Investor Mtgs Highlight Capital Discipline, BTC Accretion, Adoption Catalysts

Research evidence excerpt

Investor Mtgs Highlight Capital Discipline, BTC Accretion, Adoption Catalysts

Digital Assets

Strategy

TD SECURITIES (USA) LLC COMPANY UPDATE

June 18, 2026

Price: $116.56 (06/17/2026) Investor Mtgs Highlight Capital Discipline,

Price Target: $400.00 BTC Accretion, Adoption Catalysts

BUY (1)

ESG SCORE: 55/100

Lance Vitanza, CFA THE TD COWEN INSIGHT

646 616 3053

Investor meetings with CFO Andrew Kang reinforced Strategy’s evolving narrative: MSTR is

lance.vitanza@tdsecurities.com

positioning less as a simple leveraged Bitcoin proxy and more as a scaled Bitcoin capital

Jonnathan Navarrete markets platform, with management focused on BTC/share accretion, preferred-credit

646 616 3052 stability, liquidity discipline, and bank/regulatory adoption as the next demand catalysts.

jonnathan.navarrete@tdsecurities.com

Key Data Integrated Takeaway

Symbol NASDAQ: MSTR Across the three meetings, Kang’s message was notably consistent: Strategy is trying to

Beta: 3.50 balance Bitcoin accumulation with capital structure durability. The most important nuance

52-Week Range: $455.90-$106.99 is that management is no longer presenting MSTR as a one-dimensional BTC acquisition

Market Cap: $38.6B vehicle. Instead, Kang is emphasizing a more mature framework in which preferred dividend

Net Debt (MM): $6,048.1 obligations, USD reserves, convert management, credit perception, ATM discipline and

Cash/Share: $(0.26) occasional BTC sales all sit underneath the same objective: maximize long-term BTC/share

while preserving flexibility through market cycles.Dil. Shares Out (MM): 333.9

Enterprise Value

$53,954.0 Near term, that implies investors should expect less mechanical BTC buying when mNAV is

(MM):

BV/Share: $105.95 compressed and capital markets are less constructive.