Strategy Inc Q1 FY2026 earnings call

Andrew Kang welcomed CJ Jain to his new role and discussed Q1 financial results, Bitcoin holdings, balance sheet. Phong Le talked about capital markets raises, STRC's success, digital equity performance, digital credit growth, and capital market strategy. Michael Saylor elaborated on BTC market, capital market strategy, retail and corporate support for STRC, digital money and yield, and outlook. They also mentioned various aspects like STRC dividend amendment, Bitcoin per share accretion, and different strategies for capital management

In Q1, operating loss was $14.5 billion and net loss was $12.8 billion, driven by Bitcoin's fair value decline. Bitcoin per share increased from 181,030 sats per share in May 2025 to 213,371 sats per share in May 2026, an 18% year-over-year increase. Year to date, 9.4% BTC yield was delivered. Digital assets ended the quarter at $51.6 billion. Cash and cash equivalents were $2.2 billion. Long-term debt was $8.2 billion, equity increased to $9 billion. Held over 818,000 Bitcoin with total value ~$64 billion and acquisition cost ~$62 billion, representing 3.9% of all Bitcoin ever to exist

Bitcoin per share goal is to double in seven years. STRC issuance target is about 10% to 20% of Bitcoin reserves annually. If Bitcoin grows more than 2.3% annually, can fund dividends forever without selling shares. Also mentioned various scenarios like potential debt-free status, adjusting amplification, USD reserves based on market conditions

Fluctuations in Bitcoin price, impact of monetary policy on Bitcoin and risk assets, credit risk related to Bitcoin volatility, regulatory uncertainties affecting the crypto and digital credit markets

Includes questions from Peter Christiansen, Jeff Bock, Andrew Harte, Eric Balchunas, Ramsey El Assal, Jeff Walton, Randy Binner, James Lavish and corresponding answers from Michael Saylor and Phong Le on topics like selling Bitcoin for capital stack optimization, macro factors influencing acquisition strategy, digital money solutions, Bitcoin mainstreamification, Bitcoin security initiative, risk profile communication, regulatory impacts, and optimal balance sheet structure