Strategy CEO Phong Le remains confident in the company’s long-term Bitcoin strategy, despite recent BTC sales and heavy market losses. Speaking to CNBC, Le described the current market as another Bitcoin bear cycle. He said Strategy has been through similar conditions before. Therefore, he believes the company will come out stronger and outperform Bitcoin during the next bull run.
CEO Calls Current Market Another Bitcoin Bear Cycle
Le said Bitcoin’s recent weakness is largely driven by broader macroeconomic conditions rather than problems with the asset itself.
Comparing the current environment to the 2022 downturn, he said Strategy has successfully navigated previous bear markets. He also stated that the firm plans to follow the same approach this time.
“We’ll get through this bear market,” Le said. He also added that the company will continue adjusting its capital structure whenever needed. Furthermore, Strategy will remain focused on long-term shareholder value.
Strategy Continues Selling BTC
Strategy recently sold 1,638 BTC for about $104.7 million while repurchasing 912,143 STRC preferred shares worth $81.2 million.
Le confirmed the company is willing to sell Bitcoin whenever it benefits the business. Because of this, he suggested similar sales could continue in the future.
So far in 2026, Strategy has sold 3,620 BTC, marking a notable shift from the company’s previous “never sell” reputation.
Cash Reserves Become a Bigger Priority
During the company’s second-quarter earnings call, Le revealed that one of Strategy’s biggest lessons this year was the importance of holding large U.S. dollar reserves. He pointed out that this is better than relying only on liquid Bitcoin.
He explained that preferred shareholders value stable cash reserves more than Bitcoin holdings. This is because dividends and debt payments must be made in dollars.
Strategy currently holds around $3.75 billion in cash, enough to cover more than two years of dividend and interest obligations.
Bitcoin Strategy Remains Unchanged
Despite recent sales, Le insisted Strategy remains fully committed to Bitcoin.
The company still owns more than 843,000 BTC, worth roughly $58 billion, making it the world’s largest institutional Bitcoin holder.
Le described Strategy as the “J.P. Morgan of the crypto economy.” He argued that selling a small portion of its Bitcoin does not change the company’s overall strategy. According to him, the focus remains on increasing Bitcoin per share. Meanwhile, the company works on creating long-term value for investors.
Financial Challenges Continue
Strategy recently reported an $8.22 billion second-quarter loss for 2026, while quarterly revenue of $122.39 million narrowly missed analyst estimates.
The company’s stock is down nearly 40% this year and remains about 80% below its November 2024 peak. Even so, Le believes the current downturn is temporary. He expects Strategy to outperform Bitcoin once the next crypto bull market begins.
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