TLDR:

Phong Le says Bitcoin should be judged as a product, similar to early Apple, Netflix, and the internet era
Strategy’s 2020 Bitcoin purchase focused on long-term treasury preservation, not speculative price appreciation
Preferred stocks like Strike and Strife were created to access liquid capital without heavy common equity dilution
Dividend sustainability relies on NAV strength, with Bitcoin sales considered only if NAV falls below one

Strategy CEO Bitcoin comparisons to early Apple and Netflix framed key remarks made by Phong Le during an interview with What Bitcoin Did.

In the interview, Strategy CEO Phong Le reflected on how his understanding of Bitcoin evolved after the company’s first purchase in 2020. 

He compared Bitcoin’s early phase to formative technologies like the internet, the iPhone, and Netflix’s DVD-by-mail model. “You don’t win by forecasting returns,” Le said. “You win by recognizing a good product early.” 

He described Bitcoin as a product whose value becomes clear through usage, not conventional valuation models.

Le emphasized that Bitcoin’s long-term relevance comes from its design and global accessibility. “Great products are hard to price at the beginning,” he said, adding that intuition often precedes data. 

His remarks positioned Bitcoin as a technology-driven asset rather than a speculative trade.

Bitcoin as a Product and Corporate Reserve

Le explained that Strategy’s initial Bitcoin purchase was a conservative treasury decision, not a directional market bet. “We were looking for something better than holding cash,” he said. 

The company viewed Bitcoin as a long-term store of value rather than a short-term balance sheet trade. Tweets circulating after the interview echoed this framing, quoting Le’s focus on product quality.

He also addressed why other corporations hesitated to adopt Bitcoin. “Boards have different levels of change tolerance,” Le noted. 

He explained that many companies lacked familiarity with digital assets, leading to slower decision-making. According to Le, Bitcoin adoption often depends on governance comfort rather than market timing.

Le further stated that Bitcoin’s appeal lies in its neutrality and durability. “It works the same everywhere,” he said, referencing its global network and predictable supply.

 This consistency, he argued, aligns with how enduring products gain trust over time.

Capital Markets Strategy and Preferred Equity

The discussion then shifted to Strategy’s evolving capital structure. Le described the company’s use of convertible bonds to expand its Bitcoin holdings. 

“The convertible market looked attractive at first,” he said. Over time, liquidity constraints and hedge fund strategies changed its effectiveness.

In response, Strategy introduced preferred equity instruments such as Strike, Strife, and Stride. “These are equities that behave like bonds,” Le explained. 

He differentiated each product by risk profile, noting that Strife resembles investment-grade exposure, while Stride aligns with higher-yield demand. Quotes from this segment were widely shared across financial social media.

Dividend sustainability was another focus. Strategy’s preferred payouts total roughly $750–800 million annually.

 “Preferred stock is less dilutive than issuing common shares,” Le said, particularly when trading above net asset value. He acknowledged that selling Bitcoin to fund dividends would be considered only if NAV dropped below one.

Le also discussed accounting standards and index inclusion. He criticized legacy accounting rules for distorting quarterly earnings. 

On S&P 500 eligibility, he stated, “The decision rests with large asset managers.” He added that consistent retail support remains influential in shaping institutional outcomes.

 

The post Strategy CEO Bitcoin Comparison: Phong Le Says Bitcoin Mirrors Early Apple and Netflix appeared first on Blockonomi.

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Filed under: Bitcoin - @ December 21, 2025 5:56 am