What CEOs Are Saying - 8.3.25

Welcome to another edition of “What CEOs Are Saying,” where we look at the most interesting tidbits from earnings calls that took place over the last week.

This week, we’re looking at earnings calls from three companies in different corners of finance: Strategy, WisdomTree, and Workiva. Before we dive into key insights from each call, here are some topline themes:

Regulatory tailwinds can easily become headwinds

Workiva’s experience with its sustainability business offers a sobering reminder about building on regulatory foundations. After strong growth driven by ESG compliance requirements, they're now seeing demand moderation as political winds shift in both the U.S. and Europe.

Betting on regulatory-driven opportunities is risky, and certainly shouldn’t represent your entire strategy. Fortunately, Workiva's integrated approach across financial reporting, GRC, and sustainability is providing the diversification insurance they need right now.

Finding alpha where others fear to tread

Both WisdomTree and MicroStrategy (now "Strategy") are making bets in areas where traditional competitors won't follow. WisdomTree's $275 million acquisition of farmland manager Ceres Partners positions them in a $3.5 trillion market where they’re literally competing with the Mormon Church and Bill Gates rather than BlackRock.

Meanwhile, Strategy Executive Chairman Michael Saylor continues doubling down on Bitcoin as Strategy's sole path forward, now holding 3% of all Bitcoin ever mined. His latest retail product—a Bitcoin-backed savings account paying 9% annually—attracted $570 million from retail investors, proving that complex exposure can find mass appeal with the right packaging.

Platform consolidation continues

All three companies are seeing customers move away from point solutions toward integrated platforms. Workiva's cross-selling success (71% of revenue now comes from multi-solution customers), WisdomTree's model portfolio business exceeding full-year targets early, and Strategy's tiered securities offering all point to the same dynamic. Customers want fewer vendors, not more features.

Now, onto the calls…

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Strategy (formerly MicroStrategy) Q2 2025 Earnings Call

Call date: July 31, 2025

MicroStrategy posted record operating income of $14 billion and EPS of $32.60, driven largely by fair value accounting on its Bitcoin holdings. The company—now trading as Strategy—holds 628,791 Bitcoins worth $74 billion, representing 3% of all Bitcoin ever mined. CEO Phong Le is building what he calls "the Amazon of capital markets" through Bitcoin-backed securities, a strategy that raises fundamental questions about leverage, volatility, and sustainable growth.