Better to lie than to tell the truth

.

Money vs Property?

Interesting idea — what if you no longer need money, but just care to own property — Bitcoin

.

56 times

Bitcoin refinery

Exposure to macro and crypto economies, securities

.

Strike, new capital structure

Lower volatility, lower leverage –> fixed income

Fixed debt instrument

Oil refinery

Take crude capital, high performing products

High performing and volatile stock price

112% up a year, past 4 years…. almost double Bitcoin!

Outperform Bitcoin with more bitcoin! ***

2x performance Bitcoin

63% a year, bitcoin

Outperform the Bitcoin ***

2000% percent, 2x over Nvidia

The most volatile stock in SP500 universe!

High volatility, black sholes,,, fed options market

New type of investor interested in MSTR

NOVELTY, #6 most optioned stock

6 most liquid stock

1 most optioned stock, as percent of market cap, #1 most liquid stock in SP 500 universe!

Drives open interest, attract new investors

.

Largest option interest market

Option volume

20x larger

.

Just being a good dad is my new goal!

.

Volatility drives liquidity

$81B size of options market!

29x bigger than MARA

MARA,, only $3b

Optionality

MSTR is the benchmark

Strike is a convertible preferred stock

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MSTR, the most common stock with the most exposure to BTC

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preferred equity, preferred convertible equity, built on BTC

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STRK

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High performance levered bitcoin

8% fixed dividend, perpetual uncapped call

Perpetual dividend

1000$ strike call on call option, on MSTR

anti dilution protection

STRK –> traded

Strike (STRK), microstrategy oriented investors

Security, less sensitive on upside and downside of BTC

MSTR , more volatility, more leverage

.

MSTR. $100b market cap, 684% return, volatility 117%!

.

How to calculate volatility?

Volatility vs Risk

You can calculate volatility. Not risk?

.

Things which last forever, high durability but low quality or not useful?

.

The point of life is adventure,

Buy the dip!

.

Fixed income investors

.

6-7% yield

High yield corporate bonds

Strike , have the yield but upside, crypto curious, want exposure or MSTR

.

hybrid instrument! ***

Complementary to convertible bonds

.

Convertible bond to capital market , 4 letter ticker, STRK

.

STARK

.

225%, 154%. 113%…

160%, 79%,

.

STRK

uncapped call option. $1,000 up forever!

Uncapped ***

.

Don’t we always want to be uncapped?

Strike instrument

.

STRK vs MSTR convertibles

Dividend, 8%,

.

I love performance!

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Superior MSTR participation, dividends, liquidity and investor access

Long term !

MSTR stock price –>

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Convertible notes

Tenor ***

4-8 years

.

Hundreds of dollars, $1,000
. … $5,000 stock price forever

.

$50B bitcoin holdings

Debt coverage

$105,000 per Bitcoin

$233 , trade down to be out of the money

17x coverage!

.

$20M dividend obligation

Pro Forma Value ***

Strike dividends

Annual STRK Dividends

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315 years of strike dividends

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Pro Forma Capital Structure

.

Equity cushion ***

Meet liabilities and obligation

Bitcoin cushion, equity cushion

.

Bare skin

Valuation Framework

.

8% perpetual dividend, perpetual call option on MSTR

.

key value drivers

BTC coverage, volatility, MSTR price

.

Forecast for MSTR stock price, volatility

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The future of Bitcoin, Bitcoin volatility

.

Strategic part of capital structure

Convertible bond strategy

Complementary ***

Create more intelligent leverage

.

Expand access to capital structure to entire Bitcoin ecosystem

Another source of intelligent leverage for MSTR

sell additional shares of STRK. via ATM–> interesting option

.

Optionality

.

Grow asset

Price and finalize Thursday

.

Too hot! Too much winning!

.

STRK THOUGHTS

STRIKE THOUGHTS

.

$50B bitcoin holdings

.

56 announcements

Part of the master plan!

Adjust leverage, fund potential dividends

MSTX, MSTU

.

MSTR OPTIONS?

High volatility, high leverage

MSTR Equity

.

.

Creating a new ecosystem into yourself?

Energy company

Oil company

Bitcoin is the new oil!

.

More refined, less refined

.

Firm yet flexible

Prospect & drill

More refined, less refined

.

High performing, high volatility

112% , 63% BTC

MAT 7, 30%,

Double double double

Intelligently lever our bitcoin

.

How to lever, leverage your bitcoin?

63% a year

Outperform the Bitcoin ***

27x, 4x.

777% NVIDIA, 7x

2,761% MSTR, 27x

777% BTC, 4 years

palantir

Estée Lauder

Factset

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Volatility, novelty.

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Daily trading volume

8.5b, more than Amazon, alphabet, Netflix.

Bitcoin entertainment > Netflix?***

Bitcoin entertainment is the future?

.

Bitcoin-powered entertainment, streaming

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100% vs 32%

0.5% vs 5.2%

.

Signs?