What Bitcoin Did The $60 Billion Bitcoin Bet | Strategy CEO Phong Le
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Nov 28, 2025 
Phong Le, CEO of Strategy and former CFO at MicroStrategy, dives into the world of Bitcoin treasuries. He reveals how MicroStrategy transformed its cash reserves into Bitcoin and the innovative credit markets they've developed. Phong explains the structure and benefits of preferred securities, addressing dilution and yield generation even during price downturns. He shares insights into corporate adoption challenges and his bullish stance on Bitcoin's future, emphasizing the role of retail investors in driving market dynamics.
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How The Bitcoin Pivot Began
- Michael gave Phong homework in March 2020 to learn Bitcoin and discuss it after a few days.
- That sparked intense daily study and the company pivot that followed.
From Cash To Levered Bitcoin Treasury
- MicroStrategy first used excess cash from software operations to buy Bitcoin as a buy-and-hold treasury.
- The company later expanded into leverage and capital markets once initial strategy validated.
Why Convertibles Were Not Enough
- Convertibles provided quick, large capital but were illiquid and dominated by institutional buyers who often shorted the equity.
- That limited runway led MicroStrategy to create preferreds to access retail and larger liquid pools.