The full analyst Q&A from Strategy’s (MSTR) Q3 2026 earnings call. Phong Le and Michael Saylor take questions from BTIG’s Andrew Harte, Treasury’s Khing Oei, Galaxy’s Alex Thorn, Citi’s Pete Christiansen and Scott Melker on digital credit, Stretch (STRC) returning to par, the other preferreds, Bitcoin’s financialization and tokenization.
Chapters:
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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