Phong Le: Inside Strategy's Bigger Vision for Bitcoin and Wall Street

Strategy CEO Phong Le joins Natalie Brunell for an in-depth conversation about the future of the world's largest corporate Bitcoin treasury. From STRC's recovery and Strategy's growing cash reserves to the outlook for MSTR shareholders, Phong explains the company's evolving approach to Bitcoin and capital markets. Plus, why Strategy is prioritizing share buybacks over higher dividends, how it plans to navigate future volatility, and Michael Saylor's vision of building the JPMorgan of digital capital. IN THIS EPISODE: STRC's selloff: What Strategy learned about leverage and volatility. Buybacks vs. dividends: Why Strategy is prioritizing repurchases and building the USD reserve. The future of MSTR: Shareholder concerns, stock performance, and Strategy's outlook. The next financial system: AI, Bitcoin, Wall Street, and Strategy's long-term vision. Follow Phong on X at: https://x.com/phongle?lang=en  ---- Order Natalie's new book "Bitcoin is For Everyone," a simple introduction to Bitcoin and what's broken in our current financial system: https://amzn.to/3WzFzfU  ---- Borrow against your Bitcoin without selling it. Ledn offers Bitcoin-backed loans built for serious holders, with rates that get lower as your loan size increases. With Ledn's custodied loan product, your Bitcoin is held in custody and not lent out. Ledn has operated through multiple market cycles without a loss of client assets and publishes Proof of Reserves so you can verify what they hold. Get 0.25% off your first loan at ledn.io/natalie. Terms apply — see the site for details. ---- Bitdeer Technologies Group (NASDAQ: BTDR) powers AI and Bitcoin mining infrastructure with 3 GW of secured global energy — and owns the entire stack, from equipment manufacturing to data centers to proprietary orchestration software. Learn more at https://www.bitdeer.com. ---- Kalshi is the largest prediction market in the world.Use code HODL and get $25 when you trade $25 http://kalshi.com/r/HODL ---- Bitgo is the digital asset infrastructure company trusted by institutions worldwide for regulated, insured custody, trading, settlement, and liquidity. BitGo now offers that same institutional-grade, insured qualified custodian to individuals—completely free! Learn more at https://www.bitgo.com/natalie  ---- Multisig self-custody without a seed phrase! Download Bitkey Today and use my promo code STORIES to get 10% off the new Bitkey. This episode has been sponsored by Bitkey: https://bitkey.world/STORIES  ---- Maste