Strategy CEO Le: BPS Metric Drives MSTR Stock Performance

Strategy CEO Phong Le addressed shareholder concerns about the company's stock performance, focusing on its Bitcoin per share (BPS) metric. He argued that MSTR is a leveraged bet on Bitcoin, with BPS serving as the key indicator of success.

The company's goal is to accumulate more Bitcoin exposure per dollar invested than shareholders could achieve by buying Bitcoin directly. Le emphasized that dilution and capital allocation are crucial in achieving this objective.

MSTR has prioritized its STRC digital credit product, a perpetual preferred instrument designed to fund further Bitcoin purchases over four to ten years. The company currently holds USD reserves between $4.65B and $4.8B, which covers operations, preferred dividends, and opportunistic Bitcoin purchases without selling equity at unfavorable prices.