Analyst Q&A Recap of Strategy’s Q3 2026 Earnings Call

Strategy’s (MSTR) Q3 2026 earnings call featured an extended analyst Q&A session. During the session, Phong Le and Michael Saylor responded to questions from BTIG’s Andrew Harte, Treasury’s Khing Oei, Galaxy’s Alex Thorn, Citi’s Pete Christiansen, and Scott Melker. The discussion covered digital credit, Stretch (STRC) returning to par, the other preferred securities, and Bitcoin’s financialization and tokenization.

The call included the following chapters and timestamps:

• 00:00 Strategy’s Balance Sheet vs. the Last Bull Market
• 02:38 You Need a Lot of Capital to Create a Lot of Credit
• 04:30 When Does Strategy Turn the Equity ATM Back On?
• 06:06 Why STRC Took Four Months to Return to Par
• 08:24 What Happens to STRD, STRK and STRE?
• 10:44 Why the Euro-Listed STRE Is a Challenge
• 12:51 Is Strategy Financializing Bitcoin?
• 16:06 How Institutions Are Damping Bitcoin’s Volatility
• 19:35 Mr. Edison, Mr. Rockefeller and Financialized Bitcoin
• 20:34 Will Strategy Issue Tokenized MSTR for U.S. Investors?
• 23:16 The Promise of Tokenization Is a Free Market
• 26:33 The Elephant in the Room: No U.S. Token Standard

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