Strategy CEO Phong Le outlines capital-raising plans for Bitcoin acquisitions
Strategy Inc, the company formerly known as MicroStrategy, isn’t slowing down on its Bitcoin buying spree. CEO Phong Le has laid out plans to raise capital through a combination of debt issuances and equity offerings, all in service of one goal: buying more Bitcoin.
Le has indicated the company aims to raise over $80 billion within a single year through these channels.
The capital-raising playbook
Strategy’s approach to funding its Bitcoin habit relies on two primary levers: debt and stock. On the debt side, the company uses instruments like convertible bonds. On the equity side, it issues new shares, often at strategic moments.
Strategy prioritizes raising capital when its shares are trading at a premium to their net asset value. When the stock price is higher than the value of the Bitcoin the company holds per share, that’s when they sell new stock to the market. The premium effectively means investors are paying extra for the Strategy wrapper around Bitcoin, and the company captures that spread to buy even more BTC.
The company has also introduced a perpetual preferred stock called STRC, which pays a variable annualized dividend of approximately 11.5%. This instrument serves as yet another funding mechanism. It’s designed to attract yield-seeking investors who might not otherwise touch a Bitcoin-focused company.
As of early May 2026, Strategy holds over 818,000 BTC with a cost basis of approximately $61.81 billion.
The first Bitcoin sale since 2022
In late May or early June 2026, Strategy sold 32 BTC for approximately $2.5 million. It was the company’s first sale since December 2022.
Le has outlined that Bitcoin sales would only occur if the stock price dips below NAV and all other funding avenues have been exhausted. The small BTC liquidation suggests that, at least briefly, those conditions were met. Strategy has reasserted that selling Bitcoin remains a last resort in its financial management strategy.
The company’s overarching focus remains on enhancing what it calls “Bitcoin per share” metrics. The idea is simple: if you can increase the amount of Bitcoin backing each share of MSTR stock without diluting existing shareholders too aggressively, the stock becomes more valuable on a per-unit basis. Selling BTC works against that goal, which is why it’s treated as an emergency lever rather than a routine operation.
From software firm to Bitcoin treasury company
Strategy began accumulating Bitcoin in 2020, when it was still primarily known as a business intelligence software firm. The company now brands itself as the “world’s first and largest Bitcoin Treasury Company.” The rebranding from MicroStrategy to Strategy Inc cemented the pivot at the corporate level.
Phong Le, who serves as both President and CEO, has been central to operationalizing this vision. Raising tens of billions through a mix of convertible debt, preferred stock, and at-the-market equity offerings requires sophisticated treasury management.
What this means for investors
Strategy’s entire model depends on MSTR shares trading at a premium to NAV. If Bitcoin enters a prolonged downturn and the stock falls to or below NAV, the capital-raising engine stalls. The company’s first BTC sale since 2022 is a small but concrete reminder that even the most committed Bitcoin holders can be forced to sell under certain balance sheet conditions. Investors in MSTR are making a leveraged bet on Bitcoin with additional layers of corporate execution risk, dilution risk, and interest rate sensitivity layered on top.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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