Strategy (NASDAQ:MSTR) CEO Fong Lee is doubling down on the company’s long-term Bitcoin (CRYPTO: BTC) vision, clarifying its treasury tactics and why selling BTC remains the last resort.
What Happened: Months after hinting on a podcast that Strategy might unload Bitcoin to fund dividends if its market net asset value ever dropped to parity, the company did the opposite: it built a massive $1.44 billion cash reserve, enough to cover dividends for nearly two years, and boosted its holdings to 650,000 BTC, more than 3% of all Bitcoin in existence.
In a new interview with Yahoo Finance, Lee emphasized that Strategy’s intent is clear: “We don’t trade Bitcoin. We accumulate it. Price agnostic,” Lee said.
“Strategy is an investor, not a trader.”
Lee said the only scenario where Strategy would sell BTC is during a multi-year collapse in both Bitcoin price and the company’s valuation, something he frames as a hypothetical problem for 2029, not today.
On Capital Strategy
Lee spotlighted Strategy’s new perpetual preferred shares, calling them a misunderstood but powerful financing engine.
It may take “12–24 months” for the market to appreciate them, just as it took time for investors to grasp Strategy’s evolution into a Bitcoin-levered operating company.
Crucially, these instruments give Strategy continuous access to capital without diluting shareholders, enabling consistent BTC accumulation.
Also Read: Ex-SEC Chair Gary Gensler Warns Crypto Remains ‘Speculative, Volatile’
Why It Matters: Lee pushed back on criticism that Spot Bitcoin ETFs make Strategy obsolete. He argues the opposite:
- ETFs track Bitcoin.
- Strategy is building a Bitcoin-native operating business.
- The company should be valued closer to a growth-oriented tech firm than a passive ETF wrapper.
Strategy’s mission is to grow Bitcoin per share, expand income, and strategically execute on the company’s long-term vision.
Lee, who blends engineering, technology, and financial expertise, says Bitcoin sits at the perfect intersection of all three domains, making Strategy’s approach more relevant than ever.
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