Lance Vitanza

Technology

Limited coverage. Only 5 questions of coverage. Treat these numbers as directional — sample too small for reliable averages.

Companies

Questions

40%

Challenge RatePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.

Challenge Trend

Q2 '25Q4 '25

Focus Areas5 topics

Capital Allocation4Guidance Reliability2Competitive Dynamics2Credit1Demand1

Trends3 quarters

Questions per Quarter

Questions

Challenging

Companies Covered

Question History5 questions

MSTRMicroStrategy Inc.40% challenging3 quarters

2025 Q4

since the beginning of the year, I can count 3 weeks over which your Bitcoin acquisitions have generated negative -- slightly negative, but negative Bitcoin yield

ChallengingCapital AllocationGuidance ReliabilityView in transcript →

could you use that to redeem the $1 billion of converts that are putable in September of '27?

Capital AllocationCreditView in transcript →

2025 Q3

The 30% BTC yield target for 2025, I'm surprised you maintained it given the recent decel in Bitcoin accumulation

ChallengingGuidance ReliabilityCapital AllocationView in transcript →

2025 Q2

does concentration of Bitcoin holdings at a single corporation impede adoption of Bitcoin as a store of value

Competitive DynamicsDemandView in transcript →

at what point does the plethora of public Bitcoin Treasury Companies or PBTCs as I like to call them

Competitive DynamicsCapital AllocationView in transcript →