MSTR Q4 2025 Earnings Presentation

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2 Strategy Q4 2025 Earnings Call Safe Harbor Statement Some of the information we provide in this presentation regarding our future expectations, plans, and prospects may constitute forward-looking statements. Actual results may differ materially from these forward- looking statements due to various important factors, including fluctuations in the price of Bitcoin and the risk factors discussed in our Current Report on Form 8-K filed with the SEC on October 6, 2025 and under the caption “Risk Factors” in Strategy’s Quarterly Report on Form 10-Q filed with the SEC on November 3, 2025 and the risks described in other filings that Strategy may make with the SEC. We assume no obligation to update these forward-looking statements, which speak only as of today. FORWARD-LOOKING STATEMENTS

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4 Strategy Highlights 713,502 Bitcoin Holdings 3.4% of all BTC ever to be in existence STRF / STRK / STRD / STRC / STRE Five Listed Preferreds $25.3 Billion 2025 Capital Raised Note: As of 8-K filed on February 2, 2026. Market capitalization as of January 30, 2026.

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5 S&P Credit Rating First-ever rating of a Bitcoin Treasury Company by a major credit rating agency FY 2025 Corporate Highlights No CAMT Treasury/IRS guidance clarified no unrealized capital gains tax on BTC USD Reserve $2.25 billion provides 2.5 years of dividend coverage Index Inclusion MSCI confirmed DATs will remain in their indexes Fair Value Accounting Adoption of FASB Fair Value Accounting starting Q1 2025

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7 Q4 2025 Financial Results Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 (Prev. Year) (Prev. Quarter) Operating Income ($1.0B) ($5.9B) $14.0B $3.9B ($17.4B) Net Income(1) ($0.7B) ($4.2B) $10.0B $2.6B ($12.6B) EPS(2) ($3.03)/sh ($16.49)/sh $32.60/sh $8.42/sh ($42.93)/sh (1) Net Income attributable to common stockholders. (2) Diluted earnings per common share. • 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 or benefit on the income statement, calculated based on the change in fair market value of BTC holdings.

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8 FY 2025 Financial Results FY 2024 Target FY 2025(1) Result FY 2025 ($93,400 BTC) ($85,000 BTC) ($110,000 BTC) ($87,515 BTC) Operating Income ($1.9B) ($7.0B) $9.5B ($5.4B) Net Income(2) ($1.2B) ($5.5B) $6.3B ($4.2B) EPS(3) ($6.06)/sh ($17)/sh $19/sh ($15.23)/sh (1) FY 2025 Targets as of 12/1/2025. (2) Net Income attributable to common stockholders. (3) Diluted earnings per common share.

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10 (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. $12.8B- $8.4B $8.9B FY 2025 Target FY 2025 Result 26.0%- 22.0% 22.8% FY 2025 Target FY 2025 Result ₿TC Yield % (1) ₿TC $ Gain ($ billion) (1) ₿101,873 FY 2025 Result ₿TC Gain (1) Reflects the incremental value generated through Strategy treasury operations BTC KPI Targets vs. Results for FY 2025 FY 2025 Targets as of 12/1/2025.

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11 56,598 83,353 84,872 91,097 158,826 194,986 195,563 2020 2021 2022 2023 2024 2025 2/1/2026 (Sats per Share) Note: Provided for illustrative purposes only. (1) BTC Yield is not equivalent to "yield" in the traditional financial context. BTC Yield is a KPI that represents the percentage change in BPS from the beginning of a period to the end of a period. Refer to the Appendix for more information about BTC Yield. BTC Yield Strategy Has Consistently Delivered BTC Yield(1) Since 2020

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13 $35 Billion Increase in Digital Assets Value since 12/31/2024 12/31/2024 Fair Value Adoption 1/1/2025 12/31/2025 Digital Assets $23.9B +$17.9B $41.8B $58.9B Cash & Cash Eq. $0.0B - $0.0B $2.3B Deferred Tax Liability(1) ($1.5B) +$5.1B $3.6B $1.9B Long-Term Debt(2) $7.2B - $7.2B $8.2B Preferred Equity - - - $6.9B Common Equity $18.2B +$12.7B $31.0B $44.2B Total Equity (Pref + Common) $18.2B +$12.7B $31.0B $51.1B 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. Note: All figures on this slide tie to items on our balance sheet, as disclosed in our 10-Q’s/10-K’s as of the respective dates. (1) Net of deferred tax assets. (2) Primarily convertible debt. Net of current portion of long -term debt. 1 1 2 2

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14 $14 Billion Decline in Digital Assets Value in Q4 2025 ($ in Billions) $73.2 -$17.2 $3.1 -$0.2 $58.9 9/30/2025 BTC Holdings Market Value 12/31/2025 BTC Holdings Market Value BTC Price Change (Holdings as of Q3/25) BTC Purchased (Q4/25 Purchases) BTC Price Change (Q4/25 Purchases) BTC Count 640,031 Additions: 32,470 672,500 BTC Mkt. Price(1) $114,378 Avg Price: $94,986 $87,515 Unrealized FMV loss = ~$17.4B (1) The market price of bitcoin as of 4:00pm ET as reported on the Coinbase exchange on the last day of the applicable period, or , in the case of the average market price, the average purchase price of BTC acquired during the applicable period.

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15 $17 Billion Increase in Digital Assets Value in FY 2025 15 -$2.6 $22.5 -$2.8 $58.9 $41.8 12/31/2024 BTC Holdings Market Value 12/31/2025 BTC Holdings Market Value BTC Price Change (Prior Holdings) BTC Purchased (2025 Purchases) BTC Price Change (2025 Purchases) BTC Count 447,470 Additions: 225,030 672,500 BTC Mkt. Price(1) $93,390 Avg Price: $99,840 $87,515 $23.9 $17.9 Unrealized FMV gain recognized in retained earnings ($ in Billions) Unrealized FMV loss = ~$5.4B (1) The market price of bitcoin as of 4:00pm ET as reported on the Coinbase exchange on the last day of the applicable period, or , in the case of the average market price, the average purchase price of BTC acquired during the applicable period.

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16 2.5 Years of Dividend Coverage through USD Reserve Notional Value ($M) Coupon or Dividend % Annual Interest Expense or Dividend ($M)(2) Converts $8,214 0.42%(1) $35 Interest on Debt $8,214 $35 STRF $1,284 10.00% $128 STRC $3,379 11.25%(3) $380(4) STRE $921 10.00% $92 STRK $1,402 8.00% $112 Cum. Dividends on Pref. Equity $6,986 $713 STRD $1,402 10.00% $140 Non-cum. Dividends on Pref. Equity $1,402 $140 Total $888 USD Reserve $2,250 Note: As of February 1, 2026. Assumes USD/EUR conversion rate of 1.1882. (1) Represents the weighted average coupon rate on all convertible debt. (2) Represents interest / dividend obligations for the next 12 months based on the number of securities of each class outstanding as of February 1, 2026. (3) Current per annum dividend rate; this rate, and the corresponding dividend expense, is subject to change in subsequent monthly periods. (4) Assumes the current 11.25% per annum dividend rate remains constant for the next 12 months.

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17 MSCI Announced Results of the Consultation on DATs Dec 10, 2025: Strategy’s Response to MSCI’s Consultation Jan 6, 2026: MSCI announcement “MSCI has determined at this time not to implement the proposal to exclude digital asset treasury companies ("DATCOs") from the MSCI Global Investable Market Indexes ("MSCI Indexes") as part of the February 2026 Index Review. However, MSCI intends to open a broader consultation on the treatment of non-operating companies generally. This broader review is intended to ensure consistency and continued alignment with the overall objectives of the MSCI Indexes, which seek to measure the performance of operating companies and exclude entities whose primary activities are investment-oriented in nature.” Oct 10, 2025: MSCI’s Consultation on DATs “MSCI is conducting a consultation on a proposal whether to exclude companies whose primary business involves Bitcoin or other digital asset treasury activities from the MSCI Global Investable Market Indexes, if digital asset holdings represent 50% or more of their total assets.”

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19 Join us at Strategy World 2026 in Las Vegas

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20 38.3 70.5 91.3 105.1 114.0 124.4 129.2 129.7 130.0 132.5 140.0 152.3 158.2 189.2 214.3 226.3 252.2 447.5 528.2 597.3 640.0 672.5 713.5 Growth in Bitcoin Treasury Reserve Strategy has acquired additional bitcoin in every quarter since Q3 2020 – 97 acquisitions Bitcoin Holdings (in ‘000s) Note: (1) As of 8-K filed on February 2, 2026. 713,502 BTC Holdings $76K Average BTC Purchase Price $54B Total Acquisition Cost (1) 3.4% of all BTC ever to be in existence

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21 Note: As of 8-K filed on February 2, 2026. Common equity issued via at-the-market offering. Preferred stocks issued via public offerings and at-the-market offerings. ($ in billions) Robust Access to Capital Markets Raised $25B in 2025 through seven different securities $3.4 $16.3 $16.3 $0.4 $7.0 $2.0 $6.2 YTD 2026 FY 2025 FY 2024 Common Equity Preferred Equity Convertible Debt $1.20 $2.68 $0.72 $1.25 $1.19 STRF STRK STRC STRD $22.6 $25.3 STRE $3.9

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22 Strategy was the Largest US Equity Issuer in 2025 $23.3B $16.3B $7.0B Total Equity Raised Common Equity Preferred Equity 8% of Equity Market 6% of Common Equity Market 33% of Pref Equity Market Banking Partners Source: ECM Analytics, Company filings, Dealogic, Capital IQ, Private Raise and InsiderScore as of January 21, 2026. Note: Is suance values by deal type in $ billions. Note: Excludes deals sub $25M, secondary follow-ons, SPAC IPOs, direct listings, de-listed companies, mandatories. Includes PIPEs closed in 2025 and both registered & unregistered bought deals. Assumes USD/EUR conversion rate of 1.1561 at the time of STRE IPO.

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23 Institutional Research Analysts have Embraced Bitcoin BTC MSTR Firm 2026 Price Target Price Target Rating Benchmark $225K $705 Buy Bernstein $150K $450 Buy BTIG $150K $630 Buy Canaccord $185 Buy Cantor $108K $213 Buy Citi $143K $325 Buy Clear Street $90K $268 Buy Compass Point $130K $550 Buy HC Wainwright $175K $500 Buy Maxim $150K $425 Buy Mizuho $403 Buy Stifel $645 Buy TD Cowen $177K $440 Buy Average $150K $441 BTC & MSTR Forecasts from Coverage Analysts Note: Analyst information compiled from Bloomberg as of January 30, 2026. Any ratings, price targets, and other views (including any bitcoin price forecasts) are those of the independent third-party research firms identified above. Strategy and its management do not endorse or adopt these views and assume no responsibility for their accuracy or completeness; does not constitute investment or tax advice and should not form the basis for an investment in MSTR, STRD, STRK, STRE, STRC, STRF or any other security. Information may change without notice, and actual results may differ materially. This material is for informational purposes only and is not investment advice or a recommendation to buy or sell any security. Copies of the underlying reports are available directly from the issuing firms; Strategy does not distribute research.

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25 2025 Marked the Launch of Digital Credit STRK IPO $584M 1st digital credit instrument Jan 31 Mar 21 STRF IPO $723M 1st fixed perpetual digital credit instrument Jul 25 STRD IPO $1.0B 1st non cum. digital credit instrument Nov 7 STRC IPO $2.5B 1st treasury digital credit instrument Jun 6 STRE IPO $717M 1st Euro digital credit instrument Note: These figures represent the gross proceeds raised in each IPO. Assumes USD/EUR conversion rate of 1.1561 at the time of STRE IPO.

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26 STRC STRF STRD STRK STRE Treasury Credit Lowest Risk Highest Yield Upside Exposure Euro-Denominated Size $3.4B $1.3B $1.4B $1.4B $0.9B(5) Liquidity(1) $118M $33M $11M $14M - Dividend % 11.25% (Variable) 10% (Fixed) 10% (Fixed) 8% (Fixed) 10% (Fixed) Div. Frequency Monthly Quarterly Quarterly Quarterly Quarterly Effective Yield % 11.4% 10.0% 13.7% 9.4% 13.0% Tax-Eq. Yield %(2) 18.0% 15.9% 21.8% 14.9% 20.6% Conversion - - - 10:1 (MSTR) - Volatility(3) 7% 24% 27% 32% - Eff. Duration Short Long Long Long Long BTC Rating(4) 5.6x 8.2x 4.2x 4.6x 5.2x Digital Credit Overview (1) 30D Average Trading Volume as of 1/30/26. (2) Assuming a U.S. individual holder with a 37% marginal U.S. Federal Income Tax-Rate and return of capital treatment on Strategy dividends. See Appendix for more details. (3) 30-day historical volatility as of 1/30/26. (4) 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. (5) Assumes USD/EUR conversion rate of 1.1882.

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27 CAMT Guidance No unrealized capital gains tax on BTC Oct 1 Seasoning of Digital Credit Jul 25 Nov 4 STRC at Par $100 for 1st time Dec 1 USD Reserve 2-3 Yrs. of Dividend Coverage Today S&P Rating ‘B-’ Issuer Credit Rating Oct 27 STRC IPO $2.5B 1st treasury digital credit instrument Building BTC Base +105,732 BTC Acquired since STRC IPO

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28 STRC (Stretch) is Treasury Credit 11% / 18% Effective Yield / Tax- Equivalent Yield $100 price 7% volatility 5.6x BTC Rating Designed to provide income, price stability, liquidity Monthly dividends; ROC treatment expected for 10+ years Versus ~4% average yield on traditional credit ($300 trillion market)(2) Mechanism designed to support stable price at $100 Strips away the interest rate risk and duration risk of traditional credit High Asset Coverage, plus 2-3 Years of Dividend Coverage Versus ~2x collateral coverage of traditional corporate credit with risky cashflows $100M+ Daily Liquidity NASDAQ-listed, highly-liquid, easily accessible Accessible through major brokerages plus modern platforms - Robinhood, CashApp, SoFi, etc. Versus opaque over-the-counter trading of traditional credit (1) (1) Annualized coupon rate on an instrument for a U.S. individual to achieve the same after-tax effective yield assuming a 37% federal marginal tax rate and return of capital treatment on Strategy dividends. See appendix for more details. (2) Approximate numbers from public sources. Actual numbers may vary. (3) 30-day historical annualized volatility as of 1/30/2026. (4) Asset Coverage is tied BTC Reserve and Dividend Coverage is tied to USD Reserve. (5) 30-day average daily trading volume as of 1/30/2026. (3) (5) (4)

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29 $64B $60B $8.4B $8.2B Enterprise Value BTC Reserve Preferred Equity Convertible Debt Strategy’s Balance Sheet is a Digital Fortress Note: Market data as of January 30, 2026. BTC and ATM data as of 8-K filed on February 2, 2026. Amplification is equal to the sum of our notional debt and preferred equity outstanding, divided by the value of our BTC Reserve. Net Leverage is equal to the sum of our notional debt outstanding less the USD Reserve, divided by the value of our BTC Reserve. 1.1x mNAV 10% Net Leverage 28% Amplification

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30 Strategy’s Leverage Remains Well Below the S&P 500 Universe Average Net Debt / Assets by Rating Average Net Debt / Assets by Sector 10.0% 15.7% 20.7% 22.0% 23.1% 23.6% 24.9% 34.4% 40.1% 42.4% 48.2% $6.0B Net Debt(1) 10.0% Net Leverage(2) 10.0x BTC Rating Source: S&P 500 companies from Bloomberg as of 1/27/2026. Figures represent simple average of Net Debt / Total Assets. Excludes Financials sector. Credit ratings represent S&P Long Term Issuer Rating, excludes not rated companies. (1) Calculated as the sum of our notional debt outstanding less the USD Reserve. (2) Calculated as the ratio of Net Debt to B TC Reserves. 10.0% 23.1% 31.9% Strategy A - AAA Rated B - BBB Rated

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31 Converts are Fully Covered Even After 90% BTC Price Decline Note: As of January 30, 2026. USD Reserve as of 8-K filed on February 2, 2026. (1) Net Debt is the sum of our notional debt outstanding less the USD Reserve. $59.7B $6.0B BTC Reserve Net Debt $6.0B $6.0B BTC Reserve Net Debt 10.0x BTC Rating 1.0x BTC Rating Current Balance Sheet $84K BTC Price Extreme Downside 90% Decline: $8K BTC Price Convertible Debt Notes have staggered maturities & put dates between 2027-32. Strategy plans to equitize existing convertible debt over time and avoid issuing additional senior debt. 90% price decline (1) (1)

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32 Our BTC Reserve Creates Long-Term Durability (1) Annual dividends and interest expenses as of February 1, 2026. BTC data as of 8-K filed on February 2, 2026. Assumes USD/EUR conversion rate of 1.1882. (2) Years of coverage includes interest payments on all current debt senior to the our preferred stock, and assumes that we will refinance all such debt on substantially similar terms without any princ ipal repayment. (3) The ratio of the sum of annual dividends and interest expenses to the market value of our bitcoin holdings. $60B $888M BTC Reserve Dividends 67 Years of Dividend Coverage(2) 1.5% BTC Breakeven ARR(3) BTC Reserve (1)

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33 $2.25B $888M USD Reserve Dividends Our USD Reserve Strengthens Our Creditworthiness (1) Annual dividends and interest expense as of February 1, 2026. USD Reserve as of 8 -K filed on February 2, 2026. Assumes USD/EUR conversion rate of 1.1882. (2) Assumes no use of USD Reserve funds for satisfaction of other financial obligations that come due during this period, including put rights and maturities on our convertible debt. 30 Months of Dividend Coverage(2) 2.5 Years of Dividend Coverage(2) USD Reserve (1)

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34 We have Taken Positive Actions since Getting an S&P Rating ‘B-’ Stable Outlook Issuer Credit Rating from S&P • First-ever published rating of a Bitcoin Treasury Company by a major credit rating agency. • Framework: Rated under Non-Bank Financial Institution (NBFI) methodology, reflecting hybrid capital structure and bitcoin exposure. • Bitcoin treatment: Deducted from equity, driving negative Risk-Adjusted Capital (RAC); assumed to have “significant market risk” uncorrelated to traditional market risks. • USD Reserve: Established a $1.44B USD Reserve in less than 2 weeks and subsequently scaled it to $2.25B. • Maintained Robust Access to Capital Markets: Raised over $9.3B capital and purchased 72,300 BTC in ~3 months in a challenging market with poor BTC sentiment. • Consistent Dividend Payments: Continued to fulfill all interest and dividend payments across convertible debt and preferred equity, totaling $223M in ~3 months. Positive Actions taken since Receiving the Rating in Oct 2025 Note: Assumes USD/EUR conversion rate of 1.1561 at the time of STRE IPO.

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35 Expanding the Distribution & Awareness of STRC Field Marketing • Industry conferences • Leveraged finance events • Teach-in sessions for advisors, brokers, RIAs, family offices, etc. Digital Marketing • Social media (X, YouTube) and traditional media (WSJ) • Strategy.com, Strategy App • Interviews, podcasts Distribution • Brokerages including Robinhood, Cash App • Wealth management, broker dealers, RIAs • Integration into crypto (Buck, Saturn, APYX) & TradFi products (hope) • Tokenization & ETF integrations

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36 $90 $91 $92 $93 $94 $95 $96 $97 $98 $99 $100 $101 $102 $103 $104 $105 If VWAP for the month is between $95-$99, we will recommend a 25 bps or more rate increase. If VWAP for the month is less than $95, we will recommend a 50 bps or more rate increase. Target Price Range If VWAP for the month is above $101, we will recommend a rate decrease and/or a follow-on offering. Update to our rate adjustment guidance to maintain the target price range: Full-month VWAP STRC Credit Guidance Note: All recommended dividend rate changes under this framework are subject to approval by the Company’s Board of Directors, and dividends will only be declared and paid when, as, and if the Board determines such changes are in the best interest of the Company and its stockholders. Recommendations may be adjusted to reflect prevailing market conditions at the time of recommendation. This structured approach is intended to maintain the trading price of STRC Stock near its $100 per share stated amount. There can be no assurance that the recommended dividend adjustments will achieve such intention. Strategy may change or suspend this framework at any time in its sole discretion, consistent with the terms of the STRC Stock.

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38 58% 43% 27% 17% 14% 5% 3% -3% MSTR Bitcoin Magnificent 7 Gold S&P 500 Real Estate Money Bonds MSTR Common Equity is Amplified Bitcoin (2) (4) 1111% 604% 397% 106%133% 33% -17% Total performance Source: FactSet as of February 1, 2026. Note: Past performance is not indicative of future results. (1) Since we announced the Bitcoin Treasury Strategy. (2) Real Estate refers to iShares Residential and Multisector Real Estate ETF (REZ). (3) Money refers to Vanguard Federal Money Market Fund (VMFXX). (4) Bonds refers to PIMCO Active Bond ETF (BOND). 17% (3) Annualized Asset Performance since we adopted Bitcoin Strategy, August 10, 2020(1)

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39 Our Business Objective is to Increase Bitcoin Per Share (BPS) Strategy issues Digital Credit to increase BTC exposure and create shareholder value 56,598 83,353 84,872 91,097 158,826 194,986 195,563 2020 2021 2022 2023 2024 2025 2/1/2026 (Sats per Share) BTC Yield Note: BTC Yield is not equivalent to "yield" in the traditional financial context. BTC Yield is a KPI that represents the percentage change in BPS from the beginning of a period to the end of a period. Refer to the Appendix for more information about BTC Yield.

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40 Low: 1.4x Increase in Bitcoin Per Share in 7 Years 195K 205K 216K 227K 238K 250K 262K 274K 2025 2026 2027 2028 2029 2030 2031 2032 Year Bitcoin per Share (In Sats) Assuming 10% Digital Credit Sales, 10% Dividend Rate, and 1.34x mNAV 1.4x Increase in BPS 5% Annual BTC Yield Note: Provided for illustrative purposes only. Assuming 30% BTC ARR and Digital Credit sales at $100 par.

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41 Medium: Double Bitcoin Per Share in 7 Years 195K 215K 237K 262K 288K 317K 348K 381K 2025 2026 2027 2028 2029 2030 2031 2032 Year Bitcoin per Share (In Sats) Assuming 16% Digital Credit Sales, 9% Dividend Rate, and 1.75x mNAV 2.0x Increase in BPS 10% Annual BTC Yield Note: Provided for illustrative purposes only. Assuming 30% BTC ARR and Digital Credit sales at $100 par.

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42 High: 2.5x Increase in Bitcoin Per Share in 7 Years 195K 222K 255K 291K 333K 379K 432K 492K 2025 2026 2027 2028 2029 2030 2031 2032 Year Bitcoin per Share (In Sats) Assuming 20% Digital Credit Sales, 8% Dividend Rate, and 2.25x mNAV 2.5x Increase in BPS 14% Annual BTC Yield Note: Provided for illustrative purposes only. Assuming 30% BTC ARR and Digital Credit sales at $100 par.

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43 Objective of Doubling BPS in 7 Years through Digital Credit Target selling Digital Credit equal to 10-20% of BTC Reserves annually Lower cost of credit Higher Digital Credit sales Higher mNAV Enhanced by flexing these levers 1 2 3 Sell Digital Credit Generate Amplification Outperform BTC Increase BPS

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45 Donald J. Trump is the Bitcoin President Intent on Making America: 1. The Bitcoin Superpower 2. The Crypto Capital of the World 3. The Leader in Digital Assets

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46 The U.S. Government has embraced Bitcoin Robert F. Kennedy Health and Human Services Secretary Howard Lutnick Commerce Secretary David Sacks AI and Crypto Czar Kelly Loeffler SBA Administrator Tulsi Gabbard National Intelligence Director Scott Bessent Treasury Secretary Paul Atkins SEC Chairman J.D. Vance Vice President Kash Patel FBI Director William Pulte Federal Housing FHFA Director Kevin Warsh Fed Chair Nominee Michael Selig CFTC Chairman

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47 Capitol Hill Has Embraced Bitcoin Bitcoin Act Clarity Act Genius Act Bitcoin for America Act

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48 IBIT Trading Credit Against IBIT Trade BTC Custody BTC Credit Against BTC Bank of America Barclays BNY Mellon Charles Schwab Citigroup Fidelity Goldman Sachs JPMorgan Chase Morgan Stanley Nomura Santander Standard Chartered TD Securities U.S. Bank Wells Fargo Big Banks Have Embraced Bitcoin Legend Full Partial Early Stage None Note: Data reflects approximate bank activity based on publicly available sources as of February 4, 2026. Service offerings may vary by client type, geography, and access channel. Actual capabilities may differ from publicly disclosed information.

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49 TradFi and FinTech Have Embraced Bitcoin Note: Approximate figures from public sources. Totals show gross accounts at platforms that offer bitcoin exposure (spot or ETP/ETF) and are not adjusted for overlap, eligibility, or account activity. Upper bound on potential reach. Actual numbers may vary. As of January 26, 2026. Number of Accounts with BTC Trading Access 615M 800M 125M 715M 860M 430M 835M 980M 500M Crypto Native Exchange FinTech and Neobanks Brokerages, Banks, and Wealth Management 2024 2025 2026

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50 ETFs Have Embraced Bitcoin Source: Dune & ETFGI. As of January 26, 2026. BTC Holdings of US-Listed Spot BTC ETFs 125+ ETPs Launched Globally 1.4M BTC Holdings $120B BTC Value 0.8M 0.9M 0.9M 1.1M 1.1M 1.2M 1.3M 1.4M Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25

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51 More Companies Are Embracing Bitcoin Each Year 0 2 33 39 43 64 194 2019 2020 2021 2022 2023 2024 2025 Publicly Traded Companies with BTC on Balance Sheet Source: Blockware & BitcoinTreasuries.Net. As of January 2026. 1.1M BTC Acquired $100B BTC Value

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52 Public Markets Have Embraced Bitcoin Index Inclusion IPOs Q3 2025 Q2 2025 Q3 2025 Q1 2026 (Future) Q3 2025 Q3 2025 Q3 2025 Note: As of January 26, 2026. S&P 500 S&P 500 S&P 500 Goldman Sachs (Confidential) J.P. Morgan Goldman Sachs J.P. Morgan

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53 Quantum and our Commitment to Bitcoin Security Bitcoin FUD is Inevitable Functionality FUD Ponzi FUD Volatility FUD Critical Bug FUD Illicit Activity FUD Regulatory FUD Mining Centralization FUD 51% Attack FUD Market Manipulation FUD Governance FUD Scalability FUD Latency FUD Storage Bloat FUD Energy / Climate FUD Security Budget FUD Wealth Concentration FUD Nation State Attack FUD Crypto FUD Paper BTC FUD Quantum FUD Our Position on Quantum Computing: 1. Quantum computing is 10+ years away; it is a promising but nascent technology. 2. Many industries, including financial services and defense, are dependent on traditional cryptography. 3. Significant global investment is going into building quantum - resistant protocols. 4. The Bitcoin community is engaging on research and development efforts. 5. If Bitcoin requires an upgrade, there will be global consensus. 6. Bitcoin will be stronger after a quantum upgrade. 7. Strategy will initiate a Bitcoin Security program that coordinates with the global Cyber, Crypto, and Bitcoin security community. Note: FUD denotes “Fear, Uncertainty, and Doubt”.

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55 Mkt Value Ann. Return(2) 30-D Volatility Effective Yield MSTR $50B 58% 63% - BTC 43% 45%(3) - STRK $1B 32% 9% STRD $1B 27% 14% STRE €1B 13% STRF $1B 24% 10% STRC $3B 7% 11% We Structure and Securitize Bitcoin Bitcoin ~$1.7 Trillion Mkt Cap Lower Volatility & Leverage Higher Volatility & Leverage Note: Market data as of January 30, 2026. (1) As of 8-K filed on February 2, 2026. (2) Annualized return since August 10, 2020. (3) 30-D Volatility of IBIT. 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 Billion Daily Liquidity 713,502 BTC(1) ~$60B USD

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56 We have built the world’s first Digital Credit Vehicle BTC Derivatives BTC MSTR $100B/day 0.2 bps $70B/day 0.3 bps $3.5B/day 6.9 bps Dividends STRC STRE STRF STRK STRD BTC USD $60B 67 Years 30 Months $2.2B For illustrative purposes only. Bps metric shows ratio of daily Dividends to the daily traded volume of BTC derivatives, BTC, and MSTR respectively. Daily Dividends refers to annual dividends and interest expense divided by 365. $2.4M/day

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57 Strategy transforms Digital Capital into Digital Credit Value Value

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58 Strategy transforms Digital Capital into Digital Credit We create Currency USD, EUR, etc. We reduce Risk Overcollateralized, Seniority We dampen Volatility Par value $100 We distill Yield Fixed income rate % We compress Duration Monthly cash dividends

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59 STRC T ax-Equivalent Yield vs. Other Credit Instruments 17.9% 11.3% 8.4% 6.5% 6.3% 4.8% 4.7% 3.7% 3.6% 3.6% 0.4% STRC STRC Private Credit Junk Bonds Bank Preferreds Investment Grade Mortgage Backed Treasury Bills Money Markets Commercial Paper Bank Accounts Provided for illustrative purposes only; does not constitute investment advice and should not form the basis for making an investment decision in STRC or any other security. Tax-Equivalent Yield calculated assuming a U.S. individual holder with a 37% U.S. Federal Income Tax-Rate. STRC Yield uses an 11.25% Effective Yield at Par. STRC Tax-Equivalent Yield calculated using an 11.25% Effective Yield at Par divided by 1 less a 37% U.S. Federal Income Tax-Rate. See Appendix for more details. Source: Bloomberg and FRED as of January 26, 2026. STRC data as of 2/1/26. (Tax-Eq. Yield) (at Par)

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60 STRC T ax-Equivalent Yield vs. Other Currencies(1) 17.9% 11.3% 3.8% 3.8% 3.7% 3.7% 2.4% 2.2% 2.0% 1.2% 0.7% -0.1% STRC STRC AUD GBP USD AED KRW CAD EUR SGD JPY CHF Provided for illustrative purposes only; does not constitute investment advice and should not form the basis for making an investment decision in STRC or any other security. Tax-Equivalent Yield calculated assuming a U.S. individual holder with a 37% Federal Income Tax-Rate. STRC Yield uses an 11.25% Effective Yield at Par. STRC Tax-Equivalent Yield calculated using an 11.25% Effective Yield at Par divided by 1 less a 37% U.S. Federal Income Tax-Rate. See appendix for further details. (1) Shortest available (1-month or 3-month) sovereign credit rates as reported by Bloomberg as of January 26, 2026. STRC data as of 2/1/26. (Tax-Eq. Yield) (at Par)

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61 STRC has Seasoned and is Trading Near Par 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 10.00% 11.00% 12.00% 13.00% $0 $20 $40 $60 $80 $100 $120 12-Aug-25 12-Sep-25 12-Oct-25 12-Nov-25 12-Dec-25 12-Jan-26 STRC Price BTC Price STRC Rate (30%) 1% +5.3% in Dividends 1-Sep-25 1-Oct-25 1-Nov-25 1-Dec-25 1-Jan-26 1-Feb-26 Note: As of February 1, 2026. 10.00% 10.25% 10.50% 11.00%10.75% 11.25%

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62 0% 5% 10% 15% 20% 18-Nov-25 30-Jan-26 Volatility of STRC has Declined STRC Historical Volatility (30D) 7% Launched $1.44B USD Reserve Scaled USD Reserve to $2.25B 1-Dec-25 5-Jan-26

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63 Size of STRC is Growing through ATM $2.2B $2.4B $2.6B $2.8B $3.0B $3.2B $3.4B Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 $3.4B Note: As of 8-K filed on of February 2, 2026. Notional Value Outstanding (in $B) $578M Added through ATM in 3 months $2.8B

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64 $118.3 $1.1 $0.1 STRC Avg Listed Pref Avg OTC Pref Daily Liquidity of STRC is >$100M STRC trades at over 100x the daily volume of the average listed preferred ($ millions) Note: Data as of January 30, 2026. Avg USD Listed / Non-Listed Prefs reflects 30D ADTV for the top 500 largest U.S. prefs based on amount outstanding. Avg EUR Hybrid reflects BBG LQA empirical total trade volume divided by LQA empirical trade count over 1 month lookback period converted to USD from local currency for 19 select peers. Provided for illustrative purposes only. Past performance is not indicative nor a guarantee of future results.

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65 STRC’s BTC Rating has Improved Relative to BTC Price 3.0x 4.0x 5.0x 6.0x 7.0x 11-Nov-25 11-Dec-25 11-Jan-26 STRC BTC Rating BTC Price 1-Dec-25 5.6x 1-Jan-26 USD Reserve and BTC Equity Base has Expanded Significantly through MSTR ATM Issuance 30-Jan-26

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66 Digital Credit Ecosystem is Emerging Layer 1: Digital Capital 43% ARR / 45% Vol Layer 2: Digital Credit 11.3% Yield / 7% Vol SATASTRC Layer 3: Digital Money 6-8% Yield / <1% Vol $1.7 Trillion Market Cap $70 Billion Liquidity Others$3 Billion Market Cap $100 Million Liquidity $60 Billion BTC Reserves Crypto Token Projects: Buck, Saturn, APYX TradFi Projects: hope (UK-Regulated MPS) ETFs: Upcoming Note: Data as of January 30, 2026.

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67 Digital Money can be Issued in Various Forms Description Possible Partners Digital Money Coin Crypto Token Tether, Circle Digital Money Fund Private or Public ETFs Blackrock, Vanguard Digital Money Account Commercial Banks or Crypto Exchanges JP Morgan, Citi, First Abu Dhabi Bank, Coinbase, Binance

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69 Low: 1.4x Increase in Bitcoin Per Share in 7 Years 195K 205K 216K 227K 238K 250K 262K 274K 2025 2026 2027 2028 2029 2030 2031 2032 Year Bitcoin per Share (In Sats) Assuming 10% Digital Credit Sales, 10% Dividend Rate, and 1.34x mNAV 1.4x Increase in BPS 5% Annual BTC Yield Note: Provided for illustrative purposes only. Assuming 30% BTC ARR and Digital Credit sales at $100 par.

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70 Medium: Double Bitcoin Per Share in 7 Years 195K 215K 237K 262K 288K 317K 348K 381K 2025 2026 2027 2028 2029 2030 2031 2032 Year Bitcoin per Share (In Sats) Assuming 16% Digital Credit Sales, 9% Dividend Rate, and 1.75x mNAV 2.0x Increase in BPS 10% Annual BTC Yield Note: Provided for illustrative purposes only. Assuming 30% BTC ARR and Digital Credit sales at $100 par.

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71 High: 2.5x Increase in Bitcoin Per Share in 7 Years 195K 222K 255K 291K 333K 379K 432K 492K 2025 2026 2027 2028 2029 2030 2031 2032 Year Bitcoin per Share (In Sats) Assuming 20% Digital Credit Sales, 8% Dividend Rate, and 2.25x mNAV 2.5x Increase in BPS 14% Annual BTC Yield Note: Provided for illustrative purposes only. Assuming 30% BTC ARR and Digital Credit sales at $100 par.

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72 MSTR is Designed to Outperform BTC Low Medium High 10% Digital Credit Sales, 10% Dividend Rate, and 1.34x mNAV 16% Digital Credit Sales, 9% Dividend Rate, and 1.75x mNAV 20% Digital Credit Sales, 8% Dividend Rate, and 2.25x mNAV BTC ARR 10% 12% 16% 19% 20% 25% 29% 33% 30% 36% 41% 45% 40% 48% 53% 57% 50% 59% 64% 69% Hypothetical MSTR vs BTC Performance over 7 Years (MSTR measured as Net BPS Appreciation) Note: Provided for illustrative purposes only. Assuming Digital Credit sales at $100 par.

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74 Our BTC Principles Acquire BTC continually while achieving positive BTC Yield.5 Grow rapidly & responsibly subject to market dynamics.6 Issue innovative fixed income securities backed by BTC.7 Maintain healthy, robust, pristine balance sheet.8 Promote global adoption of BTC as a treasury reserve asset.9 Buy and Hold BTC indefinitely, exclusively, securely.1 Prioritize MSTR common stock long-term value creation.2 Treat all investors with respect, consistency, & transparency.3 Structure MSTR to outperform BTC via intelligent leverage.4 74

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78 Software Highlights Q4 2025 & FY 2025 ($ in Millions) $31.9 $37.1 $40.8 $46.0 $51.8 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Subscription Services Revenues Q4 2025 +62% YoY increase 8% 43%37% 12% Product Licenses Support Subscription Services Other Services FY 2025 Total Revenues 3% YoY increase $477.2M Q4 2025 Total Revenues 2% YoY increase $123.0M Total Revenues FY 2025 Breakdown

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79 Real-time mNAV can be Tracked on Strategy.com mNAV is “Multiple of BTC Reserve”, calculated by dividing Enterprise Value by BTC Reserve. 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.

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80 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 ‘25) x 22.8% BTC Yield 2025(1) = 101,873 BTC Gain 2025 101,873 BTC Gain 2025 x $87,515 BTC Price(2) 2025 = $8.9B BTC $ Gain(3) 2025 447,470 225,030 672,500 12/31/2024 BTC Holdings 2024 BTC Purchased 12/31/2025 BTC Holdings BTC Gain 101,873 12/31/2024 BTC Holdings 2025 BTC Purchased 12/31/2025 BTC Holdings (1) Presented for illustrative purposes only. Not equivalent to "yield" in the traditional financial context. (2) BTC Price as of 12/31/2025 (3) Presented for illustrative purposes only. Not equivalent to “gain” in the traditional financial context. Does not represe nt the fair value gain on our bitcoin holdings

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81 Return of Capital (“ROC”) Dividend Guidance Strategy Expects US ROC Treatment for 10 Years or More, Resulting in Tax-Deferred Dividends(1) Represents Strategy's views. Provided for illustrative purposes only; does not constitute investment or tax advice and should not form the basis for an investment in MSTR, STRD, STRK, STRE, STRC, STRF or any other security. Tax treatment of dividends is subject to change based on the financials of Strategy Inc and applicable tax rules. This does not address consequences for non-US investors, who may be subject to withholding on distributions regardless of E&P . E&P may arise in the future, in which case distributions would be treated as qualified dividends (assuming holding period and other requirements are met). Distributions on preferred stock that are classified as “non-taxable return of capital” would result in a decrease in the holder's tax basis. Such decrease in tax basis would then translate into increased taxation for the holder once the holder's tax basis is entirely depleted or the holder sells the shares. Such increase is not reflected in the above comparison. It is important to consult your tax advisor on all aspects of taxation of the product. Actual results may vary materially from these illustrative results. Based on information available as of January 30, 2026. (1) Illustration applies to tax treatment for U.S. persons.. Local jurisdictions might have similar rules, to the extent applicable, Consult your tax advisor. (2) Includes highest marginal US federal tax and potential state and local taxes for US individuals. (3) Applies to US individuals to the extent treated as qualified dividend income. (4) It is possible that a withholding agent may elect to withhold on the entire amount of distributions regardless of E&P , in which case any amounts withheld may be allowed as a refund or credit provided the required information is timely furnished to the IRS. • Strategy has become the world’s most scalable, tax-efficient generator of fixed income. • ROC tax-deferred treatment of dividends results from Strategy’s negative tax earnings & profits (“E&P”). • We expect ROC treatment to continue for the foreseeable future, i.e., ten years or more. • We do not expect US or non-US investors(4) to be subject to US dividend withholding tax. US Dividend / Income Type Tax Characterization Dividend Tax Rate(2) Typical Instruments Return of Capital Reduction of cost basis, tax deferred 0% STRE, STRK, STRF, STRD, STRC Qualified Dividends Dividend Income, taxed at preferential tax rate(3) 20%-35% Common stocks, Preferred stocks Interest Income Ordinary Income, subject to standard income tax rate 37%-55% Bonds, Money markets, Bank accounts

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82 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 2/1/2026 Total Bitcoin Holdings 70,470 124,391 132,500 189,150 447,470 528,185 597,325 640,031 672,500 713,502 Shares Outstanding (in '000s) Class A 76,230 93,214 95,847 149,041 226,138 246,537 261,318 267,468 292,422 312,791 Class B 19,640 19,640 19,640 19,640 19,640 19,640 19,640 19,640 19,640 19,640 Basic Shares Outstanding 95,870 112,854 115,488 168,681 245,778 266,178 280,959 287,109 312,062 332,431 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 5,513 5,513 2029 Convert Shares @$672.40 - - - - 4,462 4,462 4,462 4,462 4,462 4,462 2030 Convert (0.625%) Shares @$149.77 - - - - 5,342 5,342 5,342 5,342 5,342 5,342 2030 Convert (0.000%) Shares @$433.43 - - - - - 4,614 4,614 4,614 4,614 4,614 2031 Convert Shares @$232.72 - - - - 2,594 2,594 2,594 2,594 2,594 2,594 2032 Convert Shares @$204.33 - - - - 3,915 3,915 3,915 3,915 3,915 3,915 STRK Convert Shares @$1,000.00 - - - - - 765 1,220 1,361 1,398 1,402 Options Outstanding 11,570 11,670 15,770 12,936 4,956 4,560 4,158 3,757 3,662 3,369 RSU/PSU Unvested 740 1,050 1,200 2,359 1,845 1,710 1,439 1,374 1,335 1,202 Assumed Diluted Shares Outstanding 124,510 149,234 156,118 207,636 281,735 299,653 314,216 320,040 344,897 364,845 Sats/Share (Adj. Diluted Shares) 56,598 83,353 84,872 91,097 158,826 176,265 190,100 199,984 194,986 195,563 BTC Yield % (YTD) 74.3% 11.0% 19.7% 25.9% 22.8% 0.3% BTC Gain (in BTC Terms) (YTD) 140,631 49,132 88,109 115,956 101,873 1,993 BTC $ Gain $M (YTD) 13,134 4,051$ 9,494$ 13,263$ 8,915 167$ 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 classA 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 underat-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. (2) (3) (1)

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83 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 2/1/2026 Total Bitcoin Holdings 70,470 124,391 132,500 189,150 447,470 528,185 597,325 640,031 672,500 713,502 Shares Outstanding (in '000s) Class A 76,230 93,214 95,847 149,041 226,138 246,537 261,318 267,468 292,422 312,791 Class B 19,640 19,640 19,640 19,640 19,640 19,640 19,640 19,640 19,640 19,640 Basic Shares Outstanding 95,870 112,854 115,488 168,681 245,778 266,178 280,959 287,109 312,062 332,431 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 5,513 5,513 2029 Convert Shares @$672.40 - - - - 4,462 4,462 4,462 4,462 4,462 4,462 2030 Convert (0.625%) Shares @$149.77 - - - - 5,342 5,342 5,342 5,342 5,342 5,342 2030 Convert (0.000%) Shares @$433.43 - - - - - 4,614 4,614 4,614 4,614 4,614 2031 Convert Shares @$232.72 - - - - 2,594 2,594 2,594 2,594 2,594 2,594 2032 Convert Shares @$204.33 - - - - 3,915 3,915 3,915 3,915 3,915 3,915 STRK Convert Shares @$1,000.00 - - - - - 765 1,220 1,361 1,398 1,402 Options Outstanding 11,570 11,670 15,770 12,936 4,956 4,560 4,158 3,757 3,662 3,369 RSU/PSU Unvested 740 1,050 1,200 2,359 1,845 1,710 1,439 1,374 1,335 1,202 Assumed Diluted Shares Outstanding 124,510 149,234 156,118 207,636 281,735 299,653 314,216 320,040 344,897 364,845 Sats/Share (Adj. Diluted Shares) 56,598 83,353 84,872 91,097 158,826 176,265 190,100 199,984 194,986 195,563 YoY Change 56,598 26,755 1,519 6,225 67,730 36,159 578 Bitcoin Per Share (BPS) or Sats Per Share (SPS) Calculation 83 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 classA 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 underat-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, currently 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)

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84 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 res ult from the assumed conversion of all outstanding convertible notes and convertible preferred stock, exercise of all outstanding stock op tion 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 condition s 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, currently 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 bitco in. 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 u ses 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 cha nge 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.

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85 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 liabilitie s, 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 equ ity; 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 as sets. 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 Com pany 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 m arket 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 ga ins 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 neg ative BTC Yield, BTC Gain, and BTC $ Gain, even if we report significant unrealized gain on digital assets for the period.

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86 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 th e 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 stock in perpetuity. We could pay these dividends with cash or, in the case of STRK Stock, by issuing shares of class A common stock. We have issued shares of class A common stock for cash to fund the payment of cash dividends, and we may in the future issue shares of class A common stock in lieu of paying dividends on STRK Stock. As a result, we have experienced, and may experience in the future, increases in Assumed Diluted Shares Outstanding without corresponding increases in our bitcoin holdings, resulting in decreases in BPS, BTC Yield, BTC Gain and BTC $ Gain for the periods in which such 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 th e 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 Compan y’s SEC filings. They should be used only by sophisticated investors who understand their limited purpose and many limitations.

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87 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 Reserve 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 Reserve to BTC $ Equity. Tax Tax-Equivalent Yield, with respect to any preferred security, is the annualized stated interest rate that would be required on a corporate bond trading at par for a U.S. individual investor to receive after-tax cash interest payments equivalent to the cash distributions he or she would receive from the applicable preferred security divided by the current market price of the preferred security, assuming that (i) the stated interest payments under the hypothetical corporate bond are subject to a 37% marginal U.S. federal income tax rate, (ii) such stated interest payments and cash distributions are not subject to any other federal, state or local taxes (which may vary depending on an investor's particular circumstances), (iii) the current dividend rate for such preferred security remains constant for 12 months and dividends on such preferred security are declared and paid in full for such period, and (iv) distributions on such preferred security remain classified as a non-taxable “return of capital,” and are not as taxable dividends, for U.S. federal income and state and local tax purposes. Upon disposition or redemption of the preferred security, an investor will be subject to tax on all prior “return of capital” distributions at the applicable capital gains rate. Upon depletion of an investor's basis in the preferred security, any further distribution is taxable as capital gain. Investors should consult their tax advisors.

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88 Important Information about other Terms used in this Presentation BTC Credit BTC Rating is in the case of (a) any of our indebtedness or perpetual preferred securities, the ratio of (i) our BTC Reserve to (ii) 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; (b) MSTR, the ratio of (i) the sum of the BTC Reserve, less all Debt, less all Pref, plus the USD Reserves, to (ii) MSTR’s Market Cap; and (c) any exchange traded product holding only bitcoin, 1. 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. Equity Component Equity Component % is the ratio between the value of 1/10th of a share of MSTR and the value of one share of STRK.

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89 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 purpo ses 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 illustr ative 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 ill ustrative purposes only, and it does not represent “spread” in the traditional financial context. BTC Reserve 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. 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 BTC Reserve 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. mNAVrepresents a multiple of our BTC Reserve, as of the specified date, calculated as the Company’s enterprise value (as we define it) divided by the BTC Reserve. 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 notiona l value of the Company’s outstanding perpetual preferred stock, less (D) the Company’s most recently reported cash balance value. 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.

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90 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 no t subject to the same liquidity requirements as money market funds. Investors in STRC will not receive the same investor protections as invest ors 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 Securiti es 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 cor poration rather than a statutory trust, and do not operate pursuant to a trust agreement that would require us to pursue one or more stated i nvestment 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. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting, or other professional advice. No representations are made regarding the tax consequences of any actions taken based on the information provided. Investors should consult their own investment, tax, legal and accounting adv isors for any such advice.

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