Technique CEO Phong Le says the corporate now has “extra flexibility than ever” to proceed accumulating bitcoin, citing a capital construction constructed on long-dated debt, opportunistic fairness entry, and no short-term refinancing strain.
Talking on the newest episode of the “What Bitcoin Did” podcast, Le informed host Danny Knowles that Technique’s means to lift capital via each debt and fairness has develop into a central a part of the agency’s lengthy‑time period bitcoin working technique. He described capital‑market entry because the “magic” behind the corporate’s means to constantly add bitcoin to its steadiness sheet via a number of market cycles.
Le mentioned the agency intentionally engineered its steadiness sheet to keep away from liquidity stress and to keep up room for opportunistic issuance. “Our capital stack may be very robust,” he mentioned. “The primary debt maturity doesn’t hit till December 2025. It provides us lots of flexibility to be opportunistic.” The corporate holds a number of convertible observe tranches which might be lengthy‑dated and carry minimal close to‑time period dilution threat. Le added that Technique now has “extra flexibility than ever” to proceed accumulating bitcoin, pointing to its means to faucet each fairness and debt markets relying on circumstances.
He added that Technique now has extra flexibility than at any level in its historical past, citing its means to lift fairness via at‑the‑market packages and its observe report of issuing zero‑coupon or low‑coupon convertibles. “We’ve proven we will do each. We will select the timing of each,” he mentioned, noting that the agency can elevate capital throughout robust fairness markets or lean on convertibles when charges and market circumstances favor lengthy‑period issuance.
The Washington, D.C.–space agency, which rebranded from MicroStrategy to Technique in February 2025, holds greater than 158,000 BTC on its steadiness sheet. Le mentioned the corporate’s shareholder base understands that Technique’s market identification has shifted from a standard software program firm to a hybrid enterprise combining enterprise analytics with a bitcoin‑ahead treasury technique. “Our shareholder base understands who we’re,” he mentioned. “We’re the one entry level to this technique in public markets.”
Le acknowledged that some buyers nonetheless query how Technique needs to be valued, particularly when bitcoin costs are unstable or buying and selling properly beneath current highs. However he argued that the corporate has confirmed its method via a number of cycles and that its continued entry to capital at favorable phrases validates the mannequin. “This technique works as a result of we all know easy methods to use the capital markets properly,” he mentioned.
He mentioned Technique intends to proceed deploying extra money stream from its software program enterprise into bitcoin and can monitor capital-market circumstances to find out whether or not fairness or debt issuance is extra applicable at a given time. “So long as we’re executing — on software program, on bitcoin, and in capital markets — we predict the story will stay compelling,” he mentioned.
Class A shares of Technique (MSTR) closed Friday at $17.18, up 0.88% on the day, however down 41% within the yr up to now. That compares with a 3.14% decline in bitcoin over the identical interval.
James Van Straten, a CoinDesk market analyst, mentioned Saturday on X that the market should check Technique’s enterprise valuation or drive its inventory beneath the agency’s bitcoin price foundation. “Although I imagine the underside is in, the market will really feel max ache in a type of two eventualities,” he mentioned, including that when buyers see the corporate trip out its present convertible observe construction, “each bitcoin and MSTR will rally laborious.”
