Strategy CEO Phong Le says the company now has “more flexibility than ever” to continue accumulating bitcoin, citing a capital structure built on long-term debt, opportunistic equity access and no short-term refinancing pressure.
On the latest episode of the “What Bitcoin Did” podcast, Le told host Danny Knowles that Strategy’s ability to raise capital through both debt and equity has become a key part of the firm’s long-term bitcoin operating strategy. He described capital market access as the “magic” behind the company’s ability to consistently add bitcoin to its balance sheet over multiple market cycles.
Le said the firm deliberately constructed its balance sheet to avoid liquidity stress and to preserve room for opportunistic issuance. “Our capital stack is very strong,” he said. “The first debt maturity doesn’t hit until December 2025. That gives us a lot of flexibility to be opportunistic.” The Company holds several convertible tranches that are long-term and have minimal short-term dilution risk. Le added that Strategi now has “more flexibility than ever” to continue accumulating bitcoin, pointing to its ability to tap into both the equity and debt markets depending on conditions.
He added that Strategy now has more flexibility than at any point in its history, citing its ability to raise equity capital through to-market programs and its track record of issuing zero-coupon or low-coupon convertibles. “We’ve shown we can do both. We can time both,” he said, noting that the firm can raise capital in strong equity markets or lean on convertibles when rates and market conditions favor long-term issuance.
The Washington, DC-area firm, which converted from MicroStrategy to Strategy in February 2025, has more than 158,000 BTC on its balance sheet. Le said the company’s shareholder base understands that Strategy’s market identity has shifted from a traditional software company to a hybrid company that combines business analytics with a bitcoin-forward finance strategy. “Our shareholder base understands who we are,” he said. “We are the only access point to this strategy in public markets.”
Le acknowledged that some investors still question how to value the strategy, especially when bitcoin prices are volatile or trading well below recent highs. But he argued that the company has proven its approach over several cycles and that its continued access to capital on favorable terms validates the model. “This strategy works because we know how to use the capital markets well,” he said.
He said Strategy intends to continue deploying excess cash flow from its software business to bitcoin and will monitor capital market conditions to determine whether equity or debt issuance is more appropriate at any given time. “As long as we execute — on software, on bitcoin and on capital markets — we think the story will remain compelling,” he said.
Class A shares of Strategy ( MSTR ) closed Friday at $17.18, up 0.88% on the day but down 41% year-to-date. That compares with a 3.14% drop in bitcoin over the same period.
James Van Straten, a CoinDesk market analyst, said on Saturday the X that the market could still test Strategy’s company valuation or drive the stock below the firm’s bitcoin cost basis. “While I think the bottom is in, the market will feel maximum pain in either of these two scenarios,” he said, adding that as investors see the company run out of its current convertible note structure, “both bitcoin and MSTR will rally hard.”
