Strategy CEO Phong Le said the company now has “more flexibility than ever” to continue accumulating bitcoin, citing a capital structure based on long-term debt, opportunistic access to equity, 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 mining strategy. He described access to the capital market as the “magic” behind the company’s ability to consistently add bitcoin to its balance sheet over multiple market cycles.
Le said the company had deliberately designed its balance sheet to avoid liquidity stress and maintain margin for opportunistic issuance. “Our capital is very strong,” he said. “The first debt maturity will not arrive until December 2025. This gives us a lot of flexibility to be opportunistic.” The Company holds several tranches of long-term convertible notes with minimal near-term dilution risk. Le added that Strategy now has “more flexibility than ever” to continue accumulating bitcoin, highlighting its ability to tap into both equity and debt markets as conditions dictate.
He added that Strategy now has more flexibility than at any time in its history, citing its ability to raise capital through market programs and its track record of issuing zero-coupon or low-coupon convertible securities. “We’ve shown we can do both. We can time both,” he said, noting that the company can raise capital when stock markets are strong or rely on convertible bonds when rates and market conditions favor long-duration issues.
The Washington, DC area company, renamed 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 evolved from a traditional software company to a hybrid business combining business analytics with a Bitcoin futures 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 still question how the strategy should be valued, particularly 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 on favorable terms validates the model. “This strategy works because we know how to use 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 execute on our actions – on software, on bitcoin and on capital markets – we believe the story will remain compelling,” he said.
Strategy Class A shares (MSTR) closed Friday at $17.18, up 0.88% on the day, but down 41% year to date. This compares to a 3.14% decline in bitcoin over the same period.
James Van Straten, a CoinDesk market analyst, said on Saturday on “Even though I think the bottom is reached, the market will feel maximum pain in one of these two scenarios,” he said, adding that once investors see the company exit its current convertible note structure, “Bitcoin and MSTR will recover strongly.”
