Jul 15, 2026, 12:00 p.m.

2 min read

MicroStrategy CEO Phong Le (MicroStrategy)
New MicroStrategy CEO Phong Le (MicroStrategy)

Summary

  • Strategy won’t panic unless BTC sinks to the $8,000-$10,000 range, its CEO has said.
  • “Until that point in time, we feel very secure about the balance sheet,” Le said in an interview with Bloomberg TV.
  • Le highlighted increasing the U.S.-dollar reserve as an important lever in STRC’s recovery back to around $90. STRC is designed to maintain a $100 par.

Strategy (MSTR), the largest public holder of bitcoin BTC$64,532.45, won’t panic unless BTC sinks to the $8,000-$10,000 range, its CEO has said.

Phong Le identified that range as when the company “would have to consider some of the risk associated with our debt,” in an interview with Bloomberg TV on Tuesday.

Such a drop would represent a drop of around 85% based on bitcoin’s current price of around $64,500 as of writing.

“Until that point in time, we feel very secure about the balance sheet,” Le said. “What we need to do is build a capital structure that can withstand bear markets and of course benefit from bull cycles.”

Strategy’s preferred stock STRC, which is designed to give it the cash flow to fund its bitcoin buying in return for a regular dividend — currently a 13% annual yield, has been under pressure in recent months. The stock is designed to maintain a $100 par, which it lost in April and falling below $75 in late June.

When STRC falls below $100, it restricts Strategy’s ability to issue new shares and then use the cash to buy bitcoin.

Le highlighted increasing the U.S.-dollar reserve as an important lever in STRC’s recovery back to around $90.

“We’ve learned over the last couple of months that having that liquid access to U.S.-dollar capital is quite important,” he said. “So we’ll continue to build that.”

MSTR closed nearly 6% at $97.58 on Tuesday, but some 36% lower year-to-date and 78% lower than 12 months ago.

For many observers, the key metric is MSTR’s multiple to net asset value (mNAV), which compares the shares’ market cap to the value of its bitcoin holdings. The metric fell below 1 at the end of June and now sits at 1.02 meaning the shares offer only a slight premium to its BTC coffers.

“As long as MSTR is priced at greater than the net-asset value of our bitcoin, it means that our shareholders are giving us credit for the performance above bitcoin,” Le said.

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Read full story at CoinDesk