Strategy CEO Phong Le Maps Out $80B One-Year Fundraising Drive to Buy More Bitcoin
Strategy Inc. (formerly MicroStrategy) is doubling down on its Bitcoin accumulation strategy. President and CEO Phong Le said the company plans to raise more than $80 billion over a single year, using a mix of debt issuance and equity offerings, with proceeds aimed at purchasing additional Bitcoin.
Strategy's financing framework centers on two main tools: borrowing and share issuance. On the debt side, the company has leaned on instruments such as convertible bonds. On the equity side, it issues new shares, often timed to take advantage of market conditions.
A key element is selling stock when MSTR trades at a premium to net asset value (NAV). When the share price exceeds the per-share value of the Bitcoin held on the balance sheet, Strategy can issue equity and capture the premium, effectively monetizing the market's willingness to pay extra for exposure through the company's structure, then recycling that spread into additional BTC purchases.
The company has also rolled out a perpetual preferred stock, STRC, which offers a variable annualized dividend of about 11.5%. Management positions the security as another funding channel designed to appeal to yield-focused investors who may not typically invest in a Bitcoin-centric business.
As of early May 2026, Strategy reported holdings of more than 818,000 BTC, with a cost basis of roughly $61.81 billion.
In late May or early June 2026, Strategy sold 32 BTC for approximately $2.5 million, marking its first Bitcoin sale since December 2022. Le has said Bitcoin would only be sold if MSTR falls below NAV and other financing options have been exhausted. The modest liquidation indicates those conditions were met, at least briefly. The company reiterated that selling Bitcoin remains a last-resort measure.
Strategy continues to emphasize improving "Bitcoin per share" metrics—increasing the amount of Bitcoin backing each share without overly diluting existing shareholders. BTC sales run counter to that objective, which is why management frames them as an emergency lever rather than a routine action.
The company began buying Bitcoin in 2020, when it was primarily known for business intelligence software. It now brands itself as the "world's first and largest Bitcoin Treasury Company," and the transition from MicroStrategy to Strategy Inc. formalized the pivot. Executing a plan that relies on convertible debt, preferred stock, and at-the-market equity offerings requires disciplined treasury operations, with Le playing a central role in implementing the approach.
For investors, the model is highly dependent on MSTR maintaining a premium to NAV. If Bitcoin enters a prolonged slump and the stock trades at or below NAV, the fundraising mechanism can seize up. The first BTC sale since 2022 serves as a reminder that even committed long-term holders may be forced to sell under balance-sheet constraints. MSTR shareholders are effectively taking a leveraged Bitcoin exposure that also carries execution risk, dilution risk, and sensitivity to interest rates.
