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
显示更多
New York City's most desirable job might not be on Wall Street or Broadway, but underground, cleaning the subway.
MTA transit cleaners help maintain the tidiness on subway cars and stations in NYC's sprawling underground. Despite its near-minimum wage, many find themselves waiting years for the chance to snag the gig.
Read more:
显示更多