Watch the full recording of our Q2 2026 earnings call.
Prepared Remarks
00:00:00 - Welcome
00:01:20 - 843,775 BTC, 203,683 sats per share, $17B raised year to date, and Strategy’s position as the largest institutional holder of Bitcoin
00:03:27 - Q2 balance sheet: $49.7B of digital assets, $3.75B current USD reserve, lower debt, higher preferred equity, and strong stress-case coverage
00:08:57 - Bitcoin KPIs: 4.5% BTC Yield, 29,997 BTC Gain, and ~3.6x growth in Bitcoin per share since 2020
00:12:47 - Q2 execution: higher Bitcoin holdings, lower debt, larger USD reserves, stronger Bitcoin per share, and active capital management
00:15:03 - Strategy as a net buyer of Bitcoin and net issuer of Digital Credit: 48x more BTC bought than sold and 300x more Digital Credit issued than repurchased
00:18:47 - Returning $STRC to $99–$100 through USD reserves, Bitcoin monetization, repurchases, dividend management, and disciplined issuance
00:24:50 - Bitcoin liquidity: why Strategy’s bitcoin purchases and sales are not material to overall Bitcoin trading volume
00:33:03 - Bitcoin as Digital Capital: website metrics, the 200-week moving average, current headwinds, Bitcoin Dominance, banking adoption, and security coordination
00:44:08 - $STRC as flagship Digital Credit: liquidity, lower volatility, market depth, yield, investor base, path to par, and updated credit metrics
01:05:04 - Equity framework: hurdle rate, breakeven rate, floor rate, market skepticism, $MSTR outperformance, franchise advantages, and Strategy’s long-term ambition
Q&A
01:19:31 - Why Bitcoin-backed borrowing is not currently the preferred path to build USD reserves
01:23:11 - Why Strategy is consolidating around $STRC instead of creating more instruments or selling volatility
01:40:37 - Equitizing, repaying, or refinancing convertible debt
01:43:18 - Covered calls, cash-secured puts, Digital Credit, Bitcoin as money, and marketing products to the 99% outside Bitcoin
01:59:22 - USD reserve minimums and the path to $STRC trading at par
02:00:55 - Amplification, USD/BTC reserve mix, and countercyclical capital management
02:12:04 - Why Strategy does not intend to issue $STRC below par
02:20:34 - Lessons from 2022 and 2026, tokenized securities, Digital Money, and the June 26 dislocation
02:34:54 - Closing remarks
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Full Name: Sweetie Fox
Date of Birth: June 25, 2001
Age: 25 years (as of 2026)
Birthplace: Yekaterinburg, Russia 🇷🇺
Nationality: Russian
Profession: Actress, Cosplayer, Model & Social Media Personality
Marital Status: Unmarried
Physical Appearance
• Height: Approx. 5'5" (165 cm)
• Weight: Around 50–54 kg
• Eye Color: Blue
• Hair Color: Blonde
Net Worth & Impact
• Net Worth: Estimated $1 Million – $3 Million+
• Sweetie Fox has gained international recognition through her cosplay, modeling, and engaging online content. With a rapidly growing global fanbase and an active presence across multiple digital platforms, she continues to expand her influence while establishing herself as a popular content creator and social media personality. ✨
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Ethereum has climbed roughly 12% over the past 30 days, posting nine consecutive days of gains to reclaim the $1,900 level after bottoming near $1,565 in late June.
ETH remains well below its January high near $3,355, but the consistency of this move, steady, not spiky, suggests more than a one-off bounce.
Ethereum (ETH-USDT is above the 7-day moving average -> bullish, and is above the 30-day moving average -> bullish, with 1 week change of +1%) ETH ETF recorded renewed positive net capital inflows alongside expanded corporate treasury holdings.
Major financial institutions increased their deployment of tokenized assets and custom chains built on the network. Liquid supply tightened further as the percentage of total Ether locked in staking reached a new high.
Migration to Layer-2 scaling solutions reduced base gas fees, slowing overall fee burning.
Core developers advanced testnet trials for the Glamsterdam protocol upgrade.
The question is whether this grind higher can continue or is due for a pause.
Where do you see ETH heading from here?
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Ethereum# #
Crypto# #
DigitalAssets# #
MarketAnalysis#
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