x Assuming $118,000 BTC Price, 30% BTC Volatility, 10% BTC ARR (“Trader”), conversion of all convertible notes, and illustrative example of higher notional values of Preferred Equity Note: As of July 29, 2025. Information presented on this slide is provided for illustrative purposes only. Actual results may vary materially from these illustrative results. BTC Rating does not represent a rating from any rating agency and is not equivalent to a “rating” in the traditional financial context. BTC Rating does not account for potential cross defaults under our debt obligations. Refer to the Appendix for more information about Duration, BTC Rating, BTC Risk and BTC Credit. (1) Sooner of the stated maturity date or the put date for converts. Macaulay Duration for preferred stock. (2) Probability of an instrument having a BTC Rating less than 1 at the end of its Duration, using a lognormal distribution modeling of bitcoin’s price adjusted for BTC ARR and BTC Volatility assumptions. (3) Credit spread necessary to offset BTC Risk. Calculated by annualizing BTC Risk assuming same probability each year of BTC Rating falling below 1 and assuming no recovery. BTC Credit = (–ln(1 – BTC Risk) ÷ Duration). (4) Source: Bloomberg, Kynex. Benchmark rate used: SOFR for converts; UST 10Y for preferred stock. Credit spreads for convertible notes and STRK are calculated assuming a 0.50% borrow cost and 60% implied volatility. 50% Leverage Model BTC Inv. Grade BTC Mezzanine BTC High Yield

• 84. Copyright © 2025 Strategy. All Rights Reserved. Capital Plan Phong Le President & Chief Executive Officer

• 85. 85 Mkt Value TAM Yield Return(3) MSTR Options (2) $100B $600B+ (Mag7 Options) - - MSTR ETFs(2) $8B $200B+ (Leverage/Income ETPs) 72% 145%+ MSTR $112B $57T (S&P/BTC) - 150% IBIT(2) $87B $1T (eligible capital) - 74% MSTR Converts $12B $500B+ (global converts/hybrid) <1% 45% STRK $1B $90T (equity/real estate/hedge fund/BTC) 8% 34% STRF $1B $40T (long duration IG credit) 9% 35% STRD $1B $2T (long duration HY credit) 12% 0% STRC $3B $30T (money markets/short duration credit) 10% 5% Strategy Enables a Wide Variety of Securities Based on Bitcoin For illustrative purposes only; does not constitute investment advice and should not form the basis for an investment in MSTR or any other securities. Bitcoin $2.3 Trillion Lower Volatility & Leverage Higher Volatility & Leverage (1) As of 8-K filed on July 29, 2025. (2) Not a security or financial product of Strategy. (3) Returns reflect LTM performance or performance since initial issuance as of July 30, 2025. $60-70 Billion Avg. Daily Trading Volume 628,791 BTC(1) ~$74B USD ~3% of Total Supply

• 86. 86 STRF STRC STRK STRD BTC MSTR Mid-Term Target BTC Capital Structure (~3 Years) $1B $3B $1B $74B $112B Equity Unencumbered Bitcoin BTC Rating 6x+ BTC Rating 10x+ BTC Rating 10x+ Note: Includes current outstanding amounts as of July 29, 2025. (1) None of our securities have been rated by a national credit rating agency and any "equivalency" statements that we make are based solely on our own beliefs and evaluation of the credit heuristics we ascribe to such securities. You should not place undue reliance on these classifications. $1B BTC Rating 3x+ “Investment Grade Equivalent” (1) “High Yield Equivalent” (1) “Mezzanine Equivalent” (1)

• 87. 87 $23B $23B $32B $35B $37B $47B $48B $54B $74B $95B $95B $98B Visa Boeing General Motors Ford Tesla Meta Apple NVIDIA Strategy Microsoft Google Amazon Berkshire Hathaway Cash & Short-Term Investments Bitcoin Holdings We leverage our BTC Treasury to Issue Financial Products #5 Note: As of July 29, 2025, from FactSet. Comparing the Cash & Short-Term Investments from most recently reported filings of the S&P 500 Companies. Excludes Financial Services companies. $348B

• 88. 88 $2.00 $0.94 $2.52 $1.13 $1.02 $10.7 $16.3 $7.6 $6.2 $18.3 $22.6 YTD 2025 FY 2024 Common Equity Fixed Income (in $ billion) Convertible Notes STRF STRK Note: As of 8-K filed on July 28, 2025. Robust Access to Capital Markets Raised $18B YTD 2025 through six different securities STRC STRD

• 89. 89 STRC is the Largest U.S. IPO in 2025 Source: Bloomberg USA Equity Offerings Data. IPO Sizing inclusive of final greenshoe if exercised. $2,521M $1,750M $1,570M $1,485M $1,380M $1,212M $1,050M $1,000M $1,000M $994M STRC Venture Global CoreWeave Microchip Technology SailPoint Circle NIQ STRD Shift4 Payments Chime (Pref) (Pref)

• 90. 90 $559M $689M $847M $1,951M $25M $33M $153M $570M $584M $723M $1,000M $2,521M STRK STRF STRD STRC Institutional Retail Building Retail Distribution Channels for our Securities 4% 5% 15% 23% 96% 95% 85% 77%

• 91. 91 Timeline to Convertible Equitization $8.2B $5.2B $1.4B $0.8B 2025 2026 2027 2028 2029 Note: The chart assumes each tranche is called and converted in full at the earliest redemption date permitted under the applicable indenture, subject to stock price thresholds and notice requirements. Reflects the remaining notional amount of convertible notes outstanding each year, assuming Strategy equitizes each tranche at the earliest allowable call date and all contractual conditions have been satisfied

• 92. 92 Strategy’s BTC Capital Plan and Credit Strategy 1. Mid-term target BTC Ratings(1): • STRF: 10x+ • STRC: 10x+ • STRK: 6x+ • STRD: 3x+ 2. We currently intend to reduce the overall senior convertible debt outstanding over time. We will seek to equitize the existing convertibles over time, simplifying the structure and elevating BTC Ratings across all preferreds. 3. Preferreds are intended to remain perpetual(2), preserving flexibility and minimizing default risk. We intend future offerings to be sized and timed to maintain target BTC Ratings and preserve tiered risk/yield integrity across the capital structure. 4. Strategy will aim to be the leading issuer of BTC-backed credit, with clear and disclosed internal credit standards, disciplined leverage management, and transparent capital allocation. (1) The assumptions and estimates underlying the targets are inherently uncertain and are subject to a wide variety of significant risks and uncertainties. Nothing in this presentation should be regarded as a representation by any person that these targets will be achieved and the Company undertakes no duty to update the information provided herein. (2) Subject to any applicable call option.

• 93. Copyright © 2025 Strategy. All Rights Reserved. 2025 Guidance

• 94. 94 (1) The EOY BTC Price estimate is based on forecasts by MSTR coverage analysts and is not a forecast or prediction made by Strategy or its management. Accordingly, actual results may differ materially from these estimates. BTC Yield is not equivalent to "yield" in the traditional financial context and BTC $ Gain is not equivalent to “gain” in the traditional financial context. BTC $ Gain does not represent the fair value gain on our bitcoin holdings. BTC Guidance for 2025 $93K $118K $150K 12/31/2024 7/29/2025 Estimate 12/31/2025 25.0% 25.0% 30% YTD 2025 Target 2025 (Original) Target 2025 (Revised) $13.2B $15.0B $20B YTD 2025 Target 2025 (Original) Target 2025 (Revised) BTC Yield % (1) BTC $ Gain BTC Price (1) (1) We expect 30% BTC Yield and $20B BTC $ Gain, assuming $150K BTC Price EOY

• 95. 95 $8.1B $34B H1 2025 Target 2025 Earnings Guidance for 2025 $5.7B $24B H1 2025 Target 2025 $21.6 $80 H1 2025 Target 2025 Note: We have adopted ASU 2023-08, which requires that we measure our bitcoin holdings at fair value, with gains and losses from change in the fair value of bitcoin recognized in net income (loss) at each reporting period. As a result, and due to our bitcoin holdings, our earnings results are extremely sensitive to changes in the market price of bitcoin. We can provide no assurance or guarantee as to the EOY price of bitcoin, and as a result our actual results may vary materially from our projected results if the EOY market price of bitcoin varies materially from these assumptions. (1) Net income is net of deferred tax expense, interest expense, and dividends. (2) Diluted earnings per common share. Net Income Operating Income (1) EPS(2) We expect $34B Operating Income, $24B Net Income & $80 EPS, assuming $150K BTC Price EOY

• 96. 96 - 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 3.5x 4.0x 4.5x 5.0x mNAV(1) MSTR Equity Guidance (1) Calculated by dividing Enterprise Value by Bitcoin NAV, as shown on the Strategy.com website. (2) Implied MSTR Price represents the MSTR share price to achieve the corresponding mNAV, all else being equal as of July 29, 2025. Below 2.5x mNAV Strategy will not issue MSTR except to (1) pay interest on debt obligations and (2) fund preferred equity dividends Between 2.5x and 4.0x mNAV Strategy will opportunistically issue MSTR to acquire Bitcoin Above 4.0x mNAV Strategy will actively issue MSTR to acquire Bitcoin Below 1.0x mNAV Strategy will consider issuing credit to repurchase MSTR $210 $600 $1,000 Implied MSTR Price (2) We will not issue MSTR below 2.5x mNAV(1) except to pay interest and dividends

• 97. 97 $90 $91 $92 $93 $94 $95 $96 $97 $98 $99 $100 $101 $102 $103 $104 $105 If 5-day VWAP at the end of the month is between $95-$99, we will recommend a 25 bps rate increase. If 5-day VWAP at the end of the month is less than $95, we will recommend a 50 bps or more rate increase. Target Price Range If 5-day VWAP at the end of the month is above $101, we will recommend a rate decrease and/or a follow-on offering. We will recommend an increase in the dividend rate if the price (1) is below $99 STRC Credit Guidance Note: There can be no assurance that the recommended dividend adjustments will achieve such intention. The Company may change or suspend this framework at any time in its sole discretion, consistent with the terms of the STRC Stock. (1) Price will be measured as the 5-day VWAP prior to the last trading day of the month.

• 98. Copyright © 2025 Strategy. All Rights Reserved. Comparables

• 99. 99 Benchmarking Strategy vs Top S&P 500 Companies (1) $22B $22B $24B $24B $25B $27B $27B $27B $31B $31B $32B $34B $42B $42B $77B $78B $121B $130B $130B $137B Pfizer Comcast UnitedHealth Eli Lilly AT&T Merck & Co Oracle AbbVie Johnson & Johnson Walmart Verizon Strategy Exxon Broadcom Meta Amazon NVIDIA Apple Google Microsoft 2025 Estimated Operating Income Note: Actual results of Strategy may vary materially. Source: FactSet on July 29, 2025, for all companies other than Strategy. (1) Excluding financial services companies. Market Cap $138B $122B $237B $723B $196B $207B $702B $338B $405B $785B $180B $112B $486B $1,399B $1,520B $2,452B $4,282B $3,155B $2,205B $3,810B Pfizer Comcast UnitedHealth Eli Lilly AT&T Merck & Co Oracle AbbVie Johnson & Johnson Walmart Verizon Strategy Exxon Broadcom Meta Amazon NVIDIA Apple Google Microsoft #9 #96

• 100. 100 Benchmarking Strategy vs Top S&P 500 Companies $20B $20B $20B $21B $21B $22B $23B $24B $26B $28B $29B $34B $41B $55B $67B $66B $104B $107B $109B $120B Verizon Eli Lilly Wells Fargo Walmart AbbVie Merck & Co Visa Strategy Johnson & Johnson Bank of America Exxon Broadcom Berkshire Hathaway JPMorgan Amazon Meta NVIDIA Microsoft Apple Google 2025 Estimated Net Income $180B $723B $269B $785B $33B $207B $601B $112B $405B $361B $486B $1,399B $1,027B $826B $2,452B $1,520B $4,282B $3,810B $3,155B $2,205B Verizon Eli Lilly Wells Fargo Walmart AbbVie Merck & Co Visa Strategy Johnson & Johnson Bank of America Exxon Broadcom Berkshire Hathaway JPMorgan Amazon Meta NVIDIA Microsoft Apple Google #13 Market Cap 9.2x 39.1x 13.8x 37.1x 15.9x 9.5x 26.5x 4.7x 15.5x 13.0x 16.5x 40.0x 25.2x 15.0x 36.4x 22.5x 40.8x 35.2x 29.3x 18.0x Verizon Eli Lilly Wells Fargo Walmart AbbVie Merck & Co Visa Strategy Johnson & Johnson Bank of America Exxon Broadcom Berkshire Hathaway JPMorgan Amazon Meta NVIDIA Microsoft Apple Google P/E Multiple #96 #495 Note: Actual results of Strategy may vary materially. Source: FactSet on July 29, 2025, for all companies other than Strategy.

• 101. 101 Benchmarking Strategy vs Top Financial Services Companies $14B $14B $14B $15B $20B $23B $24B $28B $41B $55B Morgan Stanley Citi Mastercard Goldman Sachs Wells Fargo Visa Strategy Bank of America Berkshire Hathaway JP Morgan 2025 Estimated Net Income $229B $176B $508B $225B $269B $601B $112B $361B $1,027B $826B Morgan Stanley Citi Mastercard Goldman Sachs Wells Fargo Visa Strategy Bank of America Berkshire Hathaway JP Morgan #4 Market Cap 16.3x 12.2x 35.1x 15.2x 13.6x 26.1x 4.7x 12.9x 24.8x 14.9x Morgan Stanley Citi Mastercard Goldman Sachs Wells Fargo Visa Strategy Bank of America Berkshire Hathaway JP Morgan P/E Multiple #17 #104 Note: Actual results of Strategy may vary materially. Source: FactSet on July 29, 2025, for all companies other than Strategy.

• 102. 102 Benchmarking Strategy vs Top Crypto Companies ($0.8B) ($0.5B) ($0.3B) ($0.2B) $0.2B $1.3B $1.7B $13.7B $24B MARA Riot Galaxy Digital Circle Cleanspark Coinbase Block Tether Strategy 2025 Estimated Net Income (2024) Note: Actual results of Strategy may vary materially. Source: FactSet on July 29, 2025, for all companies other than Tether (reported 2024 financials) and Strategy.

• 103. 103 Benchmarking Strategy vs Top BTC Treasury Companies $9M $66M $73M $75M $939M $13B LQWD Capital ₿ Semler Scientific KULR MetaPlanet Strategy 2025 YTD BTC $ Gain Source: https://strategytracker.com/ as of July 29, 2025

• 104. 104 Publicly Listed Companies Ranked by BTC Count 629K 50K 44K 30K 19K 18K 17K 13K 13K 12K 10K 9K 9K 6K 5K 5K 5K 4K 4K 4K Source: https://bitcointreasuries.net/ as of July 30, 2025

• 105. 105 MSTR Performance Metrics (1) Note: Past performance is not indicative of future results. (1) As of July 29, 2025. (2) The percentage return on MSTR Price since August 10, 2020, the beginning date of the Bitcoin Standard Era. (3) A measure of the market's expectation of the future volatility of MSTR Price over the life of the outstanding options contracts on MSTR. (4) The product of (i) total number of outstanding options contracts on MSTR, (ii) 100 shares of MSTR and (iii) MSTR Price. (5) BTC NAV = the number of bitcoins held by MSTR multiplied by the market price of bitcoin. (6) Average trading volume over last 30 calendar days. Implied Volatility (3) 53% #18 vs top S&P 500 Options Open Interest as % of Market Cap 89% #1 vs top S&P 500 Annualized Return 101% #1 vs top S&P 500 BSE Return (2) 3093% #1 vs top S&P 500 Options Open Interest (4) $92.9 B #6 vs top S&P 500 Options Market 3.1x IBIT, #1 amongst Crypto Complex Daily Traded Volume (6) $5.1 B #11 vs top S&P 500 Daily Traded Volume as % of Market Cap 4.9% #5 vs top S&P 500 Bitcoin NAV (5) $74 B #1 corporate BTC holder

• 106. Copyright © 2025 Strategy. All Rights Reserved. MSTR Valuation

• 107. 107 How to Value MSTR Net income of company from accretive operating, financing, investing activities Earnings X Multiple BTC $ Gain X Multiple Based on: • Earnings growth • Margins and efficiency • Industry and market • Competitive position • Product innovation • Balance sheet management • Strategic vision • Track record of execution • Investor relations USD Value of Bitcoin acquired without share dilution Based on: • BTC $ Gain growth • Scale and liquidity • Capital market, credit products, and banking channels • Product innovation • Capital structure and credit rating • Strategic vision • Track record of execution • Investor relations Traditional Bitcoin Treasury BTC NAV +

• 108. 108 ~24x is the Average P/E Multiple of S&P 500 Companies $20B $20B $20B $21B $21B $22B $23B $24B $26B $28B $29B $34B $41B $55B $67B $66B $104B $107B $109B $120B Verizon Eli Lilly Wells Fargo Walmart AbbVie Merck & Co Visa Strategy Johnson & Johnson Bank of America Exxon Broadcom Berkshire Hathaway JPMorgan Amazon Meta NVIDIA Microsoft Apple Google 2025 Estimated Net Income $180B $723B $269B $785B $33B $207B $601B $112B $405B $361B $486B $1,399B $1,027B $826B $2,452B $1,520B $4,282B $3,810B $3,155B $2,205B Verizon Eli Lilly Wells Fargo Walmart AbbVie Merck & Co Visa Strategy Johnson & Johnson Bank of America Exxon Broadcom Berkshire Hathaway JPMorgan Amazon Meta NVIDIA Microsoft Apple Google #13 Market Cap 9.2x 39.1x 13.8x 37.1x 15.9x 9.5x 26.5x 4.7x 15.5x 13.0x 16.5x 40.0x 25.2x 15.0x 36.4x 22.5x 40.8x 35.2x 29.3x 18.0x Verizon Eli Lilly Wells Fargo Walmart AbbVie Merck & Co Visa Strategy Johnson & Johnson Bank of America Exxon Broadcom Berkshire Hathaway JPMorgan Amazon Meta NVIDIA Microsoft Apple Google P/E Multiple #96 #495 Note: Actual results of Strategy may vary materially. Source: FactSet on July 29, 2025, for all companies other than Strategy.

• 109. 109 ~97% of Institutional Capital is Mandated to Equity & Credit $3T Commodities $35T Equity $60T Credit $2.3T in central banks (primarily allocated to gold) ~30x more institutional capital available for BTC Equity and BTC Credit compared to BTC in Commodity form. Note: MSCI, PensionsAge, Invesco, NAIC, Global SWF, Funds Europe (2023–2025). Estimates include institutional mandates across public equity, credit, and commodities. $700B in private capital IBIT MSTR, STRK STRF, STRK, STRD, STRC BTC

• 110. 110 Hypothetical MSTR Valuation 110 Traditional Bitcoin Treasury $24B X 10x – 40x $20B $240B - $600B - $960B Earnings X Multiple BTC $ Gain X Multiple BTC NAV + 10x – 40x $275B - $575B - $875B $75B Note: Actual results of Strategy may vary materially.

• 111. 111 Why MSTR Trades at a Premium to Bitcoin NAV Strategy Spot Bitcoin ETPs Bitcoin Credit Amplification 2 - 4x amplification to BTC through intelligent leverage None None Options Advantage(1) $100B+ in Open Interest ~$30B in Open Interest ~$20B CME Futures Passive Flows NASDAQ 100, MSCI, Russell 1000 Inclusion Today None None Institutional Access $35T in equity $60T in credit $700B in private capital <$150B in private capital Note: Strategy is not an exchange traded product ("ETP") or an exchange-traded fund ("ETF") registered under the Investment Company Act of 1940, as amended, is not subject to the same rules and regulations as an ETP or an ETF, and does not operate as an ETP or ETF. Refer to the Appendix for more information. (1) Derivatives open interest: OCC/CBOE (MSTR ≈ $100B+), MarketChameleon (IBIT ≈ $30B notional), CME Group (BTC futures/options ≈ $20B notional).

• 112. 112 Our BTC Principles Acquire BTC continually while 5 achieving positive BTC Yield. Grow rapidly & responsibly 6 subject to market dynamics. Issue innovative fixed income 7 securities backed by BTC. Maintain healthy, robust, 8 pristine balance sheet. Promote global adoption of BTC 9 as a treasury reserve asset. Buy and Hold BTC indefinitely, 1 exclusively, securely. Prioritize MSTR common stock 2 long-term value creation. Treat all investors with respect, 3 consistency, & transparency. Structure MSTR to outperform 4 BTC via intelligent leverage. 112

• 113. Copyright © 2025 Strategy. All Rights Reserved. Q&A Michael Saylor, Phong Le, Andrew Kang, Shirish Jajodia

• 114. Copyright © 2025 Strategy. All Rights Reserved. Appendix

• 115. 115 Fixed Income Instruments for the Bitcoin Era 6.1x BTC Rating 9% Dividend (Variable) Strike (NASDAQ: STRK) Convertible preferred 5.6x BTC Rating 8% Dividend + Perpetual Call Option Stretch (NASDAQ: STRC) Senior, variable preferred Strife (NASDAQ: STRF) Senior, fixed preferred 8.0x BTC Rating 10% Dividend Stride (NASDAQ: STRD) Junior, fixed preferred 5.1x BTC Rating 10% Dividend As of July 29, 2025. BTC Rating does not represent a rating from any rating agency and is not equivalent to a "rating" in the traditional financial context. BTC Rating does not account for potential cross defaults under our debt obligations. Refer to the Appendix for more information about BTC Rating.

• 116. 116 $33.4 $32.4 $64.8 $24.5 $57.0 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Non-GAAP Subscription Billings (1) Q2 2025 +133% YOY increase Software Highlights Q2 2025 ($ in Millions) (1) Please refer reconciliation of Subscription Services Revenues to Non-GAAP Subscription Billings in subsequent slides. $24.1 $27.8 $31.9 $37.1 $40.8 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Subscription Services Revenues Q2 2025 +70% YOY increase Q2 2025 Total Revenues 2.7% YoY Increase $114.5M Total Revenues 6% 36% 45% 13% Product Licenses Support Subscription Services Other Services

• 117. 117 Real-time mNAV can be Tracked on Strategy.com mNAV is “Multiple of Bitcoin NAV”, calculated by dividing Enterprise Value by Bitcoin NAV. Enterprise Value is the sum of the current Market Cap of all Basic Shares Outstanding, our total Notional Debt, and our total Notional Pref, less our most recently reported cash balance.

• 118. 118 BTC Key Performance Indicators (KPIs) • Bitcoin Per Share (BPS) is the ratio between the Company’s bitcoin holdings and its Assumed Diluted Shares Outstanding. • BTC Yield is the % change in BPS from the beginning of a period to the end of a period. • BTC Gain is the number of bitcoins held by the Company at the beginning of a period multiplied by the BTC Yield for such period. • BTC $ Gain is the dollar value of the BTC Gain calculated based on the market price of bitcoin as of the end of the period. 447,470 BTC Holdings (BOY) x 25.0% BTC Yield YTD(1) = 111,894 BTC Gain 111,894 BTC Gain x $118,000 BTC Price(2) = $13.2B BTC $ Gain(3) 447,470 181,321 628,791 12/31/2024 BTC Holdings 2024 BTC Purchased 7/29/2025 BTC Holdings BTC Gain 111,894 12/31/2024 BTC Holdings YTD BTC Purchased 7/29/2025 BTC Holdings (1) Presented for illustrative purposes only. Not equivalent to "yield" in the traditional financial context. (2) BTC Price as of 7/29/2025 (3) Presented for illustrative purposes only. Not equivalent to “gain” in the traditional financial context. Does not represent the fair value gain on our bitcoin holdings

• 119. 119 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 3/31/2025 6/30/2025 7/29/2025 Total Bitcoin Holdings 70,470 124,391 132,500 189,150 447,470 528,185 597,325 628,791 Shares Outstanding (in '000s) Class A 76,230 93,220 95,850 149,041 226,138 246,537 261,318 263,913 Class B 19,640 19,640 19,640 19,640 19,640 19,640 19,640 19,640 Basic Shares Outstanding 95,870 112,860 115,490 168,681 245,778 266,178 280,958 283,553 2025 Convert Shares @$39.80 16,330 16,330 16,330 16,330 - - - - 2027 Convert Shares @$143.25 - 7,330 7,330 7,330 7,330 - - - 2028 Convert Shares @$183.19 - - - - 5,513 5,513 5,513 5,513 2029 Convert Shares @$672.40 - - - - 4,462 4,462 4,462 4,462 2030 Convert (0.625%) Shares @$149.77 - - - - 5,342 5,342 5,342 5,342 2030 Convert (0.000%) Shares @$433.43 4,614 4,614 4,614 2031 Convert Shares @$232.72 - - - - 2,594 2,594 2,594 2,594 2032 Convert Shares @$204.33 - - - - 3,915 3,915 3,915 3,915 STRK Convert Shares @$1,000.00 - - - - - 765 1,220 1,278 Options Outstanding 11,570 11,670 15,770 12,936 4,956 4,560 4,158 4,012 RSU/PSU Unvested 740 1,050 1,200 2,359 1,845 1,710 1,439 1,420 Assumed Diluted Shares Outstanding 124,510 149,240 156,120 207,636 281,735 299,653 314,216 316,703 BTC Yield % (YTD) 74.3% 11.0% 19.7% 25.0% BTC Gain (in BTC Terms) (YTD) 140,631 49,131 88,109 111,894 BTC $ Gain $M (YTD) 4,062 9,494 13,203 Basic and Assumed Diluted Shares Outstanding Calculation (1) Reflects retroactive adjustment for the Company's 10-for-1 stock split effected by means of a stock dividend distributed after the close of trading on August 7, 2024. (2) Basic Shares Outstanding reflects the actual class A common stock and class B common stock outstanding as of the dates presented. For purposes of this calculation, outstanding shares of such stock are deemed to include shares, if any, that (A) were sold under at-themarket equity offering programs, or (B) were to be issued pursuant to (i) options that had been exercised, (ii) restricted stock units that have vested or (iii) conversion requests received with respect to the convertible securities, but which in each case were pending issuance as of the dates presented. (3) Assumed Diluted Shares Outstanding refers to the aggregate of our Basic Shares Outstanding as of the dates presented plus all additional shares that would result from the assumed conversion of all outstanding convertible notes and convertible preferred stock, exercise of all outstanding stock option awards, and settlement of all outstanding restricted stock units and performance stock units as of such dates. Assumed Diluted Shares Outstanding is not calculated using the treasury method and does not take into account any vesting conditions (in the case of equity awards), the exercise price of any stock option awards or any contractual conditions limiting convertibility of convertible debt instruments. (2) (3) (1)

• 120. 120 Bitcoin Per Share (BPS) or Sats Per Share (SPS) Calculation Note: Ownership of a share of common stock of the Company does not represent an ownership interest in bitcoin held by the Company. Neither Sats per share (basic) nor Sats per share (diluted) takes into account our level of indebtedness, our outstanding non-convertible preferred stock and / or the bitcoins that are pledged as collateral securing our 2028 secured notes, so it should be understood that these metrics do not reflect the benefit to common stockholders of our bitcoin holdings and their use should be limited accordingly. In addition, the trading price of our class A common stock is informed by numerous factors, and as a result, the market value of our shares may trade at a discount or a premium relative to the market value of the bitcoin held by the Company, and these metrics are not indicative nor predictive of the trading price of the Company’s class A common stock in future periods. Sats per share (basic) does not reflect shares that may be issued upon exercise of outstanding options, vesting of outstanding restricted stock units, or conversion of our outstanding convertible notes and convertible preferred stock. Management uses Sats Per Share (SPS) in its decision making and capital allocation planning related to the Company’s Bitcoin strategy. In doing so, management also takes into account the various limitations of this metric, including its exclusion of preferred stock, debt and other claims on company assets that would be senior to common equity as well as the potential issuance of additional shares of common stock upon exercise or conversion of derivative securities outstanding. (1) Reflects retroactive adjustment for the Company's 10-for-1 stock split effected by means of a stock dividend distributed after the close of trading on August 7, 2024. (2) Basic Shares Outstanding reflects the actual class A common stock and class B common stock outstanding as of the dates presented. For purposes of this calculation, outstanding shares of such stock are deemed to include shares, if any, that (A) were sold under at-the-market equity offering programs, or (B) were to be issued pursuant to (i) options that had been exercised, (ii) restricted stock units that have vested or (iii) conversion requests received with respect to the convertible securities, but which in each case were pending issuance as of the dates presented. (3) Assumed Diluted Shares Outstanding refers to the aggregate of our Basic Shares Outstanding as of the dates presented plus all additional shares that would result from the assumed conversion of all outstanding convertible notes and convertible preferred stock, exercise of all outstanding stock option awards, and settlement of all outstanding restricted stock units and performance stock units as of such dates. Assumed Diluted Shares Outstanding is not calculated using the treasury method and does not take into account any vesting conditions (in the case of equity awards), the exercise price of any stock option awards or any contractual conditions limiting convertibility of convertible debt instruments. (4) BPS is a KPI that represents the ratio between the Company’s bitcoin holdings and its Assumed Diluted Shares Outstanding, expressed in terms of Sats. A “Sat” or a “Satoshi” is one one-hundred-millionth of one bitcoin, the smallest indivisible unit of a bitcoin. Refer to the Appendix for more information about BPS, BTC Yield, BTC Gain and BTC $ Gain. (1) (3) (2) (4) 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 3/31/2025 6/30/2025 7/29/2025 Total Bitcoin Holdings 70,470 124,391 132,500 189,150 447,470 528,185 597,325 628,791 Shares Outstanding (in '000s) Class A 76,230 93,220 95,850 149,041 226,138 246,537 261,318 263,913 Class B 19,640 19,640 19,640 19,640 19,640 19,640 19,640 19,640 Basic Shares Outstanding 95,870 112,860 115,490 168,681 245,778 266,178 280,958 283,553 2025 Convert Shares @$39.80 16,330 16,330 16,330 16,330 - - - - 2027 Convert Shares @$143.25 - 7,330 7,330 7,330 7,330 - - - 2028 Convert Shares @$183.19 - - - - 5,513 5,513 5,513 5,513 2029 Convert Shares @$672.40 - - - - 4,462 4,462 4,462 4,462 2030 Convert (0.625%) Shares @$149.77 - - - - 5,342 5,342 5,342 5,342 2030 Convert (0.000%) Shares @$433.43 4,614 4,614 4,614 2031 Convert Shares @$232.72 - - - - 2,594 2,594 2,594 2,594 2032 Convert Shares @$204.33 - - - - 3,915 3,915 3,915 3,915 STRK Convert Shares @$1,000.00 - - - - - 765 1,220 1,278 Options Outstanding 11,570 11,670 15,770 12,936 4,956 4,560 4,158 4,012 RSU/PSU Unvested 740 1,050 1,200 2,359 1,845 1,710 1,439 1,420 Assumed Diluted Shares Outstanding 124,510 149,240 156,120 207,636 281,735 299,653 314,216 316,703 Sats/Share (Adj. Diluted Shares) 56,598 83,350 84,871 91,097 158,827 176,265 190,100 198,543 YoY Change 56,598 26,752 1,521 6,226 67,730

• 121. 121 Non-GAAP Reconciliations ($ in Millions) Q2 2025 Reconciliation of GAAP to non-GAAP income (loss) from operations Reconciliation of subscription services revenues to non-GAAP subscription billings Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Revenues $120.4 $129.5 $124.5 $115.2 $111.4 $116.1 $120.7 $111.1 $114.5 Cost of Revenues $27.1 $26.7 $28.2 $30.0 $30.9 $34.3 $34.2 $34.0 $37.3 Operating Expenses $120.0 $128.0 $139.0 $288.9 $280.8 $514.3 $1,102.9 $92.5 $94.3 GAAP Income (Loss) from Operations $(26.7) $(25.2) $(42.8) $(203.7) $(200.3) $(432.6) $(1,016.4) $(15.4) $(17.0) GAAP Operating Margin % -22% -20% -34% -177% -180% -373% -842% -14% -15% Share-Based Compensation $15.5 $16.8 $19.7 $17.8 $20.6 $19.4 $19.3 $11.8 $15.7 Non-GAAP Income (Loss) from Operations ($11.2) ($8.4) ($23.1) ($185.9) ($179.6) ($413.2) ($997.1) ($3.6) ($1.3) Non-GAAP Operating Margin % -9% -7% -19% -161% -161% -356% -826% -3% -1% Digital Asset Impairment Losses, Net of Gains on Sale $24.1 $33.6 $39.2 $191.6 $180.1 $412.1 $1,006.1 $0.0 $0.0 Unrealized (Gain) Loss on Digital Assets $5,906.0 $(14,047.5) Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Deferred Subscription Services Revenues $49.9 $45.7 $65.5 $60.3 $69.6 $74.2 $107.1 $94.5 $110.7 Subscription Services Revenues $19.9 $21.0 $21.5 $23.0 $24.1 $27.8 $31.9 $37.1 $40.8 Change in Deferred Subscription Services Revenues $3.2 $(4.2) $19.8 $(5.2) $9.3 $4.6 $32.9 $(12.6) $16.2 Non-GAAP Subscription Billings $23.1 $16.8 $41.3 $17.7 $33.4 $32.4 $64.8 $24.5 $57.0

• 122. 122 Reconciliation of non-GAAP operating expenses (1) Share-Based Compensation shown reflects the amounts recorded to Sales & Marketing, Research & Development, and General & Administrative only. Reconciliation of total non-GAAP expenses Non-GAAP Reconciliations ($ in Millions) Q2 2025 (1) (1) Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 GAAP Operating Expenses $120.0 $128.0 $139.0 $288.9 $280.8 $514.3 $1,102.9 $92.5 $94.3 Share-Based Compensation $14.4 $15.6 $18.5 $16.4 $18.9 $17.8 $17.8 $10.9 $14.6 Non-GAAP Operating Expenses $105.6 $112.5 $120.5 $272.5 $261.9 $496.5 $1,085.2 $81.6 $79.7 Digital Asset Impairment Losses, Net of Gains on Sale $24.1 $33.6 $39.2 $191.6 $180.1 $412.1 $1,006.1 $0.0 ($0.0) Unrealized (Gain) Loss on Digital Assets $5,906.0 $(14,047.5) Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Cost of Revenues $27.1 $26.7 $28.2 $30.0 $30.9 $34.3 $34.2 $34.0 $37.3 Operating Expenses $120.0 $128.0 $139.0 $288.9 $280.8 $514.3 $1,102.9 $92.5 $94.3 Total GAAP Expenses $147.1 $154.7 $167.3 $318.9 $311.7 $548.7 $1,137.1 $126.5 $131.5 Share-Based Compensation $15.5 $16.8 $19.7 $17.8 $20.6 $19.4 $19.3 $11.8 $15.7 Total Non-GAAP Expenses $131.6 $137.9 $147.6 $301.2 $291.1 $529.3 $1,117.8 $114.7 $115.8 Digital Asset Impairment Losses, Net of Gains on Sale $24.1 $33.6 $39.2 $191.6 $180.1 $412.1 $1,006.1 $0.0 $0.0 Unrealized (Gain) Loss on Digital Assets $5,906.0 $(14,047.5) (1)

• 123. 123 Reconciliation of total non-GAAP expenses Non-GAAP Reconciliations ($ in Millions) Q2 2025 Q2 24 Q2 25 GAAP Expenses Cost of Revenues $30.9 $37.3 Sales & Marketing $34.3 $34.6 Research & Development $30.3 $24.1 General & Administrative $36.1 $35.6 Digital Asset Impairment Losses, Net of Gains on Sale $180.1 $0.0 Unrealized (Gain) Loss on Digital Assets $(14,047.5) Total GAAP Expenses $311.7 $(13,916.0) Share-Based Compensation Cost of Revenues $1.7 $1.1 Sales & Marketing $3.9 $2.1 Research & Development $4.0 $2.1 General & Administrative $11.0 $10.4 Total Share-Based Compensation $20.6 $15.7 Non-GAAP Expenses Cost of Revenues $29.2 $36.1 Sales & Marketing $30.4 $32.5 Research & Development $26.3 $22.0 General & Administrative $25.1 $25.2 Digital Asset Impairment Losses, Net of Gains on Sale $180.1 $0.0 Unrealized (Gain) Loss on Digital Assets $(14,047.5) Total Non-GAAP Expenses $291.1 $(13,931.7)

• 124. 124 Important Information about KPIs used in this Presentation Bitcoin Per Share (BPS) is a key performance indicator (“KPI”) that represents the ratio between the Company’s bitcoin holdings and its Assumed Diluted Shares Outstanding, expressed in terms of Satoshi, where: •“Assumed Diluted Shares Outstanding” refers to the aggregate of our Basic Shares Outstanding as of the dates presented plus all additional shares that would result from the assumed conversion of all outstanding convertible notes and convertible preferred stock, exercise of all outstanding stock option awards, and settlement of all outstanding restricted stock units and performance stock units as of such dates. Assumed Diluted Shares Outstanding is not calculated using the treasury method and does not take into account any vesting conditions (in the case of equity awards), the exercise price of any stock option awards or any contractual conditions limiting convertibility of convertible debt instruments. •“Basic Shares Outstanding” reflects the actual class A common stock and class B common stock outstanding as of the dates presented. For purposes of this calculation, outstanding shares of such stock are deemed to include shares, if any, that were sold under at-the-market equity offering programs. • A “Satoshi” or a “Sat” is one one-hundred-millionth of one bitcoin, the smallest indivisible unit of a bitcoin. BTC Yield is a KPI that represents the percentage change in BPS from the beginning of a period to the end of a period. BTC Gain is a KPI that represents the number of bitcoins held by the Company at the beginning of a period multiplied by the BTC Yield for such period. BTC $ Gain is a KPI that represents the dollar value of the BTC Gain calculated by multiplying the BTC Gain by the market price of bitcoin. For determining BTC $ Gain QTD and YTD, unless otherwise specified, the Company uses the current market price of bitcoin. For determining BTC $ Gain for a past fiscal year or other past period, the Company uses the market price of bitcoin as of 4:00pm ET as reported on the Coinbase exchange on the last day of the applicable period. The Company uses these market prices of bitcoin for this calculation solely for the purpose of facilitating this illustrative calculation. The Company uses BPS, BTC Yield, BTC Gain and BTC $ Gain as KPIs to help assess the performance of its strategy of acquiring bitcoin in a manner the Company believes is accretive to shareholders. The Company believes these KPIs can supplement investors’ understanding of how the Company chooses to fund bitcoin purchases and the value created in a period by: • in the case of BPS, measuring the ratio of the Company’s bitcoin holdings to the Assumed Diluted Shares Outstanding, which provides investors a baseline with which to assess the Company’s achievement of its strategy of acquiring bitcoin in an accretive manner over a given period; • in the case of BTC Yield, measuring the percentage change in BPS from the beginning of a period to the end of a period, which helps investors assess how the Company’s achievement of its strategy of acquiring bitcoin in an accretive manner varies across periods; • in the case of BTC Gain, hypothetically expressing the percentage change reflected in the BTC Yield metric as if it reflected an increase in the amount of bitcoin held at the end of the applicable period as compared to the beginning of such period, which provides investors with visibility into the absolute change in the Company’s bitcoin holdings resulting from its BTC Yield; and • in the case of BTC $ Gain, further expressing that change as an illustrative dollar value by multiplying that bitcoin-denominated change by the market price of bitcoin at the end of the applicable period as described above.

• 125. 125 Important Information about KPIs used in this Presentation (Cont’d) When the Company uses these KPIs, management takes into account the various limitations of these metrics, including that they: • do not take into account that our assets, including our bitcoin, are subject to (i) all of our existing and future liabilities, including our debt, and (ii) the preferential rights of our preferred stockholders to dividends and our assets in a liquidation, and that all such claims rank to senior to those of our common equity; and • assume that all indebtedness will be refinanced or, in the case of the Company’s senior convertible debt instruments and convertible preferred stock, converted into shares of common stock in accordance with their respective terms. BPS, BTC Yield, BTC Gain and BTC $ Gain are not, and should not be understood as, financial performance, valuation or liquidity measures. Specifically: • BPS does not represent (i) the ability of the Company to satisfy the Company’s financial obligations, or (ii) the Company’s book value per share. Ownership of a share of common stock of the Company does not represent an ownership interest in the bitcoin held by the Company. • BTC Yield is not equivalent to “yield” in the traditional financial context. It is not a measure of the return on investment the Company’s shareholders may have achieved historically or can achieve in the future by purchasing stock of the Company, or a measure of income generated by the Company’s operations or its bitcoin holdings, return on investment on its bitcoin holdings, or any other similar financial measure of the performance of its business or assets. • BTC Gain and BTC $ Gain are not equivalent to “gain” in the traditional financial context. They also are not measures of the return on investment the Company’s shareholders may have achieved historically or can achieve in the future by purchasing stock of the Company, or measures of income generated by the Company’s operations or its bitcoin holdings, return on investment on its bitcoin holdings, or any other similar financial measure of the performance of its business or assets. It should also be understood that BTC $ Gain does not represent a fair value gain of the Company’s bitcoin holdings, and BTC $ Gain may be positive during periods when the Company has incurred fair value losses on its bitcoin holdings. The trading price of the Company’s class A common stock is informed by numerous factors in addition to the Company’s bitcoin holdings and its actual or potential shares of class A common stock outstanding, and as a result, the trading price of the Company’s securities can deviate significantly from the market value of the Company’s bitcoin, and none of BPS, BTC Yield, BTC Gain or BTC $ Gain are indicative or predictive of the trading price of the Company’s securities. Investors should rely on the financial statements and other disclosures contained in the Company’s SEC filings. In particular, the Company has adopted Accounting Standards Update No. 2023-08, Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets (“ASU 2023-08”), which requires that the Company measure its bitcoin at fair value in its statement of financial position as of the end of a reported period, and recognize gains losses from changes in the fair value in net income for the reported period. As a result, we may incur unrealized gain or loss on digital assets based on changes in the market price of bitcoin during a period, which would not be reflected in BPS, BTC Yield, BTC Gain or BTC $ Gain. For example, if we increase our bitcoin holdings relative to our Assumed Diluted Shares Outstanding during a reported period, we would achieve increased BPS and positive BTC Yield, BTC Gain and BTC $ Gain even if we report significant unrealized loss on digital assets for the period. Similarly, if we increase our Assumed Diluted Shares Outstanding at a faster rate than our bitcoin holdings, then we would experience decreased BPS and negative BTC Yield, BTC Gain, and BTC $ Gain, even if we report significant unrealized gain on digital assets for the period.

• 126. 126 Important Information about KPIs used in this Presentation (Cont’d) As noted above, these KPIs are narrow in their purpose and are used by management to assist it in assessing whether the Company is raising and deploying capital in a manner accretive to shareholders solely as it pertains to its bitcoin holdings. In calculating these KPIs, the Company does not consider the source of capital used for the acquisition of its bitcoin. When the Company purchases bitcoin using proceeds from offerings of non-convertible notes or non-convertible preferred stock, or convertible notes or preferred stock that carry conversion prices above the current trading price of the Company's common stock or conversion rights that are not then exercisable, such transactions have the effect of increasing the BPS, BTC Yield, BTC Gain and BTC $ Gain, while also increasing the Company’s indebtedness and senior claims of holders of instruments other than class A common stock with respect to dividends and to the Company’s assets, including its bitcoin, in a manner that is not reflected in these metrics. If any of the Company’s convertible notes mature or are redeemed without being converted into common stock, or if the Company elects to redeem or repurchase its non-convertible instruments, the Company may be required to sell shares of its class A common stock or bitcoin to generate sufficient cash proceeds to satisfy those obligations, either of which would have the effect of decreasing BPS, BTC Yield, BTC Gain and BTC $ Gain, and adjustments for such decreases are not contemplated by the assumptions made in calculating these metrics. Accordingly, these metrics might overstate or understate the accretive nature of the Company’s use of capital to buy bitcoin because not all bitcoin is purchased using proceeds of issuances of class A common stock, and not all proceeds from issuances of class A common stock are used to purchase bitcoin. In addition, we are required to pay dividends with respect to our perpetual preferred stocks in perpetuity. We could pay these dividends with cash or, in the case of perpetual strike preferred stock, by issuing shares of class A common stock. If we issue shares of class A common stock in lieu of paying dividends in cash, or if we issue shares of class A common stock for cash to fund the payment of cash dividends, then we would experience an increase in our Assumed Diluted Shares Outstanding without a corresponding increase in our bitcoin holdings, resulting in a decrease in BPS, BTC Yield, BTC Gain and BTC $ Gain for the period in which such sales of bitcoin or issuance of shares of class A common stock occurred. The Company has historically not paid any dividends on its shares of class A common stock, and by presenting these KPIs the Company makes no suggestion that it intends to do so in the future. Ownership of the Company’s securities, including its class A common stock and preferred stock, does not represent an ownership interest in or a redemption right with respect to the bitcoin the Company holds. The Company determines its KPI targets based on its history and future goals. The Company’s ability to maintain any given level of BPS, or achieve positive BTC Yield, BTC Gain, or BTC $ Gain may depend on a variety of factors, including factors outside of its control, such as the price of bitcoin, and the availability of debt and equity financing on favorable terms. Past performance is not indicative of future results. These KPIs are merely supplements, not substitutes, to the financial statements and other disclosures contained in the Company’s SEC filings. They should be used only by sophisticated investors who understand their limited purpose and many limitations.

• 127. 127 Important Information about other Terms used in this Presentation The following terms used in this presentation provide a conceptual framework for how management views its securities and capital financing decisions in the context of the Company’s bitcoin strategy. These terms are presented for illustrative purposes only, and do not constitute investment advice, and should not be used to form the basis for an investment decision. Please review these definitions carefully to understand the limitations of these illustrative metrics, and please refer to the Company’s SEC filings and financial statements for information about the Company, its business, securities, strategy, bitcoin holdings and similar matters. BTC Valuation BTC $ Income is the dollar value of the unrealized gain or loss on bitcoin acquired with any given financing, net of associated dividend or interest costs, and multiplied by, in the case of a net gain, the BTC Spread, or, in the case of a net loss, 100%, over the applicable period. For any debt or liability with a maturity, the redemption of such debt or liability, excluding any dilution already assumed in the original calculation of BTC Gain, is treated as a cost, similar to dividend or interest costs. BTC $Income is presented for illustrative purposes only, and it does not represent "income" in the traditional financial context. BTC $ Value is the sum of BTC $ Gain and BTC $ Income. BTC $ Value is presented for illustrative purposes only, and it does not represent “value” in the traditional financial context. BTC $ Equity is BTC NAV less BTC $ Value. BTC $ Equity is presented for illustrative purposes only, and it does not represent “equity” in the traditional financial context. BTC Torque is the ratio of BTC $ Value to BTC Capital. BTC Multiple is the ratio of BTC NAV to BTC $ Equity.

• 128. 128 Important Information about other Terms used in this Presentation BTC Credit BTC Rating is the ratio of our Bitcoin NAV and the sum of the notional values of the instruments being rated and all instruments that are senior to and, if any liabilities share an equal claim to our assets, such instruments with a stated maturity date sooner than or that may become due upon an exercise of a repurchase right at the option of the holder sooner than, the liability being rated. BTC Rating does not represent a rating from any rating agency and is not equivalent to a "rating" in the traditional financial context. BTC Rating also does not account for potential cross-defaults under our debt obligations that would result in debt obligations with stated maturities later than the liability being rated becoming due sooner than the liability being rated. This metric is presented for illustrative purposes only and should not form the basis for an investment decision. BTC Risk is the probability of an instrument having a BTC Rating less than 1 at the end of its Duration. This probability is derived from a lognormal distribution modeling of bitcoin’s price, adjusted for BTC ARR and BTC Volatility assumptions. BTC Risk does not represent an actuarial risk rating or a rating from any rating agency, and it is not a risk rating in the traditional financial context. This metric is presented for illustrative purposes only and should not form the basis for an investment decision. Actual results may vary materially from these illustrative results. BTC Credit is the credit spread necessary to offset BTC Risk for a given security. It is calculated by annualizing BTC Risk assuming the same probability each year of the BTC Rating of such security falling below 1 each year and assuming no recovery. This metric is presented for illustrative purposes only and should not form the basis for an investment decision. Duration for a convertible bond is the sooner of the stated maturity date or the date it may become due upon an exercise of a repurchase right at the option of the holder. Duration for a preferred stock is the Macaulay Duration of such preferred stock. Macaulay Duration of a preferred stock is the quotient obtained by dividing the sum of 1 and the Effective Yield of such stock by the Effective Yield of such stock. Effective Yield is the annualized yield on an asset based on its fixed dividend rate and the current price of such asset.

• 129. 129 Important Information about other Terms used in this Presentation BTC Forecast BTC ARR is an assumed annualized rate of return on bitcoin expressed as a percentage. This metric is presented for illustrative purposes only, and no prediction as to the price of bitcoin is being made. BTC Volatility is the assumed standard deviation of annual return of bitcoin expressed as a percentage. This metric is presented for illustrative purposes only, and no prediction as to the volatility of bitcoin is being made. BTC Price is the current market price of one bitcoin. BTC Treasury BTC Capital is the proceeds used from capital raised for the purpose of acquiring bitcoin. BTC Spread is the BTC Gain with respect to a given financing represented as a percentage of BTC Capital. BTC Spread is presented for illustrative purposes only, and it does not represent “spread” in the traditional financial context. BTC NAV represents the total number of bitcoin the Company holds as of a specified date multiplied by the current market price of one bitcoin (or the price of one bitcoin as of the date indicated). It does not take into account or include the Company’s indebtedness or the liquidation value of its perpetual preferred stock. As such, it is not equivalent to “net asset value” or “NAV” or any similar metric in the traditional financial context. Although it incorporates the label “NAV,” it is not a measure of either the net asset value of the Company or the value of the bitcoin held by the Company net of indebtedness, perpetual preferred stock liquidation preference and other obligations. Moreover, this Bitcoin NAV metric is not comparable to either net asset value or NAV metrics that may be reported by other companies, including ETFs, ETPs and mutual funds. Investors should rely on the financial statements and other disclosures contained in the Company’s SEC filings. This metric is merely a supplement, not a substitute, to the financial statements and other disclosures contained in the Company’s SEC filings. It should be used only by sophisticated investors who understand its limited purpose and many limitations. mNAV represents a multiple of Bitcoin NAV, as of the specified date, calculated as the Company’s enterprise value (as we define it) divided by Bitcoin NAV. The Company’s enterprise value is calculated as the sum of (A) the total market value of all outstanding MSTR common stock, including class A common stock and class B common stock, calculated by multiplying the number of outstanding shares of class A common stock and class B common stock by the closing price of the class A common stock on the Nasdaq Global Select Market on the applicable date, (B) the aggregate principal amount of the Company’s indebtedness and (C) the aggregate notional value of the Company’s outstanding perpetual preferred stock, less (D) the Company’s most recently reported cash balance value. As with Bitcoin NAV, although mNAV incorporates the label “NAV,” it is not equivalent to “net asset value” or “NAV” or any similar metric in the traditional financial context. Additionally, it is not a measure of the amount by which the enterprise value exceeds net asset value in the traditional financial sense of those terms. Investors should rely on the financial statements and other disclosures contained in the Company’s SEC filings. This metric is merely a supplement, not a substitute, to the financial statements and other disclosures contained in the Company’s SEC filings. It should be used only by sophisticated investors who understand their limited purpose and many limitations. BTC Factor is the ratio of ending BPS to starting BPS in respect of any period.

• 130. 130 Additional Information Strategy is not a registered money market fund under the Investment Company Act of 1940, as amended, is not subject to the same protections as a registered money market fund, and does not operate as registered money market fund. Among other things, unlike money market funds, we (i) do not price STRC Stock or other securities based on our net asset value, (ii) are not required to hold any assets to back the STRC Stock, (iii) are not required by regulation to maintain any particular pricing or stable value, and (iv) are not subject to the same liquidity requirements as money market funds. Investors in STRC will not receive the same investor protections as investors in registered money market funds. Strategy is not an exchange traded product (“ETP”) or an exchange-traded fund (“ETF”) registered under the Investment Company Act of 1940, as amended, is not subject to the same rules and regulations as an ETP or an ETF, and does not operate as an ETP or ETF. In particular, unlike spot bitcoin ETPs, we (i) do not seek for our shares of Class A common stock to track the value of the underlying bitcoin we hold before payment of expenses and liabilities, (ii) do not benefit from various exemptions and relief under the Securities Exchange Act of 1934, as amended, including Regulation M, and other securities laws, which enable spot bitcoin ETPs to continuously align the value of their shares to the price of the underlying bitcoin they hold through share creation and redemption, (iii) are a Delaware corporation rather than a statutory trust, and do not operate pursuant to a trust agreement that would require us to pursue one or more stated investment objectives, (iv) are subject to federal income tax at the entity level and the other risk factors applicable to an operating business, such as ours, and (v) are not required to provide daily transparency as to our bitcoin holdings or our daily NAV.