In Bitcoin treasury strategy, the real battleground is no longer accumulation—it is efficiency per share. The focus has shifted ...
What Phong Le said
Written from the verified transcript and checked against it. Every figure links to the moment it was said.
Phong Le, CEO of MicroStrategy (Strategy), said the company's focus is on the next two to five years, not long-term Bitcoin price targets, and that its goal is to increase Bitcoin per share through accretive purchases funded by issuing digital credit. He explained that MNAV is calculated as enterprise value divided by Bitcoin net asset value, with enterprise value derived from stock price times shares outstanding, adjusted for debt, preferred stock, and cash, and noted that convertible debt complicates dilution assumptions. Le said capital decisions are not anchored to a rigid MNAV threshold of 1.0 but on whether they increase Bitcoin per share. He highlighted the company's governance, including audits by KPMG and other Big Four firms, and said proof of reserves is worth exploring but only if it can be done securely without doxxing wallet addresses. He also discussed Bitcoin's role in educating people about economics and self-sovereignty.
Key takeaways
Strategy's goal is to increase Bitcoin per share, not total Bitcoin holdings, which Le called a vanity metric.
Le said the company's Bitcoin yield low point was 2022 and high point was 2024, driven by market conditions.
Le said MNAV is calculated as enterprise value divided by Bitcoin net asset value, with convertible debt complicating dilution.
Le said capital decisions are not based on a rigid MNAV threshold of 1.0 but on whether they increase Bitcoin per share.
You know, you say Bitcoin is for everyone, we say Strategy is for everyone. I don't really give myself the opportunity to think often 20 years out or even 10 years out. The focus is the next two to five years. You know, whether Bitcoin's a million or 10 million or 20 million, that's really not what drives the company day-to-day. It's how do we drive the equity up by increasing Bitcoin per share, and we do that by buying Bitcoin accretively by issuing digital credit. It's good to be a dreamer, but it's also good to sit in the reality of the day-to-day. So, you know, will Bitcoin get to 20 million? I hope so. What will happen at that point in time? It's probably really not that important to what we do tomorrow or the next month or in the next year.
In Bitcoin treasury strategy, the real battleground is no longer accumulation. It is efficiency per share. The focus has shifted toward maximizing Bitcoin yield through disciplined capital structure engineering rather than simple holdings growth. Phong Le explains that the company's central mandate is not measured by total Bitcoin accumulation, but by expanding Bitcoin per share through disciplined capital allocation. Rather than treating raw Bitcoin holdings or Satoshi totals as primary indicators, the focus remains on Bitcoin yield, which reflects the amount of Bitcoin exposure generated per unit of equity over time. He notes that the organization operates with a multivariable framework that continuously evaluates equity issuance, debt structure, and credit instruments on a daily basis to optimize Bitcoin yield and Bitcoin per share growth. So far this year, Strategy has reported a 9.4% BTC yield alongside $5 in BTC revenue, highlighting the scale of its capital efficiency model. From a valuation standpoint, MNAV is assessed using a structured approach where Bitcoin net asset value equals total holdings multiplied by Bitcoin's market price, while enterprise value is derived from share price times outstanding shares, adjusted for debt, preferred stock, and cash positions. Convertible instruments introduce additional complexity due to shifting dilution effects tied to market price fluctuations. Despite these moving variables, decisions are not anchored to rigid MNAV thresholds such as 1.0. Instead, capital actions are evaluated based on whether they enhance Bitcoin per share in a sustainable manner using a practical framework designed to remain stable across volatile market conditions. Drop your thoughts in the comments and don't forget to share and subscribe for more deep dive crypto insights.
I mean, we mentioned earlier, ultimately our goal is to accrete Bitcoin per share and do it in a thoughtful way to our credit and to our equity and to Bitcoin. And so, ultimately it's not about how much Bitcoin we buy or how fast or how slow, it's are we accreting Bitcoin per share. So, the number of Bitcoin, although it's a nice vanity metric, it's not even satoshis, you know, is nice, but it's ultimately how do we increase Bitcoin yield? And whatever that results in in terms of how much Bitcoin and the acceleration changes, right? Like these. Our low point of Bitcoin yield was in 2022, right? Our high point was in 2024. And that was because of the market, not because of any decisions that we were making to accrete more or less.
Yeah, I'll start with the math and then I'll talk more generally about the concept. MNAV can be calculated in many ways. We detail how we calculate it on our website and try to make it as simple as possible. Right? So, the Bitcoin net asset value is very simple. It's our amount of Bitcoin times the price of Bitcoin. Right? And then the numerator of MNAV is the enterprise value of the company. Which you take the stock price, you multiply it by the total shares outstanding. Right? And then we add in our debt, we add in our preferred, and we subtract our cash. Now, someone would say, 'Well, you know, that calculation, why wouldn't the break-even for Bitcoin per share be 1.0?' And the slight complication is when you have convertible debt, you have to assume dilution. And then that creates an assumed diluted shares outstanding, which is different than basic shares outstanding. And then you might say, 'Well, why don't you use that?' And the challenge with you using assumed diluted shares outstanding is that calculation changes every second based on the price of the converts. So, we try to use the simple method. And ultimately, the question is when we make capital markets decisions, we don't just look at the MNAV and say is it below 1.00? We're making capital markets decisions based on are we increasing Bitcoin per share.
I don't really give myself the opportunity to think often 20 years out or even 10 years out. The focus is the next two to five years. You know, whether Bitcoin's a million or 10 million or 20 million, that's really not what drives the company day-to-day. It's how do we drive the equity up by increasing Bitcoin per share. And we do that by buying Bitcoin accretively by issuing digital credit. It's good to be a dreamer, but it's also good to sit in the reality of the day-to-day. So, will Bitcoin get to 20 million? I hope so. What will happen at that point in time? It's probably really not that important to what we do tomorrow or the next month or in the next year.
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Le, P. (2026, May 22). “I’m Certain! Bitcoin’s Next Move Will Shock the Entire Market” - Phong Le [Interview transcript]. The Bitcoin Mindset. CEOInterviews.AI. https://ceointerviews.ai/interview/935530/
MLA
Phong Le. "“I’m Certain! Bitcoin’s Next Move Will Shock the Entire Market” - Phong Le." The Bitcoin Mindset, 22 May. 2026. Transcript, CEOInterviews.AI, https://ceointerviews.ai/interview/935530/.
BibTeX
@misc{le2026_935530,
author = {Phong Le},
title = {“I’m Certain! Bitcoin’s Next Move Will Shock the Entire Market” - Phong Le},
howpublished = {Interview transcript, The Bitcoin Mindset. CEOInterviews.AI},
year = {2026},
month = {may},
url = {https://ceointerviews.ai/interview/935530/},
note = {Speaker-attributed transcript with timestamps}
}
