Strategy CEO Phong Le says Michael Saylor’s company has “more flexibility than ever” to continue buying Bitcoin.
Speaking the “What Bitcoin Did” podcastLe said Strategy has a capital structure built on long-term debt and there is no short-term pressure on its ability to raise money.
The $60 Billion Bitcoin Bet | @Strategy CEO Phong Le https://t.co/H216CRFggP pic.twitter.com/w0WBg42PaD
— Michael Saylor (@saylor) November 28, 2025
Capital Markets The reason why strategy can buy Bitcoin in different market cycles
Strategy is the largest corporate Bitcoin holder globally and started buying BTC as part of its treasury in 2020.
Data from Bitcoin Treasuries shows that the company holds 649,870 BTC, worth approximately $59 billion at current prices.
Strategy’s BTC shares (Source: Bitcoin treasuries)
These assets were acquired through a series of purchases financed through tranches of convertible bonds that have long maturities and little near-term dilution risk.
Le said capital markets are the “magic” that allows Strategy to continue its Bitcoin accumulation through multiple market cycles, adding that its balance sheet edesigned to avoid liquidity stress and leave room for opportunistic issuance.
The company’s initial debt maturity was not set until December this year, which gives Strategy “a lot of flexibility to be opportunistic,” he said.
He argued that Strategy currently has more flexibility than at any time in its history, citing the company’s ability to raise equity through at-the-market programs and its track record of issuing zero-coupon or low-coupon convertible notes.
“We’ve shown we can do both,” he said, adding that the company can either raise more capital during strong equity markets or lean on convertibles when interest rates and market conditions favor long-maturity issuance.
Strategy stock price in a short-term uptrend
The company rebranded from MicroStrategy to Strategy earlier this year, moving from a traditional software company to a hybrid company that combines business analytics with a Bitcoin purchasing plan.
Le acknowledged that some investors are still wondering how to value Strategy, especially given the volatility surrounding Bitcoin’s price. Strategy’s MSTR shares are down more than 52% in the past six months.
Strategy share price development over the past 6 months (Source: Google Finance)
That, and the drop in the Bitcoin price, caused the Market Net Asset Value (MNAV), the ratio of the company’s market capitalization to the intrinsic value of its crypto holdings, to plummet. Since then, the relationship has recovered somewhat scaffolding at 1.13.
The MSTR has recovered over the past week, rising 2.4% after gaining 0.8% in the past 24 hours. The recovery coincided with a 5% rise in the Bitcoin price over the past week.
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