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    Jeff Walton

    Senior Analyst at Strive

    Jeff Walton is a Senior Analyst at Strive Asset Management, specializing in Bitcoin strategy and capital markets with a focus on companies deeply engaged in digital asset treasury management. He has provided extensive research and public commentary on firms like MicroStrategy, analyzing their strategic use of Bitcoin, financing methods, and risk-return profiles, and his insights have highlighted scenarios generating multi-billion dollar gains for investors. Walton's professional background spans several years in financial analysis and digital asset markets, and he brings a performance-driven approach informed by sophisticated modeling of volatility and shareholder value creation. He holds multiple relevant securities credentials and is known for rigorous, data-driven research published across industry-leading platforms.

    Jeff Walton's questions to Strategy (MSTR) leadership

    Jeff Walton's questions to Strategy (MSTR) leadership • Q2 2025

    Question

    Jeff Walton of Strive inquired how the team thinks about future leverage ratios and volatility, particularly as the capital structure shifts from convertible bonds to perpetual preferred equity.

    Answer

    Executive Chairman Michael Saylor explained that while a 20-30% leverage ratio was appropriate with bonds, a shift to preferred equity could reasonably allow for higher leverage (30-50%) over time. He noted that the 'Stretch' product, if successful, could theoretically allow for massive scaling of this leverage, with the exact amount depending on market conditions and Bitcoin's volatility.

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