Strategy · Bitcoin · Apple · CoinDesk
What this means: Strategy CEO Phong Le said the company has adjusted its approach after discovering that preferred stock investors
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The The cash cushion is part of Strategy’s push to evolve beyond simply buying and holding bitcoin into a broader digital credit business.
Key facts
- The The cash cushion is part of Strategy’s push to evolve beyond simply buying and holding bitcoin into a broader digital credit business
- What this means: Strategy CEO Phong Le said the company has adjusted its approach after discovering that preferred stock investors put a premium on cash liquidity
- Reading between lines: Le is pitching Strategy as a financial platform built around bitcoin rather than merely a leveraged bitcoin proxy
- Broader view: Strategy’s enormous bitcoin position means Le believes the company’s decisions now have consequences for the wider market
Summary
What this means: Strategy CEO Phong Le said the company has adjusted its approach after discovering that preferred stock investors put a premium on cash liquidity. Strategy now holds $4.75 billion in cash, providing about 2.7 years of dividend coverage, Le said ’s Public Keys with Jennifer Sanasie. Le said he initially assumed investors would value bitcoin highly because it is liquid and has appreciated significantly over time. But institutions and investors putting shorter-term money into Strategy’s products “value cash more,” he said.