Phong LeePresident & CEO

Different people want different return and risk. If you strap public securities to Bitcoin they tend to perform better. Equity has higher return and volatility. Debt and hybrids have lower return and volatility. Preferreds sit in the middle, so they fit many profiles from Robinhood millennials to retirees who want income.

Before, a bank account paid almost nothing and a money market maybe ~4% before taxes. A Bitcoin-backed preferred paying around 10.25% monthly and tax deferred is a real place to save. It lowers time preference and gets people into the habit of saving.

There is real demand. Robinhood had to build support for a dividend-paying instrument and moved fast. Now they have a platform for preferreds in general. That helps us and can transform the market over time.

Money markets and savings are about $30 trillion. One percent is $300 billion. Could we reach $30 billion? I think we could. Timing is hard. These instruments need to season. Our first preferred launched eight months ago and Stretch launched three months ago. Give it time to mature.

I see an ecosystem, not a fight. Common is the alpha. Preferreds, converts, and notes support the common. Different products for different needs like owning a phone, watch, and earbuds. Together they strengthen the stack.

We issued about $2.5 billion of Stretch with zero upfront dilution and bought Bitcoin. That is accretive to BTC yield, supports the equity, and helps the rest of the stack. It also increases demand for Bitcoin.

Adoption takes longer than you expect. I thought the floodgates would open in 2021. It took founder-led tech CEOs to move first and several years to hit a tipping point. Big vision plus patience matters.

Not at that scale. We hoped Bitcoin would open doors. The passionate community surprised us. The merch store is just giving back. People across the company pitch in because they love Bitcoin. Passion creates chances you did not plan.

They are complementary. Bitcoin lets us focus long term on product, not just quarterly numbers. The mature software business funds capabilities like media and a studio that also support Bitcoin education and the community.

We helped invent modern BI. First enterprise analytics on the web in 1998, first mobile analytics in 2008, early cloud analytics in 2012. The software business has about 1,500 people, high retention, and serves nearly half the S&P 500.

AI needs business-level definitions of data at scale. We are building a universal semantic layer so agents can access secure, governed, business-language data. We call it a mosaic. That is the unlock.

Write things down. Put people in every time zone. Work keeps moving as one team signs off and another signs on. Async and written culture keep speed without constant calls.

Security, stability, and performance. We don’t brag about them, we just do the work every week. Over years, that builds confidence and wins bigger accounts.

If we are moderately successful, the Bitcoin business and the software business are each an order of magnitude bigger. People may still ask if we care about software. The answer is yes. Both markets are huge and support each other.

Traditional banks offering Bitcoin custody, yield, and loans. When you can hold Bitcoin at your main bank and borrow against it, that is a major unlock. I think a large bank will offer custody by the end of 2026.

Milestones. ETFs were a milestone. Bank custody is a milestone. Access and utility drive adoption. Price follows that.

Understand the asset and the company. We have a 35-year innovation history, a visionary founder, a strong team, and a clear record of execution. Do the work, think long term, and let compounding do its job.