Strategy Inc (MSTR) Q3 2025 Earnings Call Highlights: Record Bitcoin Holdings and Strong ...

Q: What are the anticipated expenses and ROI for marketing and advertising around preferreds? A: Phong Le mentioned that initial expenses would be minimal compared to potential inflows from preferreds. They plan to experiment with digital marketing and engage in direct outreach to investors. Michael Saylor added that they are leveraging media appearances to promote their offerings.

Q: Would Strategy Inc consider acquiring a Bitcoin treasury company trading at a lower MNAV? A: Michael Saylor stated that while they focus on transparent digital transactions and selling digital credit, they have no current plans for M&A activity. The management prefers to focus on selling credit instruments and improving the balance sheet.

Q: Are you considering tapping international markets for capital raising, and would you design new instruments for those markets? A: Michael Saylor confirmed they would design native instruments for each market, such as CAD-denominated products for Canada or EUR-denominated for Europe, to avoid currency risk for investors.

Q: Beyond Bitcoin price action, what challenges are headwinds for Strategy Inc and the Bitcoin treasury industry? A: Michael Saylor highlighted the need for Bitcoin to be recognized as capital by credit rating agencies and the importance of banking acceptance for custody and credit. Educating banks, insurance companies, and investors about Bitcoin's potential is crucial for industry growth.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.