Hello. Thank you all for joining us today. I'm here with our founder and executive chairman, Michael Saylor. I'm Fong Lee, president and CEO of Strategy. And I'm excited to share with you our latest perpetual preferred offering, STRC, also referred to as Stretch. I'd like to start with our disclaimer, and I suggest you all read this in detail at your leisure. And let me go through the term sheet at a high level. Michael will go through a lot of these terms and the strategy of Stretch in more detail later. I'll start with it. This is our fourth and latest security that is perpetual and preferred in nature. And in terms of seniority, Stretch is senior to Stride and Strike and MSTR common stock, and it will be junior to our other debt, including our convertible notes, and also junior to Strife. The stated amount of Stretch is $100 per share. And what's unique about Stretch is our intention is to maintain a trading level for Stretch that's near a stated amount. We have a few mechanisms to try to create this outcome. First of all is a variable dividend rate, which is unique and different than the dividend rate which has been fixed on our other perpetual preferred securities. The second is an ATM, which we intend to issue in short order, and we'll use that ATM also to help us maintain the price at the stated amount. And the third is a unique call option that we also will describe later and Mike will go through.
So let me go through a performance review of Strategy and the company to date, and I'll start with a chart that some of you have seen many times and one that we're quite proud of, which is the annualized asset performance of Strategy since the Bitcoin standard era, which started on August 10th of 2020. On an annualized basis, you've seen our return here is about 104%, which is nearly twice that of Bitcoin at 59% and nearly four times that of the MAG7 at 27%. And if you look at the total returns during that same period of time, we have returned 3,324% in nearly a five-year period. If you look at the last 12 months, you'll see similarly remarkable returns: 72% for MSTR compared to 85% for Bitcoin, 36% for gold, and 23% for the MAG7.
In the second quarter of 2025, we saw an addition of $21 billion digital asset value. About $14 billion of that is via an unrealized fair market gain on our existing Bitcoin and additionally in Bitcoin that we acquired during the second quarter, and $6.8 billion of Bitcoin that was acquired during the second quarter. So we've really added tremendous value to our balance sheet during this period of time in the second quarter, increasing it by nearly 50%. If you look at the performance of Bitcoin and as a result MSTR's balance sheet and digital asset value since the second quarter, in a very short period of time, really just about 20 days or so, you'll see that we have added an additional $7 billion additional asset value: $5.7 billion or so because of the appreciation in Bitcoin price going to all-time highs that we've seen, and $1.22 billion of additional Bitcoin that's been purchased today.
And the result of this is a balance sheet that is now in the top 10 in the US companies, excluding financial services companies. We have well exceeded the balance sheets of tremendous companies like Nvidia, and we're honing in on some of the MAG7 companies like Meta, Apple, Microsoft, Google, and Amazon. So we've really created tremendous value in the second quarter and really in the last five years through our Bitcoin acquisition strategy. Our two primary KPIs that we measure ourselves against are BTC yield, where we have an annualized annual target of 25%. And you'll see here year to date we're at 20.8%, so nearly 80% of the way through achieving that BTC yield target. And the BTC dollar gain target that we've set is $15 billion. You'll see we're at nearly $11 billion, so more than two-thirds of the way through achieving our BTC gain target.
The performance of our perpetual preferreds that we've issued here today, Strike, Strife, and Stride, have been tremendous year to date, and it's a great backdrop for us to be introducing Stretch. I'll point out here that Strike was launched in January this year at an $80 price and it has increased 48% since then to $118. And we've added $549 million of Strike through ATM sales. On Strife, we launched at $85 and seen similarly strong performance, 40% increase and $219 million of ATM issuances. And our most recent IPO was Stride, which was launched at $85 and seen a 10% gain during that period of time and $18 million in ATM sales. And so compared to the preferred universe and the preferred index PFF, the performance has been significantly better, right? Strike here with an ARR of 104%, 48% performance compared to -2 for the PFF index. Strife has an ARR of 123%, 40% increase compared to 0% for the PFF index. And in a short period of time, Stride has shown 87% ARR, 10% performance versus a 3% for the PFF index. And so those have all performed very well. And what has occurred is because of the increased performance or the high performance of these instruments and the increased price, the yields have started to go down. And with the lower effective yields, when we issue the instruments via an ATM, it actually increases the Bitcoin torque and it increases the accretion to shareholder value with lower effective yields and increase in Bitcoin torque. So we've seen very strong performance and we've been proud of that and again think this is a great time to be launching Stretch. The final piece that I'll walk through here is the amount of equity we have been able to raise through these instruments and how it has started to increase significantly over time. You'll see here we had a record week two weeks ago of $141 million of ATM issuances through our three instruments. And this is going to be our primary way over time to lever up the balance sheet, to add performance, to add BTC yield, to add BTC dollar gain and BTC torque to our business. So with that, I'll hand this over to Michael Saylor.
