Michael Saylor & Phong Le: MSTR Dilution Fears, Buybacks and Strategy as the "J.P. Morgan of Digital Assets"

**Michael Saylor** (0:00)
I have more than 19 million shares of the equity, so I feel you're paying, but I think we have to be prepared to have difficult years. It might be one year, it might be two years.

**Phong Le** (0:10)
I think there is this misconceived notion that issuing our equity is dilutive to our shareholders. Saylor's hitting the ATM, that's dilutive to shareholders, and then that's not necessarily correct on a Bitcoin per share basis.

**Michael Saylor** (0:23)
If we do the things that are good for the equity in the near term, they're bad for the equity over the long term. Ultimately, we want to create the world's best credit. If we do that, then the primary beneficiaries will be the equity holders, of which I'm a big one.

**Natalie Brunell** (0:39)
Michael previously suggested that Bitcoin could reach 1 million per coin if strategy accumulated 5 percent of the total Bitcoin supply. Have your price expectations evolved given that the price is lower now than in November 2021?
Hello, everyone, and welcome. I'm Natalie Brunell, author of Bitcoin is For Everyone and host of the Coin Stories podcast. And I'm very happy to be back moderating Strategies second live investor Q&A. We will get to as many of your questions as we can. They were submitted directly by retail and institutional investors through the company's official question form and on X. We received dozens and dozens of submissions covering a range of topics. And my job today is simply to put those questions to the company's leaders and keep us moving so we can cover as much ground as possible. Now before I introduce our guests, a brief disclosure. Some statements made during today's presentation regarding future expectations, plans and prospects may constitute forward looking statements. Actual results may differ materially due to important factors, including fluctuations in the price of Bitcoin and the risks described in Strategies SEC filings, including its quarterly report on Form 10Q filed on August 3rd, 2026 This presentation is for informational purposes only. It is not an offer to sell or a solicitation of an offer to buy any securities, and it is not investment, financial, legal or tax advice. Any offering of securities will be made only by means of a prospectus, and additional information about Strategy is available at strategy.com.
So with that, let me introduce Michael Saylor, the founder and executive chairman of Strategy, and Phong Le, Strategy's chief executive officer. Michael and Phong, great to have you back.

**Michael Saylor** (2:37)
Happy to be here.

**Phong Le** (2:38)
Thanks for having us, Natalie.

**Natalie Brunell** (2:40)
All right. Well, we have a lot of questions to get through, so let's jump right in. The first one came from several investors, and it's directed to you, Michael. You recently posted a chart on your X page where you outlined a digital asset monetary spectrum that included digital capital, digital credit, digital money, and digital currency.
What is SR-STRCUSX, which you describe in that visual, as digital money, and do you disagree that Bitcoin is money?

**Michael Saylor** (3:14)
I think if you're using the theoretical term for money, then you would say money is a non-sovereign store value bearer instrument like gold. But that's a classical Austrian economist view of money.
The current conventional view of money is that money is a US dollar equivalent or a fiat currency equivalent asset, like the US dollar that holds its peg against the fiat currency. So I think that 99 percent of the world thinks that money is a fiat currency and a money market is a fiat currency that generates yield. I think that there's 1 percent of the world that are Austrian economists that think that money is gold. Some of them think money is silver and money is Bitcoin. But I think that's an academic debate and there's not much point in getting mired in an academic debate because about 0.1 percent of the capital in the world or 0.1 percent of the economic value in the world is actually invested in the Bitcoin network right now. Ninety-nine point nine percent of all the capital, all the money, all the stuff of value is invested in stuff other than the Bitcoin ecosystem right now. A lot of that's equity capital, a lot of it's real estate capital, some of it's metallic capital like gold, some of it is credit, hundreds of trillions of dollars of credit. So I think that if you want the Bitcoin network to grow by a factor of 10 or 100, then you're going to have to attract capital from the traditional finance establishment. And that means attracting equity capital flows or credit capital flows or money market flows. So for the people that have not yet bought Bitcoin, the ones that we're actually working to serve, their view is that money is a media exchange or you're in a kind of store of value. And they would think that that's the Japanese yen in Japan or a yen money market in Japan. They would think it's a US dollar money market in the US. They think it's a euro money market or a euro in the European Union.