Pay vs Performance Disclosure - USD ($)

5 Months Ended

7 Months Ended

12 Months Ended

Dec. 31, 2022

Aug. 07, 2022

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

Pay Versus Performance

As discussed in “Executive and Director Compensation—Compensation Discussion and Analysis,” the goal of our compensation program for our executive officers is the same as our goal for operating the Company—to create long-term value for our stockholders. The following tables and related disclosures provide information about (i) the “total compensation” of our principal executive officers (the “PEOs”) and our other named executive officers (the

“Non-PEO

Named Executive Officers”) as presented in the Summary Compensation Table on page 35 (the “SCT Amounts”), (ii) the “compensation actually paid” to our PEOs and our

Non-PEO

Named Executive Officers, as calculated pursuant to the SEC’s

pay-versus-performance

rules (the “CAP Amounts”), (iii) certain financial performance measures, and (iv) the relationship of the CAP Amounts to those financial performance measures.

This disclosure has been prepared in accordance with Item 402(v) of Regulation

S-K

under the

Exchange

Act and does not necessarily reflect value actually realized by the executives or how our Compensation Committee or President & CEO, as applicable, make compensation decisions in light of Company or individual performance. For discussion of how our Compensation Committee and the President & CEO, as applicable, make compensation decisions, please see “Executive and Director Compensation—Compensation Discussion and Analysis.”

Pay Versus Performance


Year	Summary Compen- sation Table Total for First PEO (Saylor) (1) ($)		Summary Compen- sation Table Total for Second PEO (Le) (1) ($)		Compen- sation Actually Paid to First PEO (Saylor) (2) ($)		Compen- sation Actually Paid to Second PEO (Le) (2) ($)			Average Summary Compen- sation Table Total for Non-PEO Named Executive Officers (3) ($)		Average Compen- sation Actually Paid to Non-PEO Named Executive Officers (2) ($)			Value of Initial Fixed $100 Investment Based on:				Net Income (Loss) ($) (in thousands) (6)			Non-GAAP Adjusted Income from Operations ($) (in thousands) (6)
Year					Compen- sation Actually Paid to First PEO (Saylor) (2) ($)		Compen- sation Actually Paid to Second PEO (Le) (2) ($)								Total Shareholder Return (4) ($)		Peer Group Total Shareholder Return (5) ($)		Net Income (Loss) ($) (in thousands) (6)
2024		N/A		15,736,147		N/A		173,579,049			4,959,596		44,265,959			2,029		301		(1,166,661	)		14,008
2023		N/A		8,028,255		N/A		63,649,217			2,420,954		10,435,349			443		221		429,121			70,375
2022		670,812		20,174,360		670,812		(15,836,288	)		6,282,443		(1,983,026	)		99		133		(1,469,797	)		74,163
2021		2,780,241		N/A		2,780,241		N/A			12,152,910		27,803,878			382		207		(535,480	)		90,220
2020		407,160		N/A		407,160		N/A			1,308,109		11,094,471			272		150		(7,524	)		68,226

(1)

Mr. Saylor (our “First PEO”) served as our PEO in 2020, 2021 and until August 7, 2022. Mr. Le (our “Second PEO”) is the current PEO and has served as our PEO since August 8, 2022. The amounts reported under Summary Compensation Table Total for First PEO and Summary Compensation Table Total for Second PEO reflect the total compensation amounts reported in the “Summary Compensation Table” for our First PEO and our Second PEO, respectively, for each respective year in which such individual served as PEO for any portion of the year.

(2)

The following table describes the adjustments, each of which is prescribed by SEC rule, to calculate the CAP Amounts from the SCT Amounts. The SCT Amounts and the CAP Amounts do not reflect the actual amounts of compensation earned by or paid to the executives during the applicable years, but rather are amounts determined in accordance with Item 402 of Regulation

S-K

under the Exchange Act.


Adjustments	2024						2023						2022								2021					2020
Adjustments	PEO ($)			Non-PEO Named Executive Officers * ($)			PEO ($)			Non-PEO Named Executive Officers * ($)			First PEO ($)		Second PEO ($)			Non-PEO Named Executive Officers * ($)			PEO ($)		Non-PEO Named Executive Officers * ($)			PEO ($)		Non-PEO Named Executive Officers * ($)
SCT Total Compensation		15,736,147			4,959,596			8,028,255			2,420,954			670,812		20,174,360			6,282,443			2,780,241		12,152,910			407,160		1,308,109
Adjustments for stock and option awards
Less: Aggregate value for stock awards and option awards included in SCT Amounts for the covered fiscal year		(13,383,342	)		(3,859,026	)		(5,954,383	)		(1,544,782	)		—		(18,324,800	)		(5,204,525	)		—		(10,158,133	)		—		(144,203	)
Plus: Fair value at year end of awards granted during the covered fiscal year that were outstanding and unvested at the covered fiscal year end		25,445,612			7,218,919			14,378,619			3,063,917			—		8,087,752			2,363,133			—		6,768,250			—		291,412
Year-over-year change in fair value at covered fiscal year end of awards granted in any prior fiscal year that were outstanding and unvested at the covered fiscal year end		131,395,181			30,507,100			35,805,915			5,448,715			—		(14,730,642	)		(3,518,449	)		—		6,072,885			—		9,894,279
Change as of the vesting date (from the end of the prior fiscal year) in fair value of awards granted in any prior fiscal year for which vesting conditions were satisfied during the covered fiscal year		14,385,451			5,439,370			11,390,811			1,481,456			—		(11,042,958	)		(1,905,628	)		—		12,967,966			—		424,806
Less: Fair value at end of prior fiscal year of awards granted in any prior fiscal year that failed to meet the applicable vesting conditions during the covered fiscal year		—			—			—			(434,911	)		—		—			—			—		—			—		(679,932	)
CAP Amounts (as calculated)		173,579,049			44,265,959			63,649,217			10,435,349			670,812		(15,836,288	)		(1,983,026	)		2,780,241		27,803,878			407,160		11,094,471

*	Amounts presented are averages for the entire group of Non-PEO Named Executive Officers in each respective year.

Stock option grant date fair values were calculated based on the Black-Scholes valuation model as of the grant date. The calculations of stock option fair values as of each measurement date were made using the Black-Scholes valuation model, using the stock price as of the measurement date with updated assumptions (i.e., expected term, volatility, and risk free rates) as of the measurement date. In updating the expected term assumptions as of each measurement date, we considered the passage of time, exercise history, and

“in-the-money”

status of awards (i.e. how much the award’s exercise price was above or below the market price of the underlying class A common stock issuable upon exercise of such award) and adjusted the expected term, as applicable. RSU grant date fair values were calculated using the stock price as of the grant date. RSU fair values as of

year-end

and as of each date of vesting were calculated using the stock price as of the applicable date. All of our PSUs include a market condition such that vesting is subject to the Company’s achievement of a relative total shareholder return performance goal over a three-year performance period. The number of PSUs that will vest will be based on the percentile ranking of the Company’s TSR over the three-year performance period as compared to the TSR of the members of the Nasdaq Composite Index over the same period, with the payout factor ranging from 0% to 200% of the number of PSUs granted. The PSU grant date fair values were calculated using a Monte Carlo simulation as of the grant date. The calculations of unvested PSU fair values as of

year-end

were made using a Monte Carlo simulation, using the stock price as of

year-end

with updated assumptions (i.e., expected term, volatility, risk free rates, actual TSR from date of grant to

year-end)

as of the measurement date.

(3)

The amounts reported under Average Summary Compensation Table Total for

Non-PEO

Named Executive Officers reflect the average of the total compensation amounts reported in the “Summary Compensation Table” for the

Non-PEO

Named Executive Officers for each respective year. The

Non-PEO

Named Executive Officers were:

•

For 2024, Messrs. Saylor, Kang, and Shao;

•

For 2023, Messrs. Saylor, Adkisson, Kang, and Shao;

•

For 2022, Messrs. Adkisson, Kang, Lang, and Shao;

•

For 2021, Messrs. Lang, Le, and Shao;

•

For 2020, Ms. Mayr and Messrs. Lang, Le, and Shao.

(4)

For the fiscal years ended December 31, 2024, 2023, 2022, 2021, and 2020 represents the cumulative total shareholder return (“TSR”) of our Class A Stock (“Strategy TSR”) for the measurement periods beginning as of market close on December 31, 2019 and ending on December 31, 2024, 2023, 2022, 2021 and 2020, respectively.

(5)

For the fiscal years ended December 31, 2024, 2023, 2022, 2021 and 2020, represents the cumulative TSR of the Nasdaq Computer Index (“Peer Group TSR”) for the measurement periods beginning as of market close on December 31, 2019 and ending on December 31 of each of 2024, 2023, 2022, 2021, and 2020, respectively. The Nasdaq Computer Index is the peer group used by the Company for purposes of Item 201(e) of Regulation

S-K

under the Exchange Act in the Company’s Annual Report on Form

10-K

for the fiscal year ended December 31, 2024.

(6)

Reflects “Net Income (Loss)” for the fiscal years ended December 31, 2024, 2023, and 2022 included in the Company’s Consolidated Statements of Operations included in the Company’s Annual Report on Form

10-K

for the fiscal year ended December 31, 2024, and “

Net

Income (Loss)” for the fiscal years ended December 31, 2021 and 2020 included in the Company’s Consolidated Statements of Operations included in the Company’s Annual Report on Form

10-K

for the fiscal year ended December 31, 2022.

(7)	Non-GAAP Adjusted Income from Operations is a non-GAAP financial measure calculated by adjusting loss from operations to exclude digital asset impairment losses and share-based compensation expense.

Company Selected Measure Name

Non-GAAP Adjusted Income from Operations

Named Executive Officers, Footnote

(3)

The amounts reported under Average Summary Compensation Table Total for

Non-PEO

Named Executive Officers reflect the average of the total compensation amounts reported in the “Summary Compensation Table” for the

Non-PEO

Named Executive Officers for each respective year. The

Non-PEO

Named Executive Officers were:

•

For 2024, Messrs. Saylor, Kang, and Shao;

•

For 2023, Messrs. Saylor, Adkisson, Kang, and Shao;

•

For 2022, Messrs. Adkisson, Kang, Lang, and Shao;

•

For 2021, Messrs. Lang, Le, and Shao;

•

For 2020, Ms. Mayr and Messrs. Lang, Le, and Shao.

Peer Group Issuers, Footnote

(5)

S-K

under the Exchange Act in the Company’s Annual Report on Form

10-K

for the fiscal year ended December 31, 2024.

Adjustment To PEO Compensation, Footnote

(2)

S-K

under the Exchange Act.


Adjustments	2024						2023						2022								2021					2020
Adjustments	PEO ($)			Non-PEO Named Executive Officers * ($)			PEO ($)			Non-PEO Named Executive Officers * ($)			First PEO ($)		Second PEO ($)			Non-PEO Named Executive Officers * ($)			PEO ($)		Non-PEO Named Executive Officers * ($)			PEO ($)		Non-PEO Named Executive Officers * ($)
SCT Total Compensation		15,736,147			4,959,596			8,028,255			2,420,954			670,812		20,174,360			6,282,443			2,780,241		12,152,910			407,160		1,308,109
Adjustments for stock and option awards
Less: Aggregate value for stock awards and option awards included in SCT Amounts for the covered fiscal year		(13,383,342	)		(3,859,026	)		(5,954,383	)		(1,544,782	)		—		(18,324,800	)		(5,204,525	)		—		(10,158,133	)		—		(144,203	)
Plus: Fair value at year end of awards granted during the covered fiscal year that were outstanding and unvested at the covered fiscal year end		25,445,612			7,218,919			14,378,619			3,063,917			—		8,087,752			2,363,133			—		6,768,250			—		291,412
Year-over-year change in fair value at covered fiscal year end of awards granted in any prior fiscal year that were outstanding and unvested at the covered fiscal year end		131,395,181			30,507,100			35,805,915			5,448,715			—		(14,730,642	)		(3,518,449	)		—		6,072,885			—		9,894,279
Change as of the vesting date (from the end of the prior fiscal year) in fair value of awards granted in any prior fiscal year for which vesting conditions were satisfied during the covered fiscal year		14,385,451			5,439,370			11,390,811			1,481,456			—		(11,042,958	)		(1,905,628	)		—		12,967,966			—		424,806
Less: Fair value at end of prior fiscal year of awards granted in any prior fiscal year that failed to meet the applicable vesting conditions during the covered fiscal year		—			—			—			(434,911	)		—		—			—			—		—			—		(679,932	)
CAP Amounts (as calculated)		173,579,049			44,265,959			63,649,217			10,435,349			670,812		(15,836,288	)		(1,983,026	)		2,780,241		27,803,878			407,160		11,094,471

*	Amounts presented are averages for the entire group of Non-PEO Named Executive Officers in each respective year.

“in-the-money”

year-end

were made using a Monte Carlo simulation, using the stock price as of

year-end

with updated assumptions (i.e., expected term, volatility, risk free rates, actual TSR from date of grant to

year-end)

as of the measurement date.

Non-PEO NEO Average Total Compensation Amount

$ 4,959,596

$ 2,420,954

$ 6,282,443

$ 12,152,910

$ 1,308,109

Non-PEO NEO Average Compensation Actually Paid Amount

$ 44,265,959

10,435,349

(1,983,026)

27,803,878

11,094,471

Adjustment to Non-PEO NEO Compensation Footnote

(2)

S-K

under the Exchange Act.


Adjustments	2024						2023						2022								2021					2020
Adjustments	PEO ($)			Non-PEO Named Executive Officers * ($)			PEO ($)			Non-PEO Named Executive Officers * ($)			First PEO ($)		Second PEO ($)			Non-PEO Named Executive Officers * ($)			PEO ($)		Non-PEO Named Executive Officers * ($)			PEO ($)		Non-PEO Named Executive Officers * ($)
SCT Total Compensation		15,736,147			4,959,596			8,028,255			2,420,954			670,812		20,174,360			6,282,443			2,780,241		12,152,910			407,160		1,308,109
Adjustments for stock and option awards
Less: Aggregate value for stock awards and option awards included in SCT Amounts for the covered fiscal year		(13,383,342	)		(3,859,026	)		(5,954,383	)		(1,544,782	)		—		(18,324,800	)		(5,204,525	)		—		(10,158,133	)		—		(144,203	)
Plus: Fair value at year end of awards granted during the covered fiscal year that were outstanding and unvested at the covered fiscal year end		25,445,612			7,218,919			14,378,619			3,063,917			—		8,087,752			2,363,133			—		6,768,250			—		291,412
Year-over-year change in fair value at covered fiscal year end of awards granted in any prior fiscal year that were outstanding and unvested at the covered fiscal year end		131,395,181			30,507,100			35,805,915			5,448,715			—		(14,730,642	)		(3,518,449	)		—		6,072,885			—		9,894,279
Change as of the vesting date (from the end of the prior fiscal year) in fair value of awards granted in any prior fiscal year for which vesting conditions were satisfied during the covered fiscal year		14,385,451			5,439,370			11,390,811			1,481,456			—		(11,042,958	)		(1,905,628	)		—		12,967,966			—		424,806
Less: Fair value at end of prior fiscal year of awards granted in any prior fiscal year that failed to meet the applicable vesting conditions during the covered fiscal year		—			—			—			(434,911	)		—		—			—			—		—			—		(679,932	)
CAP Amounts (as calculated)		173,579,049			44,265,959			63,649,217			10,435,349			670,812		(15,836,288	)		(1,983,026	)		2,780,241		27,803,878			407,160		11,094,471

*	Amounts presented are averages for the entire group of Non-PEO Named Executive Officers in each respective year.

“in-the-money”

year-end

were made using a Monte Carlo simulation, using the stock price as of

year-end

with updated assumptions (i.e., expected term, volatility, risk free rates, actual TSR from date of grant to

year-end)

as of the measurement date.

Compensation Actually Paid vs. Total Shareholder Return

Compensation Actually Paid vs. Net Income

Compensation Actually Paid vs. Company Selected Measure

Total Shareholder Return Vs Peer Group

Tabular List, Table

The following table lists the six financial and

non-financial

performance measures that, in our assessment, represent the most important performance measures that our Compensation Committee and President & CEO, as applicable, assessed to link the CAP Amounts for our named executive officers for 2024 (our most recently completed fiscal year), to Company performance.


Measure	Nature		Explanation

Revenue		Financial Measure	Revenue generated by our business intelligence operating strategy in 2024

Current Subscription Billings		Financial Measure	A non-GAAP financial measure calculated as the sum of subscription services revenues and change in current deferred subscriptions services revenues

Non-GAAP Adjusted Income from Operations		Financial Measure	A non-GAAP financial measure calculated by adjusting loss from operations to exclude digital asset impairment losses and share-based compensation expense.

Non-GAAP Operating Margin		Financial Measure	The ratio of Non-GAAP Adjusted Income from Operations to Total Revenue

Total Stockholder Return		Financial Measure	Total returns on an investment in shares of Class A Stock

Bitcoin-Related Initiatives		Non-Financial Measure	Subjective evaluation of the effectiveness of the execution of our strategy to acquire and hold bitcoin to create shareholder value.