Thank you for joining our company update on December 1, 2025. I'm Phong Le, President and CEO of Strategy, and I'm joined here today by Michael Saylor, Founder and Executive Chairman. We have a few important updates to provide today. The first of which I'll share is our current BTC holdings that you've seen in our latest 8-K that was just filed this morning. We now have added 130 Bitcoin to 650,000 total Bitcoin for the company. That equates to about a $59 billion Bitcoin net asset value. The second important update I'd like to share is an update to our BTC KPI targets and our GAAP earnings guidance. Our previous guidance that we provided at the end of Q3 assumed a Bitcoin price of $150,000, and we, based on the current Bitcoin price and the change in price that we've seen over the last month or so, thought it was prudent to update the BTC price assumptions to a range of $85,000-$110,000, roughly $5,000 below the current spot Bitcoin price and $20,000 above the current spot Bitcoin price. When we do that, we'll see changes to our BTC dollar gain, and we'll see changes to our GAAP earnings. The other update we want to provide is an update to the BTC yield percentage. This is basically the change in Bitcoin per share of the company. As of the end of November, November 30, 2025, we're at 24.6%. Our original target was 30%, and we think we'll end the year somewhere between 22% and 26%. Our ability to get to 26% is really our ability to issue more digital credit through our different preferreds or any other raises that we might do over the last month of the year. The downside of the 22% would be issuance of equity to holding cash, which I'll talk about in a little bit. Our BTC dollar gain, our original target, was $20 billion. We're currently at $10 billion. This is largely driven by a combination of our BTC yield, but more so Bitcoin price. Again, assuming a Bitcoin price of $85,000-$110,000, that would give us a Bitcoin dollar gain, a BTC dollar gain of $8.4 billion-$12.8 billion. On our GAAP earnings, this is very much driven by Bitcoin price at the end of the year. When we change our BTC price assumptions from $85,000 to $110,000 at the end of the year, you'll see fairly large changes to our earnings. As a recap, through the first three quarters of this year, we're at $12 billion operating income, $8.6 billion in net income, and $27.7 per share. At the end of Q3 of this year, we had a Bitcoin price of $114,000. If Bitcoin price rises above $114,000 by the end of this year, you'll see numbers that are greater than what we showed in our Q1 through Q3 earnings. Our original target off of $150,000, obviously, was larger than those numbers: $34 billion, $24 billion, and $80 per share, respectively. We ended 2024 with a BTC price or Bitcoin price of $94,000. If Bitcoin price is lower than $94,000, we'll see operating losses, net losses, and earning losses per share. If we end the year greater than $94,000, we'll see positive operating income, net income, and earnings per share. These are the updates that we provided here based on, one, a downside scenario of $85,000 of Bitcoin and an upside scenario of $110,000 of Bitcoin. Now let's talk about our capital structure, and probably the most important update that we have today is related to our capital structure. I'll start with our enterprise value currently is $68 billion, and we have a very healthy Bitcoin reserve, a BTC reserve of $59 billion. That equates to a 1.2x MNAV, the ratio of our enterprise value to our BTC reserve. We have currently $8.2 billion of convertible debt, which ends up with a loan-to-value of 11%, preferred equity of $7.8 billion. Even if you combine the convertible debt and our preferred equity, our LTV would be in the 22%-23% range, which is very conservative, very low indebtedness or loan-to-value or debt-to-equity value compared to other public companies of our size and in a similar industry. We feel like we have a very conservative leverage model and a very conservative loan-to-value, but we also recognize that there are short-term obligations associated with our convertible debt and our preferred equity. We thought about how do we want to address those short-term obligations. Long term, we have a BTC reserve, $59 billion. To give you perspective, on $800 million of dividends, that is 74 years of dividend coverage. If we were to do nothing else and we were just to pay out our dividends using our Bitcoin reserve and selling Bitcoin, we would be able to do that for 74 years. If Bitcoin appreciates at 1.35% a year, a very modest assumption, we'll be able to keep paying our dividends forever. What do we do in the case that Bitcoin goes down, our equity value goes down, and perhaps we even trade at a negative MNAV? We thought about how do we create even greater durability in our capital structure and greater creditworthiness. That's why today we're announcing the introduction of a USD reserve. Over the last two weeks, we've raised $1.44 billion in a USD reserve, and this will be our primary means of funding our interest and our dividends. We're going to target this reserve at a minimum of 12 months. You can see we're already above that, and we'll strengthen this reserve over time. Ultimate goal is to have at least 24 months of dividends in US dollars so that even in a case where we aren't able to or don't want to issue equity or we don't want to sell our Bitcoin, we can use the USD reserve to weather two years of dividend payments. Obviously, we believe this improves the quality and attractiveness of our credit and our preferreds and our debt and our common equity, and ultimately, we think it strengthens the company. How did we do this? Over the last eight and a half days, we've raised $1.44 billion. That's 4.6% of the trading volume selling MSTR. There have been questions around, are we able to access the capital markets? Are we able to issue equity in a down market? We've proven in the last two days we're able to do that. To give you a sense, the $1.44 billion, how much of our cap structure is that? It's 2.2% of our enterprise value, 2.8% of our equity value, 2.4% of our Bitcoin value. We have been able to set aside a small amount of the company value to cover about 18 months of dividend payments. We did this accretively. We sold MSTR at an average MNAV of 1.17x. Again, anytime we are selling at above 1x MNAV, that is accretive to the company. It's accretive to our shareholders. Accretive to the sense that we gained US dollars to $207 million, again, issuing equity above 1x MNAV. The end result is complementing our BTC reserve. We have a US dollar reserve. This US dollar reserve strengthens our creditworthiness. Now we have 21 months of dividend coverage and 1.8x dividend coverage with our $1.44 billion. As I mentioned, we'll continue to grow this over time. With that, I'll hand it over to Michael Saylor. Thank you, Phong. The future of the company is digital credit. We are very focused with our announcement today on how we improve the creditworthiness of the company and make our credit the most appealing credit in the world. You can see here with our credit model, and I have given you a snapshot of the model that we publish on our website. Just go to the credit tab of strategy.com, and you can run this model. What you see is that the BTC rating of the company overall is 3.7. You can see the BTC model credit risks on the debt look like five basis points. On the digital credit, range from 108-209 basis points. The market credit spreads are much, much higher. This is very compelling credit. You are getting paid a premium to the model credit rate. We calculate the spread premiums here, and they range anywhere from 412 basis points to 776 basis points. With our announcement of our USD reserve today, we've substantially decreased the risk in this credit model, and we've given ourself the flexibility to very dynamically manage our dividend obligations day by day, month by month. On the next slide, I think we've got a few numbers that are interesting. First of all, above one times MNAV, the most efficient thing for a public company like ours to do is to sell the equity. Below one times MNAV, we just get lots of questions. There are skeptics that are doubtful, well, could you sell the Bitcoin? Would you sell the Bitcoin? The answer is yes, we could sell the Bitcoin. We could also sell Bitcoin derivatives. We would do that because that's in the best interest of the shareholders. Because it's in the best interest of the shareholders, it's best for the company and therefore best for the Bitcoin community as well as the credit community as well as the equity investors. Now on the right, I've got some interesting metrics here. First of all, 1.75 years of US dividends. That means, in essence, we can pay the dividends without tapping the capital markets for one year and nine months. We can literally hold our breath for 1.75 years. The second number, 74 years, means that with Bitcoin appreciating 0% a year, we have 74 years of capital that we can use to fund those dividends. The base level, BTC base level, that actually is the price at which our Bitcoin reserve would be equal to our debt or to our liabilities. You can see that it's a fairly low number. It doesn't mean we would be liquidated. There's no margin call. It just means that if Bitcoin went to $10,400 and stayed there, we'd have an issue to work through for two or three years from now, and we would figure out what to do over the next three or four years. There are some percentage numbers that matter. BTC escape velocity. That is the appreciation rate of Bitcoin that is necessary for our company to outperform Bitcoin. If you think Bitcoin's going to appreciate faster than 10.3% a year, then all of our digital credit instruments are actually profitable to the shareholders to sell them. This kind of makes sense because if Bitcoin appreciates 20% or 30% a year and you're paying dividends of 10% a year, you can see how there's an accretion to the common stock. The BTC cruise speed metric, that is the rate of Bitcoin appreciation necessary for us to create shareholder value continuously forever. We might not outperform Bitcoin, but the company will create more value for the shareholders even at a 1.4% appreciation rate. It's a really shockingly low number. BTC stall speed, what does that mean? That means that for us to get to the base level where we're one-on-one collateralized, Bitcoin has to fall 19% per year, every year for the next decade. If Bitcoin keeps falling 19% a year, year over year after year after year, you know, in 10 years, we're just one-to-one collateralized. Of course, we'd have 10 years to figure out what to do. When you look at those metrics and keep them in your mind, you realize that the company's a fairly robust digital credit vehicle. I want to say a little bit more about these options and how we think about them. If we look at the next slide, what I'm showing you is a picture of a digital credit vehicle. The company exists to sell digital credit, right? The flagship product is Stretch, you know, our treasury credit instrument that's paying a monthly dividend. The other four credit instruments, Strife, Stream, Strike, Stride, they also meet certain other needs of the credit markets. Now, that digital credit is delivered in a very efficient rock dividend. Those dividends, as Phong pointed out, amount to about $800 million a year or about $2.2 million a day. The instrument or the vehicle we put together had a large Bitcoin reactor in the middle of it as of a number of months ago. That $59 billion of Bitcoin, that's 74 years of energy, assuming that Bitcoin trades 0% ARR. A huge amount of economic energy in that reactor. However, Bitcoin is volatile, and what we want to do is deliver a digital credit product to volatility-adverse investors. We want to assure them that Bitcoin volatility is never going to impact their dividends. In order to do that, we added a US dollar reserve. Think of it as a USD battery. We're basically using a nuclear reactor to spin a generator to charge a battery. Where does this happen? It happens in submarines. It happens in hybrid cars. It happens in spaceships. It's very, very common to turn a turbine and to charge a battery. We think of the USD reserve as our battery in order to provide very, very smooth, continuous dividends that are decoupled from the volatility of the capital markets. Now, we have access to the capital markets, and there are three different sets of capital markets the company can tap. We can tap the equity capital markets. There is a $3.6 billion a day liquidity pool in our equity in order to fund our dividends. That means we have to tap six basis points of that equity capital, six one-hundredths of 1%. It's minuscule. 1% would be a small amount, right? 2% is about the minimum we can do. We are talking about an extreme small fraction that covers the entire $2.2 million a day. Having said that, let's assume that the equity capital markets were irrational or just not enthusiastic about this business model. That would be indicated by our equity trading at a discount to NAV. In the event that the equity capital markets traded at a discount to NAV, we have a second drive, the BTC drive. We're tapping into the commodity capital markets. Bitcoin is a commodity. It's about $50 billion a day liquidity, much, much larger than our MSTR equity. In fact, we wouldn't need any more than a very small fraction, about four tenths of one basis point. Again, four tenths of 1% of 1% of the entire Bitcoin commodity market in order to finance our dividends. This is a very efficient market for us. You can see this. This market operates 24/7, 365 on 1,000 exchanges. In fact, it's the greatest capital market in the world or the greatest free capital market in the world. There are skeptics and cynics that have been of the opinion that we couldn't or wouldn't or don't have the will to sell Bitcoin in order to finance the dividends. That sometimes becomes a negative short narrative. I think it's important for us to dispel this notion. Not only can the company sell Bitcoin in order to pay the dividends, the company can actually sell highly appreciated Bitcoin, pay the dividends, and then continuously increase its Bitcoin holdings in Bitcoin every quarter forever. The increase in Bitcoin holdings is a function of the digital credit and the appeal of the digital credit. Funding of the dividends via equity or commodity capital markets is really just an elective decision we make based upon market conditions. In the event that we wanted to, we have a third option, which is very powerful because the BTC derivatives market built on top of Bitcoin has $100 billion a day of liquidity. If we wanted to, we could fund by selling these derivatives. We can engage in the basis trade, the futures trade. We could sell call options or out-of-the-money options of various types. That would amount to about two tenths of one basis point, 0.2 basis points. It is almost impossible that we are getting close to a tenth of a hundredth of the market. Now, when you take all of these things together and consider it in its entirety, what you can see is the company has built, we have built the world's first digital credit vehicle. We have three different drives that we can tap into: three different capital markets, the derivatives market, the commodity market in Bitcoin, and the equity capital markets. We can tap into these markets depending upon which provides the lowest cost of capital. We can use it to pay the dividends. Of course, all three of those markets have massive amounts of liquidity. There are some people that will say, well, if you sell Bitcoin, that means you're not committed to Bitcoin. That's not really true. As I said before, we can sell a tenth of a basis point or a few basis points of Bitcoin to fund a dividend and then simultaneously acquire additional and 10x more Bitcoin via selling the credit instruments. Now, the question then is, is that sustainable? I'll give you a model. If you were in the real estate business and you had $60 billion of real estate, if the real estate's appreciating 10% a year, even if the real estate doesn't pay any rent, you can always break off $1 billion out of your $70 billion of real estate. You can sell it. You can pay your dividend obligations. You still have $69 billion. You can go back to the credit markets and you can raise more capital by issuing more credit or refinancing your existing credit. You can buy more real estate. The real question here is, is the real estate appreciating at 1.3% a year? Is it appreciating at like our break-even rate? Is it appreciating at 10% or more a year, which is our escape velocity? Is real estate flat? We happen to believe that Bitcoin is appreciating faster than our escape velocity. Therefore, the business model should outperform holding Bitcoin itself and should provide a premium to Bitcoin benefit and BTC yield for our equity investors. We also believe that we can continuously fund our dividends by switching between the derivatives, the commodity, and the equity capital markets from time to time if we need to. We believe that the digital credit instruments are very compelling, unique offerings that should continually grow in popularity. Our announcement today is that we're going to attach a US dollar reserve to our BTC reserves in order to smooth the volatility, in order to improve the creditworthiness of the company, improve the creditworthiness of the digital credit, and provide the management team with a long time frame. I mean, we can take 21 months to decide which of those capital markets we wish to tap. We can continuously tap into any of those capital markets to increase the size of the reserve or to increase the size of our Bitcoin holdings continuously. It is our intention to continue to stack Bitcoin. We'll keep increasing the Bitcoin reserve. We will increase the USD reserve proportionate to our dividend obligations. We'll make rational decisions that are in the best interest of the equity shareholders. We believe that what's good for the equity shareholders is good for the company. What is good for the company will be good for the Bitcoin community and good for the entire digital assets economy because we are contributing to the commodity market, the Bitcoin market, by acquiring and holding Bitcoin. We are contributing to the equity capital markets by providing a very compelling digital credit equity. We are contributing to the credit markets by offering compelling digital credit. As you can see from this diagram, they are all very much integrated. The announcement of our $1.44 billion US dollar reserve is the most exciting new addition to our digital credit vehicle and upgrade to our strategy. Thank you for your support and thank you for your attention today.