Catalysts Bitcoin as the first-class wealth preservation medium Risk-off asset - hedging against macroeconomic tailwinds - e.g. currency debasement, hyperinflation Institutional Bitcoin Adoption Bitcoin Halving Zero-competition in aggregate BTC ownership (1%+) Assumptions Bitcoin continue to attract greater inflows MSTR continues to purchase bitcoin MSTR continues to innovate in its B2B data intelligence offerings Risks Restrictive government regulation on Bitcoin or the broader cryptocurrency market. Valuation With BTC PT of $100,000 by 2024, MSTR circa $2,500 With BTC PT of $150,000 by 2026, MSTR circa $4,000 With BTC PT of $250,000 by 2028, MSTR circa $7,500