Bitcoin
Strategy CEO Says Bitcoin Purchases Depend on Capital Costs Rather Than Token Price
Phong Le stated that Strategy's bitcoin acquisitions are driven by financing costs relative to expected returns rather than short-term market timing.
Strategy President and CEO Phong Le explained on Bloomberg Crypto that the company’s decision to resume Bitcoin acquisitions is guided by its cost of capital rather than the token’s market price. After a 10-week hiatus used to strengthen its balance sheet, the company returned to purchasing Bitcoin, comparing the capital allocation logic to financing large infrastructure such as data centers.
According to Le, the strategy remains viable as long as the cost of raising equity or debt stays below Bitcoin’s expected long-term return. Strategy ranked fourth among public companies in equity capital raised this year, trailing only SpaceX, Google, and Intel. Le also described the firm’s approach as a two-way strategy, noting that it previously sold approximately 7,000 BTC—less than 1% of its reserves—to fund dividends and share repurchases.
Le stated that the firm intends to continue purchasing Bitcoin across higher valuation thresholds. In parallel, Strategy is contesting an MSCI proposal that would exclude companies holding substantial cryptocurrency treasuries from its benchmark indexes, arguing that Bitcoin serves as an operating asset on its balance sheet rather than a passive holding.
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