Hello, everyone, and good evening. I'm Shirish Jajodia, Corporate Treasurer and Head of Investor Relations at Strategy. I will be your moderator for Strategy's 2025 First Quarter Earnings Webinar. Before we proceed, I will read the safe harbor statement. Some of the information we provide during today's call 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 and our 8-K filed on April 7, 2025. We assume no obligation to update these forward-looking statements, which speak only as of today. Also, during today's call, we will refer to certain non-GAAP financial measures. Reconciliations showing GAAP versus non-GAAP results are available in our earnings release and presentation, which were issued today and are available on our website at strategy.com. I would now like to welcome you all to today's webinar and let you know that we will be taking questions using the Q&A feature at the bottom of the screen. And you can submit your questions throughout the webinar and Michael, Phong, Andrew will answer the questions at the end of the session. Please be sure to provide your name and company's name when submitting your questions. I'll now walk you through the agenda for today's call. First, Phong Le will cover the business highlights for the first quarter of 2025. Second, Andrew Kang will cover the financial results for the first quarter. And then Michael Saylor will provide an end depth strategic review of our Bitcoin treasury strategy. And lastly, we will open it up to Q&A. With that, now I'll turn the call over to Phong Le, President and CEO of Strategy.

Thank you, Shirish. Hello, everyone. I'd like to welcome all of you to today's webinar. With just a few days to go, I'm excited to invite you all to Strategy World 2025. Next week, May 5 through 8 in Orlando, Florida. Shirish, you may want to -- thank you. Come meet our software customers, partners and employees, explore innovations in AI and BI and engage with global corporate and thought leaders shaping the future of Bitcoin for corporations. You can visit our website to register if you haven't already, and I look forward to seeing many of you in Orlando. Moving on to the Bitcoin highlights for Q1 2025. A strategy remains the largest corporate holder of Bitcoin in the world, now holding 553,555 bitcoins with a total bitcoin market value of $52 billion as of April 28. In the first 4 months of 2025, we acquired an additional 106,085 and bitcoin for a total purchase cost of $9.9 billion at an average price of approximately $93,600. In Q1 2025, Bitcoin's momentum accelerated meaningfully driven by a series of landmark government actions. Most notably, the Trump administration announced the establishment of a strategic Bitcoin reserve. This bold move marked the first time a sovereign government publicly recognized Bitcoin as a national reserve asset. In parallel, the administration's broader pro bitcoin regulatory states further legitimize the asset class and attracted heightened institutional interest, setting the stage for deeper integration of Bitcoin into the U.S. financial system. On the capital markets front, we have also made significant progress. In the first quarter of 2025 and quarter-to-date in Q2 2025, we raised $6.6 billion net proceeds through our at-the-market or ATM equity offering program and raised $2 billion through the issuance of a convertible note offering. We also raised $1.4 billion through our…

Thank you, Phong. I will begin with a quick review of the software results and then go into more detail on our Bitcoin results. In Q1, total software revenues were approximately $111 million, down 3.6% year-over-year. The lower product license revenues, along with support revenues in Q1 continues to be as expected, and our overall revenue trend continues to reflect the ongoing transition of our software business from on-prem to the cloud. . Our cloud results in Q1, subscription services revenues increased 62% year-over-year and now make up approximately 33% of total revenues, continuing our quarter-over-quarter double-digit growth. Our subscription billings also grew again by 38% in Q1 to $24.5 million. The decline in product license revenues and support revenues continue to be offset by growth in cloud, and we continue to see growth in demand for our cloud platform and anticipate this trend to continue and strengthen in the coming quarters. Lastly, cost of revenues were $34 million, up 13% compared to Q1 of last year. The increase was driven primarily by higher cloud hosting costs, which we expect to continue in future periods as a direct result of our growth in cloud. Moving on to Bitcoin. We adopted fair value accounting for Bitcoin Holdings on January 1 this year, which has fundamentally changed how we value our Bitcoin treasury asset. The left of this slide, we began the year with our Bitcoin holdings value just under $42 billion. On Jan 1, on adoption of the new rule, we recognized $17.9 billion to our beginning balance of retained earnings which was the difference between the carrying value on our books and the fair value based on bitcoin price as of 12/31. One fundamental difference now under fair value accounting is that our holdings are marked on the last day…

Okay. I want to thank everybody for being with us today. And I'm going to start with an observation. Strategy is the world's most widely held bitcoin security. And you could think of it as the most widely held bitcoin proxy. In fact, substantially more widely held than any of the spot ETFs in the world. we did some review of that in the past few months, and we found that there are 13,000 institutions that have accounts holding MSTR. And these institutions are not just asset managers, a lot of pension funds, insurance companies and even sovereign wealth funds. We traced 814,000 retail accounts. And we have 500-plus ETFs and funds and indices that were embedded in like the NASDAQ 100, the Russell 1000, the MSCI index. Some of these are extraordinary. For example, the Norway Sovereign Wealth Fund, it's benefiting every single citizen of Norway. We've traced our holdings to insurance companies that have millions of beneficiaries and pension funds that have many, many millions of beneficiaries. So all told, our best estimate is 55 million beneficiaries were either indirect holders of MSTR or their beneficiaries of the institutions that are invested in MSTR. We can go to the next slide. I'd like to talk a bit about our BTC models. And you're probably familiar with BTC Yield and BTC gain because we've talked about those a lot over the past 6 months. But in fact, I get lots of questions about how the company is going to continue to outperform Bitcoin. How are we going to continue to grow the stock, what is the basis for the premium to NAV. And in and of themselves, yield and gain only tell you part of the story. If you want to understand how we create shareholder value, we have…

Thank you, Michael for the very insightful session today. I know we went a lot over the original 1-hour mark, but we'll take 3 quick questions here, and I'll begin with the first one for Andrew. So now that you have adopted the fair value accounting, how do you feel about the big swings in earnings as a result of the bitcoin price volatility?

Sure. Thanks, Shirish. I guess, first off, the fair value accounting, even with the swings is far more transparent for our investors and more accurately reflects the true value of our bitcoin holdings versus the previous accounting rules. So certainly a win for us and other companies adopting bitcoin. The old accounting was, in many ways, a barrier I feel like -- but with that hurdle gone, we should continue to see a steady stream of new corporate adopters of bitcoin as a treasury asset. So the transparency, I think, is vitally important. So how do we feel about the swings? We, of course, like the positive swings more than the negative swings. But the reality is that bitcoin is volatile. So I think overall, I think we're unfazed by the downswings and believe over time, there will be more upswings. As I noted earlier, my 95,000 bitcoin price example would reflect a $6.7 billion gain. Right now, bitcoin is trading closer to 96.5. So today, we're the end of the quarter and that were the price for -- if that were the price at the end of the quarter, our unrealized gain would be closer to something like $7.6 billion in gain in a single quarter. So I think in the long term, we all believe bitcoin price is going to go up. And over that same long term, our reported gains will reflect that same trend in our overall earnings.

Great. Thanks, Andrew. The next one is for Michael. What are your thoughts on the recent MSTR playbook adoptions from other companies? And how does the company plan to sustain its leading role?

I think it's a very virtuous cycle, and it's a mutually beneficial competition. The more companies that adopt the bitcoin standard, the more legitimizing it is. As more companies adopt the bitcoin standard, they're out there educating equity investors, and that brings more equity capital to the market. As they start to issue credit instruments, they will educate fixed income investors and credit investors that brings new capital to the market. There's only 450 Bitcoin a day. And so as we're all buying that bitcoin, the price of bitcoin is stabilized, supported and then driven up. And 99.9% of the capital in the world is invested in the traditional fiat physical financial economy. We're just at 1% or 0.1%. And if it grows from 0.1% to 1%, then the advantages of accelerating institutional adoption are profound, and they offset any possible competition for capital. I also think each capital market needs its own set of BTC companies. In France, you need a local French company. You need a local company in Brazil. You need a local company in Japan. You need -- the U.S. market can absorb dozens and dozens of companies because there are so many ways to differentiate. And every company is going to have its own approach. And of course, a lot of investors, they say one incident or one data point is just a random point. And two -- two is a line maybe, but 3 is a trend, right? And so when you get to the point when there's 3, 4, 5, 6 companies, a lot of investors will be more comfortable investing in the space because they're going to want to limit their exposure to anyone to a certain risk responsibility in their portfolio, but they're going to look for the next one, the next one. So I think the more companies that join, the better it is for bitcoin, the better it is for the companies in the space. And they're really going to accelerate the transition to the bitcoin standard such that the companies that don't join will find themselves pressured to join over time.

Great. And the last one here for Phong. Can you please update us on the pace of capital raises under the 40 -- 42 plan? -- and how you're thinking about striking the right balance between equity capital and the fixed income capital going forward? And how do you think about the impact of dilution from another $21 billion equity?

Well, I'll start with -- I think that's the big question that we spent the last 2 hours addressing, right? And we have conviction in our capital raises and adding to our capital plan, and we talked about that. But you have to start with why did we lay out a BTC financial framework because the existing fiat financial framework doesn't work for BTC, right? So dilution, our BTC KPIs we look at things on a BTC yield, BTC per share, BTC gain basis. And I think you saw in Mike's presentation, every single capital raise we've done via our ATM, if you look at our strategy.com website, has been accretive on a BTC yield and a BTC per share and a BTC gain basis. And so if we issue ATM or equity at greater than 1x NAV, all other things being equal, that's accretive and it's not dilutive to shareholders. That said, if you look at our fixed income instruments, those are even more accretive when you look at BTC yield, all else being equal. But we need that fixed income market to become more mature and more efficient. As NAV rises, the yield curve starts to flatten and issuing equity starts to look more and more like issuing fixed income. And fixed income instruments do require more BTC ARR to get positive income. But I think the ask and for all of us who are interested in Bitcoin is we need to develop and make that market for fixed income more efficient. And that's an opportunity for strategy and that's an opportunity for bitcoin. It's not lost on us that we pushed the ATM more heavily than we pushed fixed income, but the market for fixed income is actually larger than the market for equity. So it's incumbent upon us, Bitcoin folks to make the fixed income market become more efficient. We're going to work on that. And as that happens, we're going to continue to issue equity, issue debt, and we're going to do it in a way that's accretive to our shareholders. So I think it will -- the more everyone processes the last couple of hours, they'll start to understand the BTC financial framework and they'll understand how we at strategy think about what we're doing to raise capital.

Excellent. I think that brings us to the end of this webinar. So any final remarks from Phong?

Yes. I want to share with Mike and Andrew and Shirish, thanks for everybody for sitting through and understanding more about how we think about bitcoin and think about strategy over the last 2 hours and 10 minutes. We appreciate all of your support. For those who will be in Orlando next week, very excited to meet and interact with all of you. Those who won't, we'll talk to you again in 12 weeks or so. Thanks, and have a good evening. End of Q&A: