Lynn Alden's questions to Microstrategy Inc (MSTR) leadership • Q2 2025
Question
Lynn Alden inquired about the stress testing of Strategy's capital structure, specifically asking about assumptions for a Bitcoin bear market and how it might affect the ability to raise new capital.
Answer
Executive Chairman Michael Saylor explained that the shift to perpetual preferred equity makes the capital structure 'antifragile' and capable of withstanding an 80% drawdown without missing a dividend payment. CEO Phong Le added that the company learned from the 2022 crypto winter and now has a much more robust capital structure without margin loans or secured notes.