MicroStrategy Incorporated (NASDAQ:MSTR) Q3 2024 Earnings Conference Call October 30, 2024 5:00 PM ET

Company Participants

Shirish Jajodia - Vice President of Investor Relations and Treasury
Phong Le - President and Chief Executive Officer
Andrew Kang - Senior Executive Vice President and Chief Financial Officer
Michael Saylor - Executive Chairman

Conference Call Participants

Shirish Jajodia

Hello everyone and good evening. I am Shirish Jajodia, Vice President of Investor Relations and Treasury at MicroStrategy. I will be your moderator for MicroStrategy's 2024 Third Quarter Earnings Webinar.

Before we proceed, I will read the Safe Harbor statement. Some of the information we provide during today's call regarding our future expectations, plans and prospects may constitute forward-looking statements. Actual results may differ materially from these forward-looking statements due to various important factors including the risk factors discussed in our most recent 10-Q filed with the SEC. We assume no obligation to update these forward-looking statements which speak only as of today.

Also during today's call, we will refer to certain non-GAAP financial measures. Reconciliations showing GAAP versus non-GAAP results are available in our earnings release and presentation, which were issued today and are available on our website at microstrategy.com.

I would now like to welcome you all to today's webinar, and let you know that we will be taking questions using the Q&A feature at the bottom of your screen. You can submit questions throughout the webinar and Michael, Phong or Andrew will answer questions at the end of the session. Please be sure to provide your name and your company's name when submitting your questions.

Now, I'll walk you through the agenda for today's call. First, Phong Le will cover the business and operational results for the third quarter of 2024. Second, Andrew Kang will cover the financial results for third quarter of '24. Then Michael Saylor will provide a strategic review, and the vision and discuss the recent Bitcoin market updates. And lastly, we will open up to the Q&A.

With that, I will now turn the call over to Phong Le, President and CEO of MicroStrategy.

Phong Le

Thank you, Shirish. Hello everyone.

I'd like to welcome all of you to today's webinar, starting with the Bitcoin highlights for Q3. 2024 MicroStrategy remains the largest corporate holder of Bitcoin in the world, now holding 252,220 Bitcoins with a total Bitcoin market value of $18 billion as of yesterday.

Since June 30, 2024, we acquired an additional 25,889 Bitcoin for a total purchase cost of $1.6 billion, an average price of $60,839. Year-to-date, 2024, the price of Bitcoin has appreciated, spurred notably by the approval of the Spot Bitcoin Exchange traded products or ETPs, which has drawn considerable institutional attention to the asset class. We believe the introduction and initial success of the Spot Bitcoin ETPs evidences the maturation of Bitcoin as an institution grade asset class, with broader regulatory recognition and institutional adoption.