Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
Finance
Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
Strategy CEO: Equity and Debt Flex
Finance
Share
Share this article
Copy linkX (Twitter)LinkedInFacebookEmail
Strategy CEO: Equity and Debt Flex
Strategy CEO: Equity and Debt Flexibility Power Long-Term Bitcoin Accumulation Plan
Strategy CEO: Equity and Debt Flexibility Power Long-Term Bitcoin Accumulation Plan
Phong Le says Strategy has no near-term debt maturity risk and plans to continue using convertibles and equity to grow its bitcoin position over time.
By Siamak Masnavi, AI Boost
Nov 29, 2025, 6:12 p.m.
Strategy CEO says long-dated debt and opportunistic equity access give the firm “more flexibility than ever” to accumulate bitcoin. (Midjourney / Modified by CoinDesk)
What to know:
- In a recent interview, CEO Phong Le emphasized Strategy’s ability to raise capital flexibly through both equity and debt, calling it core to the firm’s long-term bitcoin strategy.
- The company has no near-term refinancing risk due to long-dated convertible notes and aims to remain “opportunistic” as capital markets evolve.
- Le pushed back on valuation concerns, noting that Strategy shareholders understand the company’s identity as a bitcoin operating strategy.
Strategy CEO Phong Le says the company now has “more flexibility than ever” to continue accumulating bitcoin, citing a capital structure built on long-dated debt, opportunistic equity access, 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 both debt and equity has become a central part of the firm’s long‑term bitcoin operating strategy. He described capital‑market access as the “magic” behind the company’s ability to consistently add bitcoin to its balance sheet through multiple market cycles.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Sign me up
Le said the firm deliberately engineered its balance sheet to avoid liquidity stress and to maintain room for opportunistic issuance. “Our capital stack is very strong,” he said. “The first debt maturity doesn’t hit until December 2025. It gives us a lot of flexibility to be opportunistic.” The company holds several convertible note tranches that are long‑dated and carry minimal near‑term dilution risk. Le added that Strategy now has “more flexibility than ever” to continue accumulating bitcoin, pointing to its ability to tap both equity and debt markets depending on conditions.
He added that Strategy now has more flexibility than at any point in its history, citing its ability to raise equity through at‑the‑market programs and its track record of issuing zero‑coupon or low‑coupon convertibles. “We’ve shown we can do both. We can choose the timing of both,” he said, noting that the firm can raise capital during strong equity markets or lean on convertibles when rates and market conditions favor long‑duration issuance.
The Washington, D.C.–area firm, which rebranded from 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 shifted from a traditional software company to a hybrid business combining enterprise analytics with a bitcoin‑forward treasury strategy. “Our shareholder base understands who we are,” he said. “We’re the only access point to this strategy in public markets.”
Le acknowledged that some investors still question how Strategy should be valued, especially 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 at 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 equity or debt issuance is more appropriate at a given time. “As long as we’re executing — on software, on bitcoin, and in capital markets — we think the story will remain compelling,” he said.
Class A shares of Strategy (MSTR) closed Friday at $17.18, up 0.88% on the day, but down 41% in the year to date. That compares with a 3.14% decline in bitcoin over the same period.
James Van Straten, a CoinDesk market analyst, said Saturday on X that the market may still test Strategy's enterprise valuation or drive its stock below the firm’s bitcoin cost basis. “Even though I believe the bottom is in, the market will feel max pain in one of those two scenarios,” he said, adding that once investors see the company ride out its current convertible note structure, “both bitcoin and MSTR will rally hard.”
FinanceStrategyBitcoin News
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
More For You
Protocol Research: GoPlus Security
Commissioned byGoPlus
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
View Full Report
Больше для вас
Crypto Payments Firm Truther to Launch Non-Custodial USDT Visa Card in El Salvador
The card doesn't require preloading funds or custodial services, and carries a 2% fee on currency conversions, with no IOF tax for Brazilian users.
Что нужно знать:
- Crypto payments company Truther is launching a card in El Salvador on Jan. 29, allowing users to spend USDT directly from their self-custody wallets via a partnership with Visa.
- The card doesn't require preloading funds or custodial services, and carries a 2% fee on currency conversions, with no IOF tax for Brazilian users.
- Truther plans to expand its services to other countries, including Argentina, Mexico, Colombia, and Russia, and will integrate more local stablecoins into its self-custody wallet by early 2025.
Прочитать полную историю
Latest Crypto News
Crypto Payments Firm Truther to Launch Non-Custodial USDT Visa Card in El Salvador
State of Crypto: Kalshi and Prediction Markets Face a Setback
‘Privacy Is the Immune System of Freedom’: Crypto Advocacy Sparks Uproar in São Paulo
Why Gold Is Winning Over Bitcoin in 2025: Liquidity, Trade, and Trust
Bitcoin Pricing in 'Most Bearish Global Growth Outlook' Since Covid and FTX Crash: Bitwise Research
Has XRP Finally Bottomed? Key Support Holds as Wave-5 Breakout Trigger Nears
Top Stories
Bitcoin's 'Coinbase Premium' Flips Positive After Weeks in the Red
Why Gold Is Winning Over Bitcoin in 2025: Liquidity, Trade, and Trust
State of Crypto: Kalshi and Prediction Markets Face a Setback
‘Privacy Is the Immune System of Freedom’: Crypto Advocacy Sparks Uproar in São Paulo
Bitcoin Pricing in 'Most Bearish Global Growth Outlook' Since Covid and FTX Crash: Bitwise Research
Bitcoin in Modest Rally Mode After Thanksgiving as December Fed Rate Gets Locked In
Market Opportunity
Belong Price(LONG)
$0.00371
$0.00371$0.00371
USD
Belong (LONG) Live Price Chart
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact service@support.mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.
You May Also Like
X to cut off InfoFi crypto projects from accessing its API
X, the most widely used app for crypto projects, is changing its API access policy. InfoFi projects, which proliferated non-organic bot content, will be cut off
Share
Cryptopolitan2026/01/16 02:50
X Just Killed Kaito and InfoFi Crypto, Several Tokens Crash
The post X Just Killed Kaito and InfoFi Crypto, Several Tokens Crash appeared on BitcoinEthereumNews.com. X has revoked API access for apps that reward users for
Share
BitcoinEthereumNews2026/01/16 03:42
Google's AP2 protocol has been released. Does encrypted AI still have a chance?
Following the MCP and A2A protocols, the AI Agent market has seen another blockbuster arrival: the Agent Payments Protocol (AP2), developed by Google. This will clearly further enhance AI Agents' autonomous multi-tasking capabilities, but the unfortunate reality is that it has little to do with web3AI. Let's take a closer look: What problem does AP2 solve? Simply put, the MCP protocol is like a universal hook, enabling AI agents to connect to various external tools and data sources; A2A is a team collaboration communication protocol that allows multiple AI agents to cooperate with each other to complete complex tasks; AP2 completes the last piece of the puzzle - payment capability. In other words, MCP opens up connectivity, A2A promotes collaboration efficiency, and AP2 achieves value exchange. The arrival of AP2 truly injects "soul" into the autonomous collaboration and task execution of Multi-Agents. Imagine AI Agents connecting Qunar, Meituan, and Didi to complete the booking of flights, hotels, and car rentals, but then getting stuck at the point of "self-payment." What's the point of all that multitasking? So, remember this: AP2 is an extension of MCP+A2A, solving the last mile problem of AI Agent automated execution. What are the technical highlights of AP2? The core innovation of AP2 is the Mandates mechanism, which is divided into real-time authorization mode and delegated authorization mode. Real-time authorization is easy to understand. The AI Agent finds the product and shows it to you. The operation can only be performed after the user signs. Delegated authorization requires the user to set rules in advance, such as only buying the iPhone 17 when the price drops to 5,000. The AI Agent monitors the trigger conditions and executes automatically. The implementation logic is cryptographically signed using Verifiable Credentials (VCs). Users can set complex commission conditions, including price ranges, time limits, and payment method priorities, forming a tamper-proof digital contract. Once signed, the AI Agent executes according to the conditions, with VCs ensuring auditability and security at every step. Of particular note is the "A2A x402" extension, a technical component developed by Google specifically for crypto payments, developed in collaboration with Coinbase and the Ethereum Foundation. This extension enables AI Agents to seamlessly process stablecoins, ETH, and other blockchain assets, supporting native payment scenarios within the Web3 ecosystem. What kind of imagination space can AP2 bring? After analyzing the technical principles, do you think that's it? Yes, in fact, the AP2 is boring when it is disassembled alone. Its real charm lies in connecting and opening up the "MCP+A2A+AP2" technology stack, completely opening up the complete link of AI Agent's autonomous analysis+execution+payment. From now on, AI Agents can open up many application scenarios. For example, AI Agents for stock investment and financial management can help us monitor the market 24/7 and conduct independent transactions. Enterprise procurement AI Agents can automatically replenish and renew without human intervention. AP2's complementary payment capabilities will further expand the penetration of the Agent-to-Agent economy into more scenarios. Google obviously understands that after the technical framework is established, the ecological implementation must be relied upon, so it has brought in more than 60 partners to develop it, almost covering the entire payment and business ecosystem. Interestingly, it also involves major Crypto players such as Ethereum, Coinbase, MetaMask, and Sui. Combined with the current trend of currency and stock integration, the imagination space has been doubled. Is web3 AI really dead? Not entirely. Google's AP2 looks complete, but it only achieves technical compatibility with Crypto payments. It can only be regarded as an extension of the traditional authorization framework and belongs to the category of automated execution. There is a "paradigm" difference between it and the autonomous asset management pursued by pure Crypto native solutions. The Crypto-native solutions under exploration are taking the "decentralized custody + on-chain verification" route, including AI Agent autonomous asset management, AI Agent autonomous transactions (DeFAI), AI Agent digital identity and on-chain reputation system (ERC-8004...), AI Agent on-chain governance DAO framework, AI Agent NPC and digital avatars, and many other interesting and fun directions. Ultimately, once users get used to AI Agent payments in traditional fields, their acceptance of AI Agents autonomously owning digital assets will also increase. And for those scenarios that AP2 cannot reach, such as anonymous transactions, censorship-resistant payments, and decentralized asset management, there will always be a time for crypto-native solutions to show their strength? The two are more likely to be complementary rather than competitive, but to be honest, the key technological advancements behind AI Agents currently all come from web2AI, and web3AI still needs to keep up the good work!
Share
PANews2025/09/18 07:00