Strategy CEO Von Leh said the company now has “more flexibility than ever” to continue accumulating Bitcoin, citing a capital structure built on long-term debt, opportunistic equity access, and short-term refinancing pressures.
On the latest episode of the What Bitcoin Did podcast, Lee told host Danny Knowles that the strategy’s ability to raise capital through both debt and equity is central to the company’s long-term Bitcoin investment strategy. He explained that access to capital markets is the “magic” behind the company’s ability to continually add Bitcoin to its balance sheet through multiple market cycles.
Mr Lee said the company purposefully designed its balance sheet to avoid liquidity stress and maintain room for opportunistic issuance. “Our capital stack is very strong,” he said. “The first debt maturities do not arrive until December 2025, which gives us significant flexibility to act opportunistically.”The company has multiple long-term convertible debt tranches, which minimizes near-term dilution risk. Le added that Strategy has become “more flexible than ever” to continue accumulating Bitcoin, pointing to its ability to tap into both stock and bond markets depending on the situation.
He added that Strategy has more flexibility now than at any point in its history, citing its ability to raise equity capital through market programs and its track record of issuing zero-coupon or low-coupon convertible debt. “We’ve proven that we can do both. We can choose the timing of both,” he said, noting that the company can raise capital when equity markets are strong and can also rely on convertible debt when interest rates and market conditions favor long-term issuance.
The Washington, DC area company, which rebranded from MicroStrategy to Strategy in February 2025, has over 158,000 BTC on its balance sheet. Le said the company’s shareholder base understands that Strategy’s market identity is shifting from a traditional software company to a hybrid business that combines enterprise analytics and Bitcoin forward treasury strategies. “Our shareholder base understands who we are,” he said. “We are the only access point to this strategy in the public markets.”
Lee acknowledged that some investors still have questions about how to evaluate the strategy, especially when Bitcoin’s price fluctuates or trades well below recent highs. But he maintained that the company has proven its approach through multiple cycles and 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 an equity or debt issuance is more appropriate at that time. “As long as we do what we do in software, Bitcoin, and capital markets, we think this story will continue to be compelling,” he said.
Strategy (MSTR) Class A shares closed Friday at $17.18, up 0.88% on the day but down 41% since the beginning of the year. In comparison, Bitcoin’s decline rate during the same period was 3.14%.
CoinDesk market analyst James Van Straten said on Saturday’s X that the market could still test Strategy’s valuation or push the company’s stock price below its Bitcoin cost basis. “We believe the bottom is in, but the market will feel the most pain in either of these two scenarios,” he said, adding that “Bitcoin and MSTR will both rise hard” if investors see the company exit its current convertible debt structure.
