- Strategy CEO Phong Le said the company will resume buying Bitcoin once its Stretch (STRC) preferred shares return to $100 par value.
- The firm has paused purchases since late June and raised $467 million via common stock to build a $3 billion cash reserve.
- Le noted that a Bitcoin drop to $8,000-$10,000 would force the company to consider debt risks.
- Strategy remains the largest Bitcoin holder with over 840,000 BTC, and Le dismissed concerns about recent sales.
Strategy CEO Phong Le said the company will resume buying Bitcoin once its Stretch (STRC) preferred shares return to their $100 par value, according to an interview with Bloomberg TV.
The firm has paused purchases since late June, instead raising $467 million through a common-stock sale to build a $3 billion cash reserve.
Le explained that issuing more preferred shares is a key part of the capital plan, as it is “very accretive to our Bitcoin per share.”
However, STRC has traded below par since mid-May, recently changing hands around $89.
Le said that building a dollar reserve has helped lift the shares from $75 to near $90, and that the company will continue to beef up its U.S. dollar reserve.
He also addressed worst-case scenarios, stating that a Bitcoin drop to $8,000-$10,000 would force the company to consider debt risks.
Until then, Le expressed confidence in the balance sheet, noting that Bitcoin’s current slump is “business as usual.”
Strategy remains the largest identified Bitcoin holder with over 840,000 BTC, and Le dismissed concerns about recent sales of $216 million, saying they “did not move the market.”
Meanwhile, prediction market Myriad shows only a 13% chance of Strategy MicroStrategy-hold-over-1m-btc-before-2027″ target=”_blank”>holding over 1 million BTC before 2027.
Strategy’s MSTR stock is down more than 77% over the past year, while Bitcoin has slid 45% in the same period.
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