Strategy CEO Phong Le Highlights Firm’s Growing Flexibility in Bitcoin Accumulation Strategy

Strategy CEO Phong Le says the company now has “more flexibility than ever” to continue accumulating Bitcoin, thanks to a well-structured balance sheet and diversified access to capital markets. Speaking on the What Bitcoin Did podcast, Le emphasized that the firm’s strategic use of long-term debt and opportunistic equity programs forms the backbone of its Bitcoin investment strategy. According to him, the company’s ability to raise capital through both equity and debt is the “magic” behind its consistent Bitcoin accumulation through various market cycles.

Le explained that Strategy, formerly known as MicroStrategy, has engineered its capital structure to avoid liquidity stress and maintain flexibility. “Our first debt maturity isn’t until December 2025,” he said, underscoring the company’s resilience and preparedness for changing market conditions. Strategy holds multiple tranches of long-dated convertible notes with minimal near-term dilution risk, providing the firm with ample room to be opportunistic in future issuances.

The Washington, D.C.–based firm currently holds more than 158,000 BTC, reinforcing its position as one of the largest corporate holders of Bitcoin. Since rebranding from MicroStrategy to Strategy in early 2025, the company has evolved into a hybrid enterprise—combining business analytics with a Bitcoin-focused treasury model. “Our shareholder base understands who we are,” Le noted. “We’re the only access point to this strategy in public markets.”

Le stated that Strategy will continue channeling cash flow from its software operations into Bitcoin while using both equity and debt markets strategically. Despite short-term volatility, he believes the firm’s consistent execution across software, Bitcoin, and capital markets will sustain long-term investor confidence. As of Friday, Strategy’s (MSTR) stock closed at $17.18, down 41% year-to-date, while Bitcoin declined 3.14% in the same period. Market analysts remain optimistic that once the firm’s convertible note structure stabilizes, both Bitcoin and MSTR will experience strong rallies.