Strategy's CEO Says Bitcoin Buys Come Down to Capital Costs, Not Price

Strategy is buying Bitcoin (BTC) again, but according to President and CEO Phong Le, the decision has little to do with where Bitcoin’s price sits.

Le said the math behind Strategy’s renewed purchases comes down to cost of capital, not market timing.

Why Bitcoin Buying Comes Down to Capital Costs

Strategy’s resumed Bitcoin purchases followed a 10-week pause spent shoring up its balance sheet. Le compared the underlying calculation to financing a data center buildout.

Land and energy costs have climbed, he said, even as the cost of raising capital stayed low.

“We don’t really make decisions on Bitcoin specific to Bitcoin price.”

Phong Le, President and CEO, Strategy

I joined Bloomberg @crypto to discuss Strategy's return to buying Bitcoin, building a fortress balance sheet, MSCI’s index proposal, and equity market demand for Bitcoin. $MSTR 00:24 – Back to buying bitcoin:native and why the decision was not price-driven00:43 – Fortress… pic.twitter.com/YoO8U5FIvf

— Phong Le (@phongle) September 1, 2026

He said the trade only works when selling shares or debt costs less than Bitcoin’s expected return. Strategy ranked fourth among public companies for equity capital raised this year, behind only SpaceX, Google, and Intel, Le said.

Why Strategy Still Sells, Occasionally

Le rejected the idea that Strategy only accumulates Bitcoin, calling it a “two way strategy” instead. Earlier this year, the company sold about 7,000 BTC, under 1% of holdings, to fund dividends and buybacks.

He said debt holders and ratings agencies expect a company willing to sell assets when needed. A firm that never sells, he argued, is not a “fully operating” company.

Betting on a Sustained Bull Market

Le’s comments suggest he expects Bitcoin’s rally to continue well beyond current levels. He said Strategy would keep buying at $80,000, $90,000, or $100,000, and even at a $130,000 all-time high, arguing today’s purchases would look justified if Bitcoin later climbs to $260,000.

“I don’t foresee us holding Bitcoin as we enter into what I consider a heavy bull market.”

Phong Le, President and CEO, Strategy

That conviction also sits behind Strategy’s fight against an MSCI index removal proposal. MSCI is an index provider whose benchmarks guide passive fund flows.

The proposal would exclude companies with large Bitcoin treasuries, and Le has called it discriminatory.

He argues Bitcoin functions as an operating asset on Strategy’s balance sheet, not a passive holding. That distinction could decide whether Strategy stays in MSCI’s indexes when a ruling arrives October 16.