Phong Le Discusses Strategy’s Return To Buy Bitcoin

Strategy President and CEO Phong Le said the company has resumed purchasing Bitcoin after a 10-week pause, acquiring $370 million worth of the asset last week. The purchase of 4,603 BTC raised the company’s total holdings to 845,050 Bitcoin as of August 30, 2026, according to an 8-K filing and statements from Executive Chairman Michael Saylor.

In a Bloomberg interview recently, Le stated that Strategy now holds approximately $72 billion in assets, consisting of about $65 billion in Bitcoin and $7 billion in U.S. dollar reserves. This represents a 34 percent increase in assets over the previous two months. During the same period the company reduced its net debt to zero from roughly $7 billion.

I joined Bloomberg @crypto to discuss Strategy’s return to buying Bitcoin, building a fortress balance sheet, MSCI’s index proposal, and equity market demand for Bitcoin. $MSTR

00:24 – Back to buying bitcoin:native and why the decision was not price-driven
00:43 – Fortress… pic.twitter.com/YoO8U5FIvf

— Phong Le (@phongle) September 1, 2026

Balance sheet strengthening during pause

Le explained that the company used the pause to strengthen its balance sheet. It sold approximately 7,000 Bitcoin, less than 1 percent of its total holdings, to fund preferred dividends and share buybacks. It also increased its designated USD cash pool by $29 million to $1.61 billion and repurchased $152 million of its variable-rate preferred stock, STRC.

He said the improved balance sheet has made it more profitable to issue MSTR shares at a premium and use the proceeds to acquire additional Bitcoin. Decisions on buying or selling Bitcoin are based on cost of capital rather than the prevailing Bitcoin price, Le said.

Capital management approach

Le described Strategy’s approach as a two-way capital management strategy rather than a one-way accumulation model. He noted that the ability to buy and sell Bitcoin, equity, and preferred securities allows the company to operate as a full capital management entity. Ratings agencies and debt holders had previously raised questions about a pure accumulation model, he said.

He stated that the company remains a net accumulator of Bitcoin and does not anticipate selling Bitcoin in the near term. Le added that the firm expects to continue purchasing Bitcoin at higher price levels if conditions support such transactions on a cost-of-capital basis.

Response to MSCI proposal

Le also addressed a letter he and Michael Saylor sent to MSCI opposing a proposal to exclude certain companies whose primary assets are digital assets from the firm’s global investable market indexes. He characterized the proposal as discriminatory, arbitrary, and misguided.

He said MSCI announced the plan with limited prior discussion with Strategy. Le pointed to existing SEC guidance treating Bitcoin as an operating segment and FASB accounting standards that classify Bitcoin gains and losses as operating income. He contrasted this treatment with other assets such as timber, oil and real estate that are classified as operating assets.

MSCI is accepting feedback on the proposal until September 30 and plans to announce its decision by October 16. Le noted that only about 3 percent of Strategy’s shares outstanding are held in funds that track MSCI indexes.

Funding Capacity

On the question of dividend sustainability, Le said that if the company’s $6.7 billion cash position were depleted, it could sell Bitcoin or raise additional equity capital. He noted that Strategy has raised $20 billion in equity capital this year, ranking fourth among U.S. equity capital raisers behind SpaceX, Google and Intel.

The interview concluded with Le reiterating that the recent Bitcoin purchase followed the period of balance-sheet preparation and that the company continues to evaluate transactions based on capital costs and overall balance-sheet position.

In a recent purchasing activity, Strategy purchased 4603 BTC for $370 million, taking the total holdings of the firm to 845,050 BTC as of August 30, 2026. 

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