Phong Le

@Strategy CEO | #Bitcoin | $MSTR $STRC

[Phong Le @phongle]

Running @Strategy

[Coinage ♻️ @coinage_media]

Strategy CEO Phong Le LIVE https://t.co/r2k3e4Z1cI

[Phong Le @phongle]

Measured over their first 10 months, $IBIT and $STRC are two of the fastest-growing financial products in history. Both are built on Bitcoin.

[Strategy @Strategy]

Semi-monthly dividends on $STRC start now. The first record date under the new cadence is June 30.

[Phong Le @phongle]

“We take week-to-week actions… we think strategically year-to-year, and really, long term we think in 4-5 year time horizons.”

Growing Bitcoin per share requires both tactical execution and long-term thinking. My discussion with @scottmelker.

[Strategy @Strategy]

If you want to ride the jet, you’ve got to be prepared to pull the Gs. $MSTR

[Phong Le @phongle]

Timestamps:

00:00 - Strategy’s 845,000 BTC position: ~4% of all bitcoin that will ever exist
01:06 - Strategy as the largest identified bitcoin holder in the world
01:41 - What Digital Credit is and why perpetual preferred capital works for long-duration bitcoin investment
03:17 - Why investors buy Digital Credit: 11.5% tax-deferred cash-pay yield, paid twice monthly, and 4–5x overcollateralization
03:54 - Why Digital Credit helps bring bitcoin exposure to investors not ready for self-custody, IBIT, or $MSTR
04:50 - The 32 BTC sale: inoculating the market, testing processes, and enabling future tax-loss harvesting
06:43 - Dividend coverage: $1.7B per year vs. ~$2.7B of daily equity trading volume
07:51 - Cash reserves: moving from $2.25B to north of $700M after buying back $1.5B of converts
08:40 - The part critics missed: Strategy sold ~$2.5M of bitcoin, then bought ~$100M of bitcoin
09:16 - Bitcoin per share: +77% in 2024, +23% last year, and +12% year-to-date
10:53 - STRC below par: preferred equity, not debt or a money market fund
11:34 - STRC total return: bitcoin down ~50%, while STRC is up ~4% including dividends
13:06 - The forced-seller scenario: ~$3.5B of 2028 converts with a strike above $400
14:18 - The big picture: six years of Strategy as amplified bitcoin, outperforming bitcoin and nearly every Mag 7 company except Nvidia

[Phong Le @phongle]

My conversation with @scottmelker on @YahooFinance on @Strategy, the largest holder of Bitcoin in the world, why $GOOG and $MSTR use preferred equity, paying $STRC dividends, buying and selling $BTC, and $MSTR performance.

[The Wolf Of All Streets @scottmelker]

I have @phongle joining me at 12 PM EST on The Daily Wolf on @YahooFinance for a candid conversation about the Strategy capital stack, risk of forced selling and to unpack the good and bad takes we are seeing across Wall Street and social media.

Set your alarm.

[Strategy @Strategy]

In the depths of the 2022 crypto winter, our average cost basis was $30K while $BTC traded nearly 50% below it at $16K. What did we do? We bought more.

[Phong Le @phongle]

It’s encouraging to see Bitcoiners engage in a fact- and model-based discussion on the merits of a public company built on the reflexivity of Digital Capital, Equity, and Credit. @Strategy has spent six years refining this model on a revolutionary asset class entering adulthood.

[Chaitanya Jain @CJ_Bitcoin]

@parkeralewis I agree with your math, but I think its incomplete without a sensitivity analysis. Common stock investors expect $BTC appreciation to exceed the cost of preferreds, which causes NAV/share to outperform $BTC over time. The premium reflects those future expectations.

[The Wolf Of All Streets @scottmelker]

Apparently the bear case for bitcoin is that someone bought too much of it.

[Phong Le @phongle]

The Knicks are trying their best to be like Bitcoin.

[Bleacher Report @BleacherReport]

Knicks' historic 29-point comeback in full 🔥

One of the greatest games in NBA history.

[Senator Cynthia Lummis @SenLummis]

Financial freedom is an American value. Digital assets are its newest expression. We should be the ones protecting it.

[Phong Le @phongle]

"We're the largest holder of Bitcoin in the world. We're the largest purchaser of Bitcoin in the world. And we'll continue to be". Watch my conversation with @CNBC @PowerLunch below.

00:00 — "We're net purchasers of Bitcoin." The 32 BTC sale helped inoculate the market, test our processes, and capture tax losses over time
1:47 — We balance the needs of our constituents: $MSTR and $STRC shareholders, $BTC hodlers, and debt holders
3:07 — Four-year cycles, macro volatility, geopolitical conflict, inflation uncertainty, Fed policy, Clarity
4:15 — Bitcoin is a hedge against inflation and big government
5:32 — Capital that rotates from $BTC to AI will come back to $BTC
6:42 — With clearer rules, every major bank is going to flood into $BTC and crypto
7:27 — Expanding financial-system access is good for Bitcoin

[Phong Le @phongle]

Bitcoin is for everyone.

[Michael Saylor @saylor]

https://t.co/yeG4PgpjEq

[STOKR @stokr_io]

The STRC Note (STRCst), a new digital security, is now live on STOKR.

Each STRCst is fully backed 1:1 by Strategy Inc.'s Variable Rate Series A Preferred Stock (NASDAQ: STRC).

Learn more: https://t.co/UrpAwLAocE

No investment advice.

[Phong Le @phongle]

This upgrade is designed to stabilize price, dampen cyclicality, drive liquidity, and grow demand for $STRC.

[Strategy @Strategy]

$STRC and $MSTR shareholders have approved the amendment to move $STRC dividends from monthly to semi-monthly. Under the new cadence, the first record date is June 30 and the first payment date is July 15. Thank you to every shareholder who voted.
https://t.co/98lMXWW4XF

[Phong Le @phongle]

Our corporate @Strategy is to increase net Bitcoin and Bitcoin per share over time. Rumors otherwise are just rumors.

[Michael Saylor @saylor]

A good time to add more dots.

[Strategy @Strategy]

Final call, $STRC shareholders. ⏳
This amendment is for you. Vote FOR to have STRC pay dividends semi-monthly - twice a month, same annual rate. Make your vote count. Voting deadline is June 7, 11:59PM ET.

[Phong Le @phongle]

Buying Bitcoin is easier than selling.

[Mark Harvey @thepowerfulHRV]

Bitcoin sellers are exhausted.

Tired of selling bitcoins.