Strategy CEO Phong Le reaffirmed in a Bloomberg TV interview that the company remains a long-term Bitcoin buyer. The firm sees serious debt risks only if Bitcoin falls to between USD 8,000 and 10,000. That level lies roughly 85% below the current price.
Strategy is the largest publicly listed company holding Bitcoin on its balance sheet. It owns about 4% of the maximum supply of 21 million coins. The company finances its purchases by issuing shares and bonds. Le now describes the firm as a "digital capital platform" rather than a pure Bitcoin treasury company. The Bitcoin holder had accumulated nothing since the week of 22 June 2026. It recently sold coins worth over USD 215 million. Overall, this picture points to active balance-sheet management, not an alarm signal.
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Strategy cuts debt and builds a cash reserve
Strategy actively reduced its debt ahead of the interview. In May 2026, the company first repurchased convertible bonds with a face value of USD 1.5 billion. It bought them at an 8% discount to par. The cash payment came to roughly USD 1.38 billion. As a result, outstanding convertible bonds fell from USD 8.2 billion to USD 6.7 billion. Buying back below par also lowers the future repayment burden.
At the same time, the firm reported a BTC yield of 13.3% since the start of the year. This metric measures how much the Bitcoin holding per share grows over the year. A positive value means each share represents more Bitcoin than before, at least on paper.
In early July 2026, the Bitcoin holder also raised about USD 467 million through the sale of common shares. This lifted the cash reserve to roughly USD 3 billion. According to the company, that sum covers the dividends on the preferred shares for about two years. Le explained the buildup by pointing to the preferred shareholders. They had demanded a higher liquid cash position in the short term. For these creditors, what matters most is that Strategy can service its payment obligations. The move therefore aims at balance-sheet stability rather than growth at any cost.
STRC preferred share still trades below par
One reason for the more cautious stance lies with the preferred shares. Such securities also serve Strategy as a financing instrument alongside common shares and bonds. However, the perpetual preferred share STRC, marketed as "Stretch", has traded below its par value of USD 100. That discount has persisted since mid-May 2026. It last stood at USD 89. Only above par can the firm place the securities on attractive terms. Le therefore announced that it will issue further STRC shares only once the price reaches par again. The proceeds are meant to flow later into Bitcoin purchases and into expanding the US dollar reserve.
The ratio of market value to Bitcoin holdings looks similarly cautious. Strategy's mNAV measures its market capitalization relative to the value of its Bitcoin holdings. This metric fell below 1.0 in June 2026. Since then, it has recovered to around 1.02. Above 1.0, the company can issue shares at a premium to the Bitcoin value. If the mNAV drops below that mark, issuing new shares becomes unattractive, because it dilutes the value per share.
Against this backdrop, the firm recently sold Bitcoin worth over USD 215 million. Strategy thus reduced its holdings instead of expanding them. The sale was moreover part of an accelerated selling series within the capital strategy. According to Le, however, it did not serve to limit losses. Instead, it was meant to demonstrate the liquidity of the Bitcoin holdings.
Where Le draws the company's debt threshold
At the current price level, the risk threshold lies far away. Bitcoin traded at USD 65,000 at the time of the interview. The distance to the cited risk mark of USD 8,000 to 10,000 therefore amounts to about 85%. This gap is meant to signal security to creditors.
"If Bitcoin falls to around USD 8,000 or 10,000, then we have to consider the risks tied to our debt. Up to that point, we feel very secure about our balance sheet." - Phong Le, President and CEO, Strategy
The size of the holdings explains why this mark lies so low. At the end of May 2026, Strategy held a total of roughly 844,000 Bitcoin, specifically 843,738 coins. The acquisition cost came to about USD 63.69 billion including fees. That corresponds to an average purchase price of roughly USD 75,500 per Bitcoin. That figure sits above the price at the time of the interview. Yet even a decline of more than half would remain well above the debt threshold.
Still, Le ties the threshold not to the entry price but to the debt load. He also pointed to the 2022 bear market, when the company went through a comparable phase. Back then, the firm stuck to its accumulation strategy and later expanded its holdings further.
Strategy holds its course as the largest Bitcoin buyer
The firm originally started as a pure Bitcoin treasury company. As a digital capital platform, it now intends to keep raising capital and shifting it into Bitcoin. In the interview, Le reaffirmed the intention to remain the leader in Bitcoin accumulation. He said: "We're not going anywhere. My goal would be to be the largest buyer of Bitcoin for the foreseeable future."
At the same time, the primary goal for shareholders is to outperform Bitcoin over the long term. Strategy measures this by value per share. As long as the stock trades above net asset value, the company can issue further equity. It therefore plans to keep raising additional capital for future purchases.
The financial basis for this remains substantial. Alongside its Bitcoin holdings, Strategy last had about USD 15.5 billion in preferred shares outstanding. These also tie the company to ongoing dividend obligations. Le expects to expand the holdings further over the coming years. Whether the strategy pays off ultimately depends on the Bitcoin price. As long as it trades well above the cited threshold, the firm continues to view its balance sheet as secure.
