Sold 'Minuscule' Amount of Bitcoin: Strategy CEO
Speakers
Phong Le
— President & CEO, MicroStrategy
Summary
Phong Le, CEO of Strategy, defends resuming Bitcoin purchases after a 10-week pause and balance-sheet overhaul. He says Strategy now has a fortress balance sheet with zero net debt and stronger equity value, making it profitable to sell MSTR at a premium and buy Bitcoin. He also states Strategy is a net accumulator expecting a heavy Bitcoin bull market, and pushes back on an MSCI proposal affecting digital asset treasury companies.
- Strategy paused Bitcoin buying to shore up its balance sheet, increasing assets by 34% and reducing net debt to zero.
- Phong Le says the roughly 7,000 Bitcoin sold to fund stretch dividends was less than 1% of holdings.
- Strategy describes itself as a two-way capital manager but remains a net Bitcoin accumulator.
- He expects a heavy Bitcoin bull market and says Strategy will likely buy at $80k, $90k, $100k, $130k, and higher.
- He calls selling MSTR at a premium to buy Bitcoin the right current trade.
- Strategy raised $20B in equity and was the #4 US equity capital raiser despite a Bitcoin bear market.
- He criticizes MSCI's proposal to exclude nonoperating asset companies, arguing Bitcoin is an operating asset under SEC/FASB standards.
Ideas
Fortress balance sheet strengthens Strategy equity.
Strategy shored up its balance sheet to $72B of assets, including $65B Bitcoin and $7B USD reserves, reduced net debt from about $7B to zero, and strengthened its equity value; this makes it the largest crypto company by assets and cuts the Bitcoin price where it becomes insolvent from roughly $510k to $0.
Sell MSTR premium, buy Bitcoin.
Strategy raised $20B of equity this year and ranked as the #4 US equity capital raiser in a Bitcoin bear market, behind SpaceX, Google, and Intel; this shows that Bitcoin is one of the top areas of US equity capital markets inflows and that investors want increasing Bitcoin exposure.
Up Next
This Bloomberg Markets video, published September 01, 2026, features Phong Le discussing MSTR, BTC. 2 trade ideas extracted by AI with direction and confidence scoring.