In an investor Q&A session moderated by Natalie Brunell, Strategy Founder Michael Saylor and CEO Phong Le made important statements about the company’s balance sheet strategy, stock dynamics, and Bitcoin’s place in the global financial ecosystem. Saylor described Bitcoin as the main “capital” in the digital world, stating that the company is building its future growth plans directly on this foundation.
Michael Saylor stated that, contrary to the prevailing view in financial markets, Bitcoin is not a traditional means of payment or everyday currency, but rather a digital capital asset. He pointed out that 99.9% of global economic value currently resides in traditional capital, real estate, gold, and credit markets, excluding Bitcoin, and that a 10 to 100-fold growth of the Bitcoin network requires a capital inflow from the traditional financial world. The digital credit instruments developed by the company aim to trigger this capital inflow.
Addressing investors’ concerns about the decline and dilution of stock prices, CEO Phong Le argued that capital increases and the issuance of new instruments create value for shareholders as long as they increase the amount of Bitcoin per share. Stating that a 50% pullback in Bitcoin naturally leads to a fluctuation of up to 75% in stock prices, company management emphasized that Strategy operates a long-term leverage and capital growth model, and is not a short-term Bitcoin trading company.
The company also conveyed messages regarding its reserve management. It was stated that in addition to increasing dollar liquidity, dynamic steps such as BTC purchases, repurchase of credit instruments, or accumulation of dollar reserves could be taken depending on market conditions.
Saylor stated that he maintains his belief that Bitcoin could reach the $1 million to $10 million range in the future as the company accumulates an increasingly larger portion of the supply. He rejected the investor proposal for Bitcoin-denominated dividends, finding it illogical. According to Saylor, the most rational strategy is to borrow in low-cost, inflation-resistant fiat currencies (such as dollars or yen) and invest the funds in Bitcoin, the strongest asset that consistently appreciates in value.
*This is not investment advice.
