Phong Le, CEO of Strategy, joins the show to break down exactly how the world’s biggest Bitcoin treasury company works. The Bitcoin-backed credit markets, the preferreds, the leverage, and how Strategy keeps buying Bitcoin in bull and bear markets.
We dig into how MicroStrategy pivoted during 2020, how Phong and Michael Saylor built the Bitcoin treasury model from scratch, and why Strategy believes Bitcoin is still radically undervalued. Phong explains Strike, Strife, Stride, and Stretch, how these preferreds create Bitcoin yield, why they work even when price is down, and how Strategy thinks about dilution, MNAV premiums, and raising billions without selling sats.
CHAPTERS:
00:00:00 - Introduction
00:03:47 - The First Bitcoin Conversation with Saylor
00:06:42 - Strategy’s First Bitcoin Treasury Move
00:09:08 - Why Corporates Didn’t Follow Strategy
00:18:42 - Becoming Strategy CEO
00:21:05 - Building the Bitcoin Capital Engine
00:24:55 - Strike, Strife & Stride Explained
00:32:39 - Preferreds Go Retail
00:36:21 - The $750M Dividend Question
00:45:50 - Would Strategy Ever Sell Bitcoin?
00:49:58 - Treasury Companies Trading Below NAV
00:53:51 - Bitcoin Accounting & Fair Value Debate
00:56:39 - Raising Capital in a Bear Market
01:02:24 - Bitcoin Outlook for the Next 5 Years
01:04:47 - Why Strategy Isn’t in the S&P 500 Yet
What Bitcoin Did with Danny Knowles
