Microstrategy Inc. - Ordinary Shares - Class A

Bitcoin Holdings and Growth Strategy: Strategy remains the largest corporate holder of Bitcoin, with holdings of 553,555 BTC valued at $52 billion as of April 28, 2025. They acquired an additional 106,085 BTC in Q1 at a cost of $9.9 billion, showcasing their commitment to the Bitcoin treasury strategy and reflecting a strong conviction in the asset's long-term value.

Strong Capital Raising Efforts: The company raised $6.6 billion in net proceeds through its at-the-market equity offering program and $2 billion via convertible notes in Q1 2025, demonstrating robust market access. They announced a new $21 billion ATM program as part of their expanded $42 billion capital plan, indicating a scalable and adaptable approach to capital markets.

Changes in Accounting: The adoption of fair value accounting for Bitcoin on January 1, 2025, altered the valuation of their Bitcoin holdings, resulting in a $4.9 billion unrealized loss for Q1 due to declining Bitcoin prices. This accounting change could introduce volatility in reported earnings, dependent on Bitcoin's price movements each quarter.