Investor Mtgs Highlight Capital Discipline, BTC Accretion, Adoption Catalysts

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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.