Defending the Faith

Research evidence excerpt

Defending the Faith

FinTech & Digital Assets

Strategy, Inc. (MSTR)

EQUITY RESEARCH Company Update

June 29, 2026

Defending the Faith Price: $82.31

Price Target: $212.00 The key takeaway: Today (6/29), Strategy moved assertively to bolster

Rating: Overweight liquidity in an attempt to quiet investor concerns about the resiliency of

Key Statistics: the model. The company announced a Digital Credit Capital Framework

Symbol NSQ: MSTR that includes a fortified USD Reserve (~$2.55B, providing ~17.4 months of

52-Week Range 81.81 - 457.22 dividend/interest coverage), an increase in the STRC dividend rate to ~12%,

Market Cap 28,845.4 separate ~$1B repurchase authorizations for both Digital Credit securities ADV (3 mo) 19,410,074

and MSTR common stock, and a ~$1.25B BTC monetization program to EV ($M) 69,224

Shares Out (M) 330.8 fund reserves or buybacks when advantageous. Just as important, we

believe, is the decision-making framework released today that should

Research Analysts: improve investor visibility when it comes to future decisions about capital

Ramsey El-Assal deployment. Given recent concerns around cash reserves, dilution, and

212-915-1239 insolvency, we believe today’s announcement is a step in the right direction.

Ramsey.El-Assal@cantor.com

Brett Knoblauch, CFA USD Reserve policy formalizes liquidity requirements for preferred

212-610-2221 securities. MSTR bolstered its USD Reserve to ~$2.55B (as of 6/28), Brett.Knoblauch@cantor.com

including unsettled ATM proceeds. According to the company, the reserve Ryan Campbell

212-829-4962 may only be used to pay preferred stock dividends and interest expense

Ryan.Campbell@cantor.com unless otherwise approved by the Board. In this context, based on current