If you've been watching Strategy (MSTR), you know the company has gone all-in on Bitcoin (BTC). But CEO Fong Lee wants to make something crystal clear: Strategy isn't flipping coins for quick profits. The company is building something bigger.
Actions Speak Louder Than Podcast Speculation
A few months back, Lee hinted on a podcast that Strategy might sell Bitcoin to fund dividends if its market net asset value ever hit parity. That got people talking. But instead of selling, Strategy did the exact opposite. The company stacked up a massive $1.44 billion cash reserve—enough to cover dividends for almost two years—and pushed its Bitcoin holdings to 650,000 BTC. That's more than 3% of every Bitcoin that will ever exist.
In a recent interview with Yahoo Finance, Lee laid out the company's philosophy in plain terms: "We don't trade Bitcoin. We accumulate it. Price agnostic." He added, "Strategy is an investor, not a trader."
The only scenario where Strategy would actually sell Bitcoin? A multi-year meltdown in both Bitcoin's price and the company's valuation. Lee frames this as a hypothetical problem for 2029, not something anyone should worry about today.
The Financing Engine Nobody Understands Yet
Lee highlighted Strategy's new perpetual preferred shares, calling them a misunderstood but powerful tool. He expects it might take "12 to 24 months" for the market to fully appreciate them—similar to how long it took investors to understand Strategy's transformation into a Bitcoin-levered operating company.
Here's why these instruments matter: they give Strategy continuous access to capital without diluting existing shareholders. That means the company can keep accumulating Bitcoin steadily, without constantly issuing new common stock.
More Than Just an ETF Wrapper
Lee pushed back hard against the criticism that spot Bitcoin ETFs have made Strategy irrelevant. His counterargument is straightforward: ETFs simply track Bitcoin's price. Strategy, on the other hand, is building a Bitcoin-native operating business. The company should be valued more like a growth-focused tech firm than a passive investment vehicle.
Strategy's mission goes beyond just holding Bitcoin. The company aims to grow Bitcoin per share, expand income streams, and execute strategically on its long-term vision. Lee, who brings expertise in engineering, technology, and finance, argues that Bitcoin sits perfectly at the intersection of all three domains—making Strategy's approach more relevant than ever.