Strategy Inc (MSTR) Q2 2026 Earnings Call Transcript

Hello, everyone, and good evening. I'm CJ, Head of Investor Relations at Strategy. I'm excited to moderate Strategy's Second Quarter 2026 Earnings Webinar for you. We will start the call with a 60-minute presentation, starting with Andrew Kang, followed by Phong Le and then Michael Saylor. This will be followed by a 30-minute interactive Q&A session with 4 Wall Street equity analysts and 4 Bitcoin analysts. Before we proceed, I will read the 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 under the caption Risk Factors in Strategy's quarterly report on Form 10-Q filed with the SEC on May 6, 2026, 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. With that, I will turn the call over to Andrew Kang, CFO of Strategy. Andrew Kang Executive VP, CFO & Principal Accounting Officer Thank you, CJ, and thank you all for joining our call today. Moving on to the first slide. We now hold 843,775 Bitcoin, representing approximately 4% of all Bitcoin that will ever exist. Bitcoin per