Q2 2024 Financial Results

August 1, 2024

Copyright © 2024 MicroStrategy Incorporated. All Rights Reserved.

MicroStrategy Q2 2024 Earnings Call
Safe Harbor Statement

FORWARD-LOOKING STATEMENTS

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 the risk factors discussed in our most recent 10-Q filed with
the SEC. We assume no obligation to update these forward-looking statements, which speak only as of today.

Also, in this presentation, we will refer to certain non-GAAP financial measures. Reconciliations showing GAAP
versus non-GAAP results are available in our earnings release and the appendix of this presentation, which were
issued today and are available on our website at www.microstrategy.com.

2
Business Results
Phong Le, President & Chief Executive Officer

Copyright © 2024 MicroStrategy Incorporated. All Rights Reserved.

 Bitcoin Development Company
MicroStrategy’s unique value proposition

Bitcoin Development Company

Bitcoin and Software Development 1

Bitcoin Holdings Excess Cash 2

Cash Equity Debt

$836M total excess cash $3.8B in senior secured and

$3.2B of equity issued
on balance sheet invested convertible debt outstanding(3)

Increase Bitcoin Holdings and Shareholder Value

Note: As of July 31, 2024.

(1) Includes bitcoin acquisition, bitcoin advocacy initiatives, and software development related to BI, AI, Cloud, and Bitcoin.
(2) Excess Cash refers to cash in excess of the minimum cash, cash equivalents and short-term investments that the Company is required to hold under its Treasury Reserve Policy, which may
include cash generated by operating activities and cash from the proceeds of financing activities.
(3) Includes purchases made using $30M cash on hand in anticipation of receiving 2032 convertible debt proceeds.
4
Bitcoin Highlights
Q2 2024

Bitcoin Holdings • Acquired 12,222 bitcoin since the end of Q1 2024

for $805M at average price of $65,882
226,500 • Current market value of bitcoin holdings ~$15B
Acquired for a total cost of $8.34 billion, or
• Largest corporate holder of bitcoin in the world
$36,821 per bitcoin as of July 31, 2024

• Raised $800M through 2032 convertible notes

Capital Market Activities • Called $650M of 2025 convertible notes
Advancement of Bitcoin Development • Announced 10:1 stock split
Company Strategy
• Announced $2B ATM equity offering program

5
Impact of Intelligent Leverage
Bitcoin count increased at a faster pace than assumed diluted share count

226,331 21,766 22,166

214,278 20,763
189,150

12/31/2023 3/31/2024 6/30/2024 12/31/2023 3/31/2024 6/30/2024

(1)
Total Bitcoin Assumed Diluted Shares Outstanding (in '000s)

(1) Please refer to the Appendix for a definition of Assumed Diluted Shares Outstanding and a reconciliation from basic shares outstanding to Assumed Diluted Shares Outstanding.

6
BTC Yield KPI Historical
BTC Yield is the % change period-to-period of the ratio between Bitcoin Holdings and Assumed Diluted
Shares Outstanding

₿TC Yield %
47.3%

8.1%
7.3%

3.7%
1.8%

2021 2022 2023 Q1 24 Q2 24

Note: “BTC Yield” is a KPI (key performance indicator) that represents the % change period-to-period of the ratio between our bitcoin holdings and our Assumed Diluted Shares Outstanding (defined in the
Appendix). We use this KPI to help assess the performance of our bitcoin acquisition strategy – it is not an operating performance measure or a financial or liquidity measure. Please refer to the
Appendix for additional information.
7
BTC Yield KPI Long Term Target
BTC Yield is the % change period-to-period of the ratio between Bitcoin Holdings and Assumed Diluted
Shares Outstanding

₿TC Yield %

12.2%

4-8% 4-8% 4-8%

7.3%

1.8%

2022 2023 2024 YTD 2025E 2026E 2027E

Note: “BTC Yield” is a KPI (key performance indicator) defined in the Appendix. We use this KPI to help assess the performance of our bitcoin acquisition strategy – it is not an operating performance measure
or a financial or liquidity measure. Please refer to the Appendix for additional information and disclaimers on the forward-looking BTC Yield KPI target.

8
Software Highlights
Multi-cloud | Cloud-native | Marketplace

Subscription Services Revenues MicroStrategy AI

$24.1M • First to market in AI/BI cloud offering
• Microsoft Azure OpenAI partnership
increase of 21% YoY
• Auto: SQL, Dashboard, Answers, Expert
• First to market with AI + BI platform integration • Embedded, customizable, AI-bot

• Accelerated cloud transition

• Healthy corporate liquidity and cash flows
MicroStrategy Cloud
• Focus on customer migration & new
business growth
AI BI • Accelerate subscription revenue growth
• On Azure, AWS, Google marketplaces

9
Financial Results
Andrew Kang, Senior Executive VP & Chief Financial Officer

Copyright © 2024 MicroStrategy Incorporated. All Rights Reserved.

Revenue and Billings
Q2 2024
($ in Millions)

Total Revenues Non-GAAP Subscription Billings(1) Subscription Services Revenues

Q2 2024 +45% YOY increase Q2 2024 +21% YOY increase
$111.4M
Q2 2024 Total Revenues
$41.3 $24.1
7% YoY decrease $23.0
$21.0 $21.5
$33.4 $19.9

15% 8% $23.1
$16.8 $17.7
22%

55%

Product Licenses Support Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24

Subscription Services Other Services

(1) Please refer to the Appendix for a reconciliation of Subscription Services Revenues to Non-GAAP Subscription Billings.

11
Cost Structure and Operating Income
• MicroStrategy continues to operate under one reportable segment. Beginning in Q1 2024, we updated our quarterly
reporting to differentiate operating results between the Software Business and Corporate & Other(1)
• Loss from operations from software business for Q2 2024 was approximately $19M, which includes approximately
$21M from non-cash stock-based compensation expense
• Q2 non-GAAP adjusted income from software business was $1.9M

($ in Millions) Q2/23 Q2/24

Software Corporate Software Corporate
Consolidated Consolidated
Business & Other Business & Other
GAAP Operating Income/(Loss)
Total Revenues 120.4 - 120.4 111.4 - 111.4
Total Cost of Revenues 27.1 - 27.1 30.9 - 30.9
Gross Profit 93.3 - 93.3 80.5 - 80.5
Total Operating Expenses 95.5 24.5 120.0 99.2 181.5 280.8
Income /(Loss) from Operations (2.2) (24.5) (26.7) (18.7) (181.5) (200.3)

Non-GAAP Income
Stock-Based Compensation 15.5 15.5 20.6 20.6
Non-GAAP Income /(Loss) from Operations 13.3 (11.2) 1.9 (179.7)

(1) Corporate & Other includes impairment charges and other third-party costs associated with our digital asset holdings.

12
 Growth in Bitcoin Strategic Treasury Reserve
MicroStrategy has acquired additional bitcoin in every quarter since Q3 2020

Bitcoin Holdings (in ‘000s) 226.3 226.5

• 226,500 bitcoins(1)
held on balance 214.3
sheet, acquired for a total cost of
$8.34 billion, or $36,821 per bitcoin 189.2

158.2
• During Q2 152.3
140.0
• 11,931 bitcoins purchased for 129.2 129.7 130.0 132.5 175.7 175.7
124.4
114.0 175.7
$786 million using proceeds from 105.1
capital markets activities (Micro)(2) 91.3 173.1

• 122 bitcoins purchased for $8 137.1 142.5

70.5 117.6 125.1
110.9 115.1 115.1 115.1
million using excess cash (Micro) 92.1 100.6
38.3
• Since the end of Q2 50.6 50.8
38.6
• 169 bitcoins purchased for $11 13.0 13.4 13.4 14.1 14.6 14.9 14.9 14.9 15.3 15.7 16.1
million using excess cash (Micro) Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 QTD
7/31

MicroStrategy (Restricted) (3) MacroStrategy (Unrestricted)

(1) As of July 31, 2024.
(2) Includes purchases made using $30M cash on hand in anticipation of receiving 2032 convertible debt proceeds.
(3) All bitcoin holdings were unrestricted prior to Q2 2021.
13
Bitcoin Holdings Market Value vs. Carrying Value
• Current market value of $14.7 billion and aggregate cost of $8.3 billion
• Carrying value of $5.7 billion, net of ~$2.6 billion in cumulative impairment charges

($ in Billions)
Carrying Value Market Value
$16.0 $15.2 $14.7
$14.0
$14.0
$12.0
$10.0
$8.0
$8.0
$6.0 $5.1 $5.7 $5.7
$4.6 $4.3
$4.0 $3.6
$4.0
$2.2 $2.3 $2.5
$2.0
$2.0 $1.8
$0.0
Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 7/31/2024

Note: Calculations are based on prices as of 4pm Eastern Time on the last day of the respective quarter or date noted.
(1) The carrying value presented for 7/31/24 equals the 6/30/24 carrying value of our bitcoin plus the cost of bitcoin purchases during July 2024 and does not reflect any impairment charges incurred after 6/30/24.

14
Capital Structure & Intelligent Leverage
• Issued $800M convertible senior notes due 2032
• Called $650M convertible senior notes due 2025 through conversion to common stock
• Generated a BTC Yield of 12.2% year-to-date
• Announced a 10:1 stock split of MicroStrategy’s class A common stock and class B common stock

Amount at Annual Interest Annualized Interest

Principal Instruments Maturity(1)
Issuance ($M) Rate (%) Expense ($M)
Debt

Senior Secured Notes Jun 2028 $500 6.125% $30.6

Dec 2025 $650 0.750% $4.9

Feb 2027 $1,050 0.000% $0.0
Converts

Convertible Senior Notes Mar 2030 $800 0.625% $5.0

Mar 2031 $604 0.875% $5.3
Jun 2032 $800 2.250% $18.0
Subtotal(2): $3,754 1.569% $58.9
(1) Please refer to the Q1 2024 10-Q for the springing maturity provisions on the senior secured notes and investor controlled put option on 2030 and 2031 convertible notes. Please refer to the Form 8-K,
dated June 20, 2024 for the investor controlled put option on the 2032 convertible notes.
(2) Excludes $10.1M principal amount and interest payable on our other long-term secured debt. Please refer to the 2024 Q1 10-Q for further detail.

15
Principal Debt Maturities (1)

• Total $3.8B debt outstanding at weighted average annual fixed interest rate of 1.6%

$1,050M

$800M $800M
$604M
$500M

(2) (2) (2) (2)

2024 2025 2026 2027 2028 2029 2030 2031 2032

0.000% 6.125% 0.625% 0.875% 2.250%

Senior Senior Senior Senior Senior
Instrument
Convertible Secured Convertible Convertible Convertible
Notes Notes Notes Notes Notes
Annualized Interest
$0.0M $30.6M $5.0M $5.3M $18.0M
Expense

Conversion Price $1,432 - $1,498 $2,327 $2,043

(1) Excludes $10.1M principal amount of other long-term secured debt as of June 30, 2024. Please refer to the 2024 Q1 10-Q for further detail.
(2) Please refer to the Q1 2024 10-Q for the springing maturity provisions on the senior secured notes and investor controlled put option on 2030 and 2031 convertible notes. Please refer to the Form 8-K,
dated June 20, 2024 for the investor controlled put option on the 2032 convertible notes.

16
Strategy & Bitcoin
Michael Saylor, Executive Chairman

Copyright © 2024 MicroStrategy Incorporated. All Rights Reserved.

Bitcoin Conference 2024
Nashville, TN

18
We are Still Early to Bitcoin
Bitcoin: $1.3T Cars & Collectibles Total global asset value: $900T

Gold Art Equities

$16T $18T $6T $115T

Real Estate Bonds Money

$330T $300T $120T

19
MicroStrategy Outperformance Since Adoption of Bitcoin Strategy

Key Assets and Indices Big Tech Stocks

1206%

948%

442%

145% 131%
64% 101% 97% 81%
60% 30%
19% 19%
-1% -18%

Stock performance since August 10, 2020, when MicroStrategy adopted its bitcoin strategy.
Source: FactSet as of 4:00pm Eastern Time on July 31, 2024.
20
MicroStrategy – Bitcoin Development Company
Unique value proposition versus Spot Bitcoin ETPs

MicroStrategy Spot Bitcoin ETPs

Operating company Trust company
1 Company Structure Active control over capital structure Limited control over capital structure
No management fee Non-zero management fee

Ability to innovate to
2 Ability to Develop Software None
create incremental value

Ability to Generate Cash Reinvest cash from

3 None
from Operations software business

Debt – Secured or Unsecured

Ability to Leverage Capital
4 Convertible or Structured Notes Limited
Markets
Equity, Preferred Equity

Note: Based on the Company’s own view of the relative positioning of the various categories shown. MicroStrategy is not an exchange traded product (“ETP”) or an exchange-traded fund (“ETF”)
registered under the Investment Company Act of 1940, as amended, is not subject to the same rules and regulations as an ETP or an ETF and does not operate as an ETP or ETF.
See Appendix slide 30 for additional information.

21
BTC Yield KPI Long Term Target
BTC Yield is the % change period-to-period of the ratio between Bitcoin Holdings and Assumed Diluted
Shares Outstanding

₿TC Yield %

12.2%

4-8% 4-8% 4-8%

7.3%

1.8%

2022 2023 2024 YTD 2025E 2026E 2027E

Note: “BTC Yield” is a KPI (key performance indicator) defined in the Appendix. We use this KPI to help assess the performance of our bitcoin acquisition strategy – it is not an operating performance measure
or a financial or liquidity measure. Please refer to the Appendix for additional information and disclaimers on the forward-looking BTC Yield KPI target.

22
Appendix

Copyright © 2024 MicroStrategy Incorporated. All Rights Reserved.

Current Bitcoin Holdings

78% of our total bitcoin holdings are unencumbered as of July 31, 2024

226,500
214,400
190,000

175,721 78%
175,721
91% 173,069

38,679 50,779 22%

9% 16,931
As of February 5, 2024 As of April 26, 2024 As of July 31, 2024

MicroStrategy: Restricted MacroStrategy: Unrestricted

24
Non-GAAP Reconciliations ($ in Millions)
Q2 2024

Reconciliation of GAAP to non-GAAP income (loss) from operations

Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24
Revenues $125.4 $132.6 $121.9 $120.4 $129.5 $124.5 $115.2 $111.4
Cost of Revenues $25.4 $26.7 $27.9 $27.1 $26.7 $28.2 $30.0 $30.9
Operating Expenses $93.9 $299.5 $114.3 $120.0 $128.0 $139.0 $288.9 $280.8
GAAP Income (Loss) from Operations $6.1 $(193.7) $(20.3) $(26.7) $(25.2) $(42.8) $(203.7) $(200.3)
GAAP Operating Margin % 5% -146% -17% -22% -20% -34% -177% -180%
Share-Based Compensation $16.9 $17.0 $17.6 $15.5 $16.8 $19.7 $17.8 $20.6
Non-GAAP Income (Loss) from Operations $23.0 ($176.7) ($2.8) ($11.2) ($8.4) ($23.1) ($185.9) ($179.6)
Non-GAAP Operating Margin % 18% -133% -2% -9% -7% -19% -161% -161%
Digital Asset Impairment Losses, Net of Gains on Sale $0.7 $197.6 $18.9 $24.1 $33.6 $39.2 $191.6 $180.1

Reconciliation of subscription services revenues to non-GAAP subscription billings

Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24
Current Deferred Subscription Services Revenues $38.3 $51.9 $46.7 $49.9 $45.7 $65.5 $60.3 $69.6
Subscription Services Revenues $16.4 $17.5 $18.8 $19.9 $21.0 $21.5 $23.0 $24.1
Change in Current Deferred Subscription Services Revenues $(2.0) $13.6 $(5.1) $3.2 $(4.2) $19.8 $(5.2) $9.3
Non-GAAP Current Subscription Billings $14.4 $31.1 $13.7 $23.1 $16.8 $41.3 $17.7 $33.4

25
Non-GAAP Reconciliations ($ in Millions)
Q2 2024

Reconciliation of non-GAAP operating expenses

Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24
GAAP Operating Expenses $93.9 $299.5 $114.3 $120.0 $128.0 $139.0 $288.9 $280.8
(1)
Share-Based Compensation $15.8 $15.9 $16.5 $14.4 $15.6 $18.5 $16.4 $18.9
Non-GAAP Operating Expenses $78.1 $283.6 $97.8 $105.6 $112.5 $120.5 $272.5 $261.9
Digital Asset Impairment Losses, Net of Gains on Sale $0.7 $197.6 $18.9 $24.1 $33.6 $39.2 $191.6 $180.1

Reconciliation of total non-GAAP expenses

Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24
Cost of Revenues $25.4 $26.7 $27.9 $27.1 $26.7 $28.2 $30.0 $30.9
Operating Expenses $93.9 $299.5 $114.3 $120.0 $128.0 $139.0 $288.9 $280.8
Total GAAP Expenses $119.3 $326.3 $142.2 $147.1 $154.7 $167.3 $318.9 $311.7
Share-Based Compensation $16.9 $17.0 $17.6 $15.5 $16.8 $19.7 $17.8 $20.6
Total Non-GAAP Expenses $102.4 $309.2 $124.7 $131.6 $137.9 $147.6 $301.2 $291.1
Digital Asset Impairment Losses, Net of Gains on Sale $0.7 $197.6 $18.9 $24.1 $33.6 $39.2 $191.6 $180.1

(1) Share-Based Compensation shown reflects the amounts recorded to Sales & Marketing, Research & Development, and General & Administrative only.

26
Non-GAAP Reconciliations ($ in Millions)
Q2 2024

Reconciliation of total non-GAAP expenses

Q2 23 Q2 24
GAAP Expenses
Cost of Revenues $27.1 $30.9
Sales & Marketing $37.7 $34.3
Research & Development $29.4 $30.3
General & Administrative $28.8 $36.1
Digital Asset Impairment Losses, Net of Gains on Sale $24.1 $180.1
Total GAAP Expenses $147.1 $311.7
Share-Based Compensation
Cost of Revenues $1.1 $1.7
Sales & Marketing $4.2 $3.9
Research & Development $2.2 $4.0
General & Administrative $8.0 $11.0
Total Share-Based Compensation $15.5 $20.6
Non-GAAP Expenses
Cost of Revenues $26.0 $29.2
Sales & Marketing $33.4 $30.4
Research & Development $27.1 $26.3
General & Administrative $20.8 $25.1
Digital Asset Impairment Losses, Net of Gains on Sale $24.1 $180.1
Total Non-GAAP Expenses $131.6 $291.1

27
Basic and Assumed Diluted Shares Outstanding Calculation
6/30/2020 12/31/2020 12/31/2021 12/31/2022 12/31/2023 3/31/2024 6/30/2024 7/31/2024
Total Bitcoin Holdings - 70,470 124,391 132,500 189,150 214,278 226,331 226,500
Shares Outstanding (in '000s)
Class A 7,651 7,623 9,322 9,585 14,904 15,683 17,103 17,468
Class B 2,035 1,964 1,964 1,964 1,964 1,964 1,964 1,964
Basic Shares Outstanding (1) 9,686 9,587 11,286 11,549 16,868 17,647 19,067 19,432
2025 Convert Shares @$398 - 1,633 1,633 1,633 1,633 1,633 366
2027 Convert Shares @$1,432 - - 733 733 733 733 733 733
2030 Convert Shares @$1,498 - - - - - 534 534 534
2031 Convert Shares @$2,327 - - - - - 259 259 259
2032 Convert Shares @$2,043 - - - - - - 392 392
Options Outstanding 1,481 1,157 1,167 1,577 1,294 703 592 592
RSU/PSU Unvested - 74 105 120 235 257 224 224
Assumed Diluted Shares Outstanding (2) 11,167 12,451 14,924 15,612 20,763 21,766 22,166 22,166
BTC Yield % (period-over-period) 47.3% 1.8% 7.3% 8.1% 3.7%
BTC Yield % (YTD 2024) 12.2%

(1) Basic Shares Outstanding reflects the actual Class A and Class B common stock outstanding as of the dates presented.
(2) Assumed Diluted Shares Outstanding refers to the aggregate of our actual shares of common stock outstanding as of the end of each period plus all additional shares that would result from the
assumed conversion of all outstanding convertible notes, exercise of all outstanding stock option awards, and settlement of all outstanding restricted stock units and performance stock units.
Assumed Diluted Shares Outstanding is not calculated using the treasury method and does not take into account any vesting conditions (in the case of equity awards), the exercise price of any stock
option awards or any contractual conditions limiting convertibility of convertible debt instruments.

28
Important Information About BTC Yield KPI
BTC Yield is a key performance indicator (“KPI”) that represents the % change period-to-period of the ratio between our bitcoin holdings and our Assumed Diluted Shares Outstanding.
Assumed Diluted Shares Outstanding refers to the aggregate of our actual shares of common stock outstanding as of the end of each period plus all additional shares that would result from
the assumed conversion of all outstanding convertible notes, exercise of all outstanding stock option awards, and settlement of all outstanding restricted stock units and performance stock
units. Assumed Diluted Shares Outstanding is not calculated using the treasury method and does not take into account any vesting conditions (in the case of equity awards), the exercise
price of any stock option awards or any contractual conditions limiting convertibility of convertible debt instruments.
We use BTC Yield as a KPI to help assess the performance of our strategy of acquiring bitcoin in a manner we believe is accretive to shareholders. We believe this KPI can be used to
supplement an investor’s understanding of our decision to fund the purchase of bitcoin by issuing additional shares of our common stock or instruments convertible to common stock. When
we use this KPI, management also takes into account the various limitations of this metric, including that it does not take into account debt and other liabilities and claims on company assets
that would be senior to common equity and that it assumes that all indebtedness will be refinanced or, in the case of our senior convertible debt instruments, converted into shares of common
stock in accordance with their respective terms.
Additionally, this KPI is not, and should not be understood as, an operating performance measure or a financial or liquidity measure. In particular, BTC Yield is not equivalent to “yield” in the
traditional financial context. It is not a measure of the return on investment our shareholders may have achieved historically or can achieve in the future by purchasing our stock, or a measure
of income generated by our operations or our bitcoin holdings, return on investment on our bitcoin holdings, or any other similar financial measure of the performance of our business or assets.
The trading price of our class A common stock is informed by numerous factors in addition to the amount of bitcoins we hold and number of actual or potential shares of our stock outstanding,
and as a result, the market value of our shares may trade at a discount or a premium relative to the market value of the bitcoin we hold, and BTC Yield is not indicative nor predictive of the
trading price of our shares of class A common stock.
As noted above, this KPI is narrow in its purpose and is used by management to assist it in assessing whether we are using equity capital in a manner accretive to shareholders solely as it
pertains to our bitcoin holdings.
In calculating this KPI, we do not take into account the source of capital used for the acquisition of our bitcoin. We note in particular, we have acquired bitcoin using proceeds from the offerings
of our 6.125% Senior Secured Notes due 2028 (the “Senior Secured Notes”) as well as convertible senior notes, which currently are not exercisable or have conversion prices above our
current trading prices, each of which would have the effect of increasing the BTC Yield without taking into account the corresponding debt. Conversely, if any of our convertible senior notes
mature or are redeemed without being converted into common stock or we need cash to repay the Senior Secured Notes, we may be required to sell shares in quantities greater than the
shares such notes are convertible into or generate cash proceeds from the sale of bitcoin, either of which would have the effect of decreasing the BTC Yield due to changes in our bitcoin
holdings and shares in ways that were not contemplated by the assumptions in calculating BTC Yield. Accordingly, this metric might overstate or understate the accretive nature of our use of
equity capital to buy bitcoin because not all bitcoin may be acquired using proceeds of equity offerings and not all issuances of equity may involve the acquisition of bitcoin.
We determine our KPI targets based on our history and future goals. Our ability to achieve positive BTC Yield may depend on a variety of factors, including our ability to generate cash from
operations in excess of our fixed charges and other expenses, as well as factors outside of our control, such as the availability of debt and equity financing on favorable terms. Past
performance is not indicative of future results.
We have historically not paid any dividends on our shares of common stock, and by presenting this KPI we make no suggestion that we intend to do so in the future. Ownership of common
stock does not represent an ownership interest in the bitcoin we hold.
Investors should rely on our financial statements and other disclosures contained in our SEC filings. This KPI is merely a supplement, not a substitute. It should be used only by sophisticated
investors who understand its limited purpose and many limitations.

29
Additional Information
MicroStrategy is not an exchange traded product (“ETP”) or an exchange-traded fund (“ETF”) registered under
the Investment Company Act of 1940, as amended, is not subject to the same rules and regulations as an ETP
or an ETF, and does not operate as an ETP or ETF. In particular, unlike spot bitcoin ETPs, we (i) do not seek for
our shares of Class A common stock to track the value of the underlying bitcoin we hold before payment of
expenses and liabilities, (ii) do not benefit from various exemptions and relief under the Securities Exchange Act
of 1934, as amended, including Regulation M, and other securities laws, which enable spot bitcoin ETPs to
continuously align the value of their shares to the price of the underlying bitcoin they hold through share creation
and redemption, (iii) are a Delaware corporation rather than a statutory trust, and do not operate pursuant to a
trust agreement that would require us to pursue one or more stated investment objectives, (iv) are subject to
federal income tax at the entity level and the other risk factors applicable to an operating business, such as ours,
and (v) are not required to provide daily transparency as to our bitcoin holdings or our daily NAV.

30