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22:00
Feb 05 ◎

MSTR FY2025 Q4 Watch

Strategy (MSTR) FY2025 Q4 Earnings Call

MSCI XYZ HOOD MS BLK ▾

Andrew Kang

MSCI decided against a proposal that would have excluded digital asset treasury companies from its global indices, preserving MSTR's index inclusion and avoiding forced selling by passive funds.

"MSCI determined not to implement their initial proposal. And as a result, we have not been excluded from MSCI's indices."

MSCI WATCH

Fong Lee

Square Cash App is serving as a key retail distribution channel for MSTR's digital credit products.

"It's NASDAQ listed. It has a four-letter ticker. It's easily accessible to folks. It's now accessible on Robinhood and Square Cash App and pretty much anywhere else that you can buy a security."

XYZ WATCH

Fong Lee

Robinhood built and launched an entirely new product category (Preferreds) specifically to capture the massive retail demand for MSTR's 'Stretch' instrument. — Demonstrates MSTR's outsized influence on retail brokerage product roadmaps and highlights a new revenue/volume driver for Robinhood.

"Robinhood, in fact, launched the first ever Preferreds on their platform because of the demand and the liquidity that they saw in Stretch."

HOOD WATCH

Fong Lee

Morgan Stanley and other major investment banks are actively participating in underwriting and distributing MSTR's massive equity and preferred capital raises.

"some of the largest banking partners in the world, Morgan Stanley, Barclays, Mollis, TD, Benchmark, Clear Street, have all been participants in these markets, and they give us distribution out to wealth management"

MS WATCH

Michael Saylor

BlackRock's new Bitcoin Volatility Income Fund is expected to structurally dampen Bitcoin's volatility by selling volatility to generate yield, maturing the asset class.

"announcement of the BlackRock Bitcoin Volatility Income Fund that came like about a week ago where they said they were going to sell volatility or generate income. And there's a lot of people that speculate that will decrease the volatility"

BLK WATCH

Michael Saylor

Schwab and other large financial institutions are expected to increasingly offer Bitcoin trading, custody, and lending, which will legitimize the asset and reduce its volatility.

"As the large banks and as companies like Schwab, they start to allow you to trade, Bitcoin, custody, crypto, borrow against Bitcoin. They're going to legitimize the asset and they're going to decrease the volatility of the asset."

SCHW WATCH

Fong Lee

Management is highly confident in their financial engineering flywheel: issuing high-yield, low-volatility preferred equity ('digital credit') to acquire Bitcoin, thereby driving accretive Bitcoin-per-share growth for common equity holders.

"Ultimately, this is the strategy of the company. We're going to issue digital credit through Stretch. we're going to amplify the common equity because of it. It increases our Bitcoin per share and we outperform Bitcoin."

MSTR WATCH

HIGH

21:00
Oct 30 ◎

MSTR FY2025 Q3 Watch

Strategy (MSTR) FY2025 Q3 Earnings Call

JPM MSTR HOOD ▾

Fong Lee

JPMorgan is increasingly accepting major cryptocurrencies as collateral, which broadens the utility and institutional acceptance of digital assets.

"even banks like J.P. Morgan are allowing Bitcoin and Ether as collateral with their banks."

JPM WATCH

Fong Lee

Management is highly confident in its digital treasury model, reaffirming massive profitability targets driven by fair value accounting of its Bitcoin holdings and the successful issuance of new preferred equity instruments.

"I also want to reaffirm what we communicated three months ago, which is an operating income target of $34 billion, a net income target of $24 billion, and an EPS target of $80 at the end of this year."

MSTR WATCH

Fong Lee

Retail brokerages are seeing enough organic demand for Bitcoin-backed credit instruments to list them as first-of-their-kind preferreds. — Indicates strong retail appetite for high-yield, crypto-adjacent products, which could drive incremental trading volume and asset gathering for retail-focused brokerages.

"Robinhood listed each of our four preferreds in the last month, and we've seen significant volume and liquidity through Robinhood. And they listed those as the first ever preferreds on the platform because of demand"

HOOD WATCH

HIGH

21:00
Jul 31 ◎

MSTR FY2025 Q2 Watch

Strategy (MSTR) FY2025 Q2 Earnings Call

COIN FNMA BLK FMCC ▾

Michael Saylor

Coinbase is actively accumulating Bitcoin for its own balance sheet, reinforcing the trend of corporate treasury adoption and supporting underlying asset demand.

"Just a few minutes ago, Coinbase announced that they acquired more Bitcoin this quarter, thousands of Bitcoin."

COIN WATCH

Michael Saylor

The U.S. Federal Housing Authority is pushing government-sponsored enterprises to accept cryptocurrency as mortgage collateral. — This regulatory shift would legitimize Bitcoin as collateral in the traditional banking and housing sectors, unlocking massive new liquidity.

"guidance that came from William Pulte to Fannie Mae and Freddie Mac, where he said they should prepare their businesses to count cryptocurrency as an asset and a mortgage."

FNMA WATCH FMCC WATCH

Michael Saylor

BlackRock's involvement in the Bitcoin ecosystem is bringing new forms of capital and accelerating broader institutional adoption.

"BlackRock is accelerating the adoption of Bitcoin, because we're channeling new forms of capital into the ecosystem."

BLK WATCH

HIGH

21:00
May 01 ◎

MSTR FY2025 Q1 Watch

Strategy (MSTR) FY2025 Q1 Earnings Call

MSTR ▾

Fong Lee

Management is highly confident in their Bitcoin treasury strategy, raising their BTC yield and dollar gain targets for the year while announcing a massive new $84B capital raise plan through 2027.

"Given our strong year-to-date performance in the favorable market environment, we're raising our KPI targets for 2025. We've raised our BTC yield target from 15% to 25%"

MSTR WATCH

HIGH

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