The $60 Billion Bitcoin Bet | Strategy CEO Phong Le
What Bitcoin Did
@whatbitcoindidpodAbout
What Bitcoin Did with Danny Knowles is a leading Bitcoin podcast unpacking Bitcoin’s role in reshaping money, freedom, and the future of finance.
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Video Description
Phong Le, CEO of Strategy, joins the show to break down exactly how the world’s biggest Bitcoin treasury company works. The Bitcoin-backed credit markets, the preferreds, the leverage, and how Strategy keeps buying Bitcoin in bull and bear markets. We dig into how MicroStrategy pivoted during 2020, how Phong and Michael Saylor built the Bitcoin treasury model from scratch, and why Strategy believes Bitcoin is still radically undervalued. Phong explains Strike, Strife, Stride, and Stretch, how these preferreds create Bitcoin yield, why they work even when price is down, and how Strategy thinks about dilution, MNAV premiums, and raising billions without selling sats. FOLLOW: Danny Knowles: https://x.com/_DannyKnowles or https://primal.net/danny Phong Le: https://www.linkedin.com/in/phong-le-b53520 THANKS TO OUR SPONSORS: IREN: https://www.iren.com/ RIVER: https://river.com/wbd ANCHORWATCH: https://www.anchorwatch.com/ BLOCKWARE: https://mining.blockwaresolutions.com/wbd LEDN: https://learn.ledn.io/wbd BITKEY: https://bitkey.world/ SUBSCRIBE TO THE PODCAST: FOUNTAIN: https://fountain.fm/show/gpascDml6iI0sM8aTOCT SPOTIFY: https://open.spotify.com/show/18Pixm6jNMATYXSO6cUnTH APPLE PODCASTS: https://podcasts.apple.com/gb/podcast/defiance/id1482455669 WEBSITE: https://www.whatbitcoindid.com/ CHAPTERS: 00:00:00 - Introduction 00:03:47 - The First Bitcoin Conversation with Saylor 00:06:42 - Strategy’s First Bitcoin Treasury Move 00:09:08 - Why Corporates Didn’t Follow Strategy 00:18:42 - Becoming Strategy CEO 00:21:05 - Building the Bitcoin Capital Engine 00:24:55 - Strike, Strife & Stride Explained 00:32:39 - Preferreds Go Retail 00:36:21 - The $750M Dividend Question 00:45:50 - Would Strategy Ever Sell Bitcoin? 00:49:58 - Treasury Companies Trading Below NAV 00:53:51 - Bitcoin Accounting & Fair Value Debate 00:56:39 - Raising Capital in a Bear Market 01:02:24 - Bitcoin Outlook for the Next 5 Years 01:04:47 - Why Strategy Isn’t in the S&P 500 Yet What Bitcoin Did with Danny Knowles #Bitcoin #Finance #Money #Economics
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