Yahoo Finance Video and Julie Hyman Mon, January 26, 2026 at 7:00 PM GMT+8

In this video: BTC-USD

MSTR

STRC

STRD

STRF

Strategy (MSTR, STRC) has purchased more than $3 billion worth of bitcoin (BTC-USD) so far in 2026 as part of its digital asset treasury strategy. The company's CEO and president, Phong Le, speaks with Market Catalysts Anchor Julie Hyman about the company's decision to keep buying bitcoin, despite the cryptocurrency's fall over the past year.

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Video Transcript 00:00 Speaker A

Phong, you know, I've been talking to you, I've been talking to Michael, um, for a while now and I have to admit I still have problems sometimes wrapping my head around the business model because, um, setting aside the business software business that you guys have and focusing more on the digital asset treasury, none of this produces any cash flow, right? The either the the selling of preferred shares or the convertible debt, um, you're buying Bitcoin like so I guess, I I'm I still struggle at times to understand the long-term sustainability.

Yeah, we're a company that's built on the digital transformation of capital, right? If you think of capital and and and original sort of great store of value capital might be gold, we're a company that's built on digital gold, which is Bitcoin. So I'll start with that. And so when you find a asset that is both a technological revolution and a capital store of value revolution, you buy and hold it, right? Not much different than real estate in the 1900s or oil in the 1900s. Somebody finds an asset that they think is going, uh that is truly revolutionary, uh, and they buy and hold it. And and so an analogy

but but but but if you're going to use those analogies, in the case of oil, eventually you sell it at a profit, right? And in the case of real estate, um, it is a yield producing asset. You rent it out and you get cash flow while you own it. That's not the case with Bitcoin.

Well, what we provide to our shareholders is Bitcoin yield, right? You get more Bitcoin per share of MSTR, right? And so that is the yield. and I know it's a bit of a it's a bit of a mental exercise to understand what's Bitcoin yield versus earnings per share versus yield on your real estate, but I don't think that that's much different, right? And and and do we can we get cash flow by selling the Bitcoin? We can, but that's that's not in the near term future. Right now, it's an accumulation plan. And so how our shareholders think about our equity is are we providing more Bitcoin per share and we do that by raising capital.