Investor Presentaiton
MicroStrategy Bitcoin Net Asset Value
Hypothetical scenarios in which bitcoin price increases – Illustrative
Bitcoin Forward Price
Spot Bitcoin Price
MSTR (Current Leverage)
MSTR (Incremental $0.5B Leverage)
MSTR (Incremental $1.0B Leverage)
$43,000
$69,000
$100,000
$250,000
60%
135%
480%
I
I
85%
180%
660%
90%
190%
700%
95%
205%
740%
Note:
Assumptions:
Rounded to the nearest 5% up or down. Leverage levels set forth above are provided for illustrative purposes only and do not reflect any current plans of the Company.
Percentage amounts above refer to the mathematical outputs only based solely on the underlying assumptions and are not a projection or prediction of future bitcoin prices or
underlying bitcoin net asset values. Scenarios in which the bitcoin forward price is less than $43,000 would result in a proportionate decrease in bitcoin net asset value.
Bitcoin Net Asset Value = Bitcoin Holdings Market Value less Total Outstanding Debt.
No change to MSTR share count, no conversion of outstanding convertible debt, ignores interest on debt for simplification of mathematical exercise, no indication on the time
frame for the forward bitcoin price or debt maturity, excludes software business. Incremental leverage scenarios assume that MSTR is able to issue the additional debt and invest
the proceeds in bitcoin at market prices as of February 5, 2024.
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