The Milk Road Show

chevron_right

Strategy CEO: Why Bitcoin’s Next Bull Run Might Be Powered by Wall Street Credit w/ Phong Le

Nov 13, 2025

Guest

Phong Le

Phong Le, President and CEO of Strategy, shares insights on Bitcoin-backed securities and their potential to influence Bitcoin's next rally. He explains how Strategy has pioneered new investment products like Stretch and Stride, making Bitcoin more accessible to retail investors. Le discusses the significance of preferred securities over traditional bonds and how they can drive institutional adoption. He also touches on the changing landscape of Bitcoin valuation and the future prospects for 2026, emphasizing the impacts of Wall Street on the crypto market.

38:42

forum

Ask episode

web_stories

AI Snips

view_agenda

Chapters

auto_awesome

Transcript

info_circle

Episode notes

insights

INSIGHT

New Bitcoin‑Backed Hybrid Securities

Strategy invented multiple Bitcoin‑backed hybrid securities to match different investor risk profiles.
Those products let investors access Bitcoin exposure with varied return/volatility tradeoffs and retail accessibility.

insights

INSIGHT

Perpetual Preferreds Reduce Upfront Dilution

Perpetual preferreds solve capital needs while being retail‑accessible and less dilutive up front.
Strategy can offer high dividends by leveraging Bitcoin returns to make these yields attractive versus cash alternatives.

question_answer

ANECDOTE

Stretch As The Breakout Product

Stretch became Strategy's breakout product and Michael Saylor called it their "iPhone moment."
It traded in a tight $100 range with days of high volume, showing rapid adoption after seasoning.

Get the Snipd Podcast app to discover more snips from this episode

What is a Bitcoin-backed security and how do Strategy's products differ?

01:42 • 4min

chevron_right

Why convertibles led to preferreds and product innovation

05:54 • 48sec

chevron_right

How Strike, Strife, Stride and Stretch were designed for different investors

06:42 • 4min

chevron_right

How Stretch became a low-volatility, high-yield retail product

Why listing preferreds on retail platforms matters

13:00 • 1min

chevron_right

How Strategy views MNAV and long-term company purpose

14:21 • 6min

chevron_right

What Strategy has achieved while MNAV compressed

20:50 • 39sec

chevron_right

How should investors think about dilution from ATM issuances?

21:29 • 2min

chevron_right

Why denominating Strategy in Bitcoin changes capital decisions

23:57 • 11sec

chevron_right

Why Bitcoin purchases have slowed and how Strategy phases evolved

24:08 • 3min

chevron_right

How Strategy approaches education about Bitcoin and its products

27:00 • 4min

chevron_right

Does the four-year Bitcoin cycle still matter?

30:51 • 3min

chevron_right

What opportunities does Strategy see for 2026?

Bitcoin’s next major rally might not come from retail FOMO, ETFs, or even the halving, but from Wall Street credit markets built directly on top of Bitcoin. In today’s episode, Strategy CEO Phong Le breaks down how his company raised $20B+ in 2025, invented an entirely new class of Bitcoin‑backed securities, and why products like Stretch, Stride, and Strike could become the hidden engine behind Bitcoin’s next explosive move.

~~~~~

🤖 Let AI trade smarter than your emotions, and get up to $2,500 in bonus crypto with Blocktrust IRA:

⁠⁠⁠https://out.milkroad.com/BlocktrustIRA2025Podcast⁠⁠⁠

🤑 Turn spending into bitcoin. No fees, just sats with Gemini Credit Card:

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://out.milkroad.com/GeminiCard2025Podcast⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

🏦 Unlock 9% APY on your cash, lend like a bank with Figure Markets:

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://out.milkroad.com/FigureMarkets2025Podcast⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

~~~~~

🤖 Subscribe to Milk Road AI & learn how to capitalize on the biggest technological change in history:

⁠https://linktr.ee/MilkRoadAI⁠

🧠 Join the Milk Road AI Newsletter waitlist and get ahead of the biggest tech shift before everyone else catches on:

⁠https://milkroad.com/ai/⁠

~~~~~

💰 Go PRO and become a better investor with the #1 crypto research and analysis:

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://link.milkroad.com/pod-crypto-pro-signup⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

🥛 Get smarter about crypto with our daily newsletter:

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://link.milkroad.com/pod-crypto-free-signup⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

⛓️ Swap seamlessly across Ethereum and Solana with Milk Road Swap. Lower fees, easier trades:

⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://swap.milkroad.com/?utm_medium=audio&utm_source=podcast_organic⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

~~~~~

✊ Follow Milk Road on Social Media:

~~~~~

🎙 GUEST INFO 🎙

Phong Le: https://www.linkedin.com/in/phong-le-b53520/

Strategy: https://x.com/Strategy

📃 Disclaimer 📃

The information presented in this video is for educational and informational purposes only. It should not be considered as financial, legal. The views and opinions expressed by the speakers, are their own and do not constitute professional advice. Investing in cryptocurrencies carries significant risks, including the potential for substantial losses.

Home Top podcasts Popular guests Top books