Phong Le, the President and CEO of Strategy, firmly defended the company’s recent Bitcoin transactions this week. He asserted that both the sale of Bitcoin near $60,000 and its subsequent repurchase around $80,000 were “right calls” for the firm. Le’s rationale centres on managing capital costs and strengthening the company’s balance sheet, rather than merely speculating on the cryptocurrency’s market price.
His statements, reported on September 2, 2026, offer clarity on Strategy’s distinctive approach to its substantial digital asset portfolio. The company, a prominent institutional holder of Bitcoin, navigates market dynamics with a primary focus on its overall financial health and long-term stability.
Phong Le Defends Strategy’s Bitcoin Strategy
Strategy’s President and CEO, Phong Le, joined the firm in 2015 and ascended to the top leadership role in 2022. He previously served as Chief Financial Officer and Chief Operating Officer, bringing a deep understanding of corporate finance to his current position. Le’s career also includes leadership roles at Deloitte Consulting, Nextel International, and XO Communications, prior to his tenure at Strategy.
He holds dual Bachelor of Science degrees in Biomedical and Chemical Engineering from Johns Hopkins University and an MBA from the MIT Sloan School of Management.
Le’s personal financial stake in Strategy is significant, with an estimated net worth of at least $16 million as of August 31, 2026, predominantly derived from his 126,323 shares of Strategy Inc (MSTR) stock.
He has engaged in 17 sell transactions of Strategy Inc shares over the past five years, including the sale of 5,522 shares on June 9, 2026, for approximately $683,844.
Le’s public remarks underscore a pragmatic view of Bitcoin within the corporate treasury. He maintains that selling Bitcoin to meet specific financial obligations was a sound decision at the time. This approach allows Strategy to manage its liquidity effectively without being solely beholden to daily price movements.
He told Bloomb. (likely Bloomberg) that the company’s recent Bitcoin sales and repurchases represented “the right trades at the time.” This perspective positions Strategy’s actions as calculated financial maneuvers, rather than speculative bets on market direction. It highlights a deliberate strategy focused on corporate fiscal health.
Capital Costs Guide Treasury Moves
Strategy’s treasury decisions aren’t dictated by Bitcoin’s spot price, Le explained. Instead, they pivot on capital costs. This means the company prioritises maintaining financial flexibility and meeting its obligations. It differentiates Strategy from entities purely engaging in short-term cryptocurrency trading.
The decision to sell Bitcoin to pay preferred dividends was “the right trade at the time,” Le stated. This move was essential for generating the necessary dollar liquidity. It enabled the company to fulfill its regular payment commitments on preferred securities without resorting entirely to new financing.
Bolstering Dollar Reserves
In June 2026, Strategy’s board formally authorised a Bitcoin monetization program. This program empowers management to sell portions of its Bitcoin holdings. These sales are specifically for financing its dollar reserve, paying dividends and interest, repurchasing securities, or meeting other approved financial obligations.
This systematic approach provides a robust framework for managing the company’s significant Bitcoin assets. It ensures that the digital currency serves as a strategic tool for corporate finance. It demonstrates how a strong dollar reserve is critical for corporate stability.
By actively strengthening its balance sheet through these maneuvers, Strategy has “enhanced its equity value and made selling MSTR and buying Bitcoin more profitable,” Le noted. This strategy aims for a dual benefit. It supports the company’s operational needs while also boosting shareholder returns.
Strategy’s Expanding Bitcoin Holdings
Despite strategic sales, Strategy continues to aggressively build its Bitcoin portfolio. As of August 30, 2026, the company held an impressive 845,050 Bitcoin. These holdings were acquired for an aggregate $63.73 billion, solidifying its position as one of the largest corporate holders of the digital asset.
The company’s total assets reached $72 billion by September 2, 2026. Bitcoin holdings accounted for $65 billion of this total. Furthermore, Strategy successfully increased its U.S. dollar reserves by 34% over the past two months, reaching a substantial $7 billion. This growth provides a significant liquidity buffer.
A Two-Month Pause Ends
Strategy resumed its Bitcoin purchases “last week,” following a two-month hiatus. This renewed buying spree involved acquiring 4,603 Bitcoin. The purchase cost $369.7 million, at an average price of $80,318 per coin. This signals a continuation of the company’s long-term acquisition strategy.
Prior to this, Strategy had avoided Bitcoin purchases from August 17 through August 23, 2026. This period maintained its holdings at 840,447 BTC. The pause demonstrates the company’s selective approach, purchasing when conditions align with its broader financial strategy.
Earlier in Q1 2026, Strategy made substantial acquisitions, purchasing 89,599 Bitcoin for approximately $7.3 billion. The average price during this period stood at about $80,900. By May 1, 2026, the company had added another 56,235 Bitcoin quarter-to-date, costing roughly $4.1 billion at an average price of $73,400 for that specific period.
Fortifying the Balance Sheet
Strategy’s balance sheet shows considerable strength, a direct outcome of its treasury management. The company’s net debt has been reduced from approximately $7 billion to zero. This significant reduction enhances its financial stability and operational flexibility for future investments.
This move is particularly important for a company heavily invested in a volatile asset like Bitcoin. A strong balance sheet mitigates potential risks and improves access to capital markets. It allows for a more resilient and sustainable business model in the long run.
Executive Chairman Michael Saylor provided an update on August 24, 2026. He announced that Strategy had increased its USD Reserve to $5.10 billion and established an additional $1.59 billion in USD Cash. The company also repurchased $136 million of STRC, further optimizing its capital structure.
Debt Reduction and Fiscal Advantages
Strategy holds approximately 4% of Bitcoin’s hard-capped 21 million-coin supply. This substantial holding, while volatile, also offers unique financial advantages. The company estimates approximately $2.2 billion in tax benefits on its balance sheet. These benefits arise from unrealized losses on its high-cost-basis Bitcoin holdings, an accounting nuance that bolsters its fiscal health.
Despite reporting a Q1 2026 operating loss of $14.5 billion and a net loss of $12.8 billion, Strategy remains confident in its approach. These losses were primarily due to non-cash declines in Bitcoin’s fair value. They do not reflect the company’s underlying operational profitability or its long-term strategy.
Unwavering Long-Term Bitcoin Vision
Phong Le emphasised that Strategy “does not make decisions based on Bitcoin’s specific price.” This statement reinforces the company’s long-term conviction in Bitcoin as a core treasury asset. Their strategy involves responsibly raising capital and holding Bitcoin over extended periods.
The ultimate goal is to grow Bitcoin per share for shareholders. This metric, which rose 18% year-over-year from 181,030 sats per share in May 2025 to 213,371 sats per share in May 2026, is a key indicator of value creation. It demonstrates the tangible benefits of their consistent investment strategy.
Le underscored a focus on value investing in crypto, aiming for a robust balance sheet. This approach, he believes, enhances equity value and makes both selling MSTR (Strategy stock) and acquiring Bitcoin more profitable. It reflects a considered perspective on global economic factors and their influence on digital asset strategies.
Strategy’s cash arsenal, as of August 23, 2026, included a $5.10 billion USD Reserve and $1.59 billion in “USD Cash.” The USD Reserve is specifically allocated for preferred-stock dividends and interest on outstanding debt. This allocation highlights the company’s meticulous financial planning and commitment to meeting its obligations.