Chief Strategy Officer Phong Le says the company now has “more flexibility than ever” to continue accumulating bitcoin, citing a capital structure based on long-term debt, opportunistic access to capital and no short-term refinancing pressure.
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 debt and equity has become a central part of the company’s long-term bitcoin operating strategy. He described access to the capital market as the “magic” behind the company’s ability to consistently add bitcoins to its balance sheet across multiple market cycles.
Le said the company deliberately designed its balance sheet to avoid liquidity strains and maintain room for opportunistic issuance. “Our capital stack is very strong,” he said. “The first maturity of the debt does not arrive until December 2025. It gives us a lot of flexibility to be opportunistic.” The company holds several tranches of convertible notes that have a long maturity date and carry minimal near-term dilution risk. Le added that Strategy now has “more flexibility than ever” to continue accumulating bitcoin, noting 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 time in its history, citing its ability to raise capital through in-market programs and its history of issuing zero-coupon or low-coupon convertible bonds. “We’ve shown we can do both. We can time both,” he said, noting that the company can raise capital during strong equity markets or lean on convertibles when rates and market conditions favor long-duration issuance.
The Washington, DC-area company, which transitioned from MicroStrategy to Strategy in February 2025, has more than 158,000 BTC on its balance sheet. He told him that the company’s shareholder base understands that Strategy’s market identity has shifted from a traditional software company to a hybrid business that combines business analytics with a bitcoin treasury strategy. “Our shareholder base understands who we are,” he said. “We are the only point of access to this strategy in the public markets.”
Le acknowledged that some investors are still wondering how the strategy should be valued, especially when bitcoin prices are volatile or trading well below recent highs. But he argued that the company has demonstrated its approach through multiple 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 into bitcoin and will monitor capital market conditions to determine whether issuing equity or debt is more appropriate at any given time. “As long as we continue to execute (in software, bitcoin and in the capital markets) we believe the story will continue to be compelling,” he said.
Strategy Class A shares (MSTR) closed Friday at $17.18, up 0.88% on the day but down 41% so far this year. That compares to a 3.14% drop in bitcoin over the same period.
CoinDesk market analyst James Van Straten said on X Saturday that the market can still test Strategy’s enterprise valuation or drive its stock below the company’s bitcoin cost basis. “While I think we’ve already hit bottom, the market will feel the most pain in one of those two scenarios,” he said, adding that once investors see the company move beyond its current convertible note structure, “both bitcoin and MSTR will rebound strongly.”
