“Phong Le says Strategy has no near-term debt maturity risk and plans to continue using convertibles and equity to grow its bitcoin position over time.”, — write: www.coindesk.com
Speaking on the most recent 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 central 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 through multiple market cycles.
Le said the firm deliberately engineered its balance sheet to avoid liquidity stress and to maintain room for opportunistic issuance. “Our capital stack is very strong,” he said. “The first debt maturity doesn’t hit until December 2025. It gives us a lot of flexibility to be opportunistic.” The company holds several convertible note tranches that are long-dated and carry minimal near-term dilution risk. Le added that Strategy now has “more flexibility than ever” to continue accumulating bitcoin, pointing to its ability to tap both 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 through at‑the‑market programs and its track record of issuing zero‑coupon or low‑coupon convertibles. “We’ve shown we can do both. We can choose the timing of both,” he said, noting that the firm can raise capital during strong equity markets or lean on convertibles when rates and market conditions favor long‑duration issuance.
The Washington, DC–area firm, which rebranded from MicroStrategy to Strategy in February 2025, holds 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 business combining enterprise analytics with a bitcoin‑forward treasury strategy. “Our shareholder base understands who we are,” he said. “We’re the only access point to this strategy in public markets.”
Le acknowledged that some investors still question how Strategy should be valued, especially when bitcoin prices are volatile or trading well below recent highs. But he argued that the company has proven its approach through multiple cycles and that its continued access to capital at 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 into bitcoin and will monitor capital-market conditions to determine whether equity or debt issuance is more appropriate at a given time. “As long as we’re executing — on software, on bitcoin, and in 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% in the year to date. That compares with a 3.14% decline in bitcoin over the same period.
James Van Straten, a CoinDesk market analyst, said Saturday on X that the market may still test Strategy’s enterprise valuation or drive its stock below the firm’s bitcoin cost basis. “Even though I believe the bottom is in, the market will feel maximum pain in one of those two scenarios,” he said, adding that once investors see the company ride out its current convertible note structure, “both bitcoin and MSTR will rally hard.”
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Denis Dariotis, the youthful founder and CEO of cryptocurrency-focused trading software firm GoQuant, talks about building a billion-dollar-a-day trading startup during his formative years.
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