On a recent main note delivered on my Bitcoin Expo, Phong Le, CEO of Strategy (NASDAQ: MSTR), made a bold case for Bitcoin as a core component of modern corporate chain strategy. With over 528,000 BTC on its balance, the strategy has become the most visible – and without a doubt the most successful – public company that adopts Bitcoin as a primary reserve asset.
“We surpassed the whole of Nasdaq, the entire S&P 500, the whole of Mag Seven … and we surpassed Bitcoin,” Le told the audience.
While strategy chairman Michael Saylor laid the philosophical foundation for Bitcoin’s Corporate Use case, which started in 2020, Le’s keynote drove home the executive and financial results. The lecture, which was part of the challenge and part of case studies, urged business leaders to question everything from their education to their financial assumptions – and to reintroducing their balance in the Bitcoin era.
Businesses are not appearing – and Bitcoin offers a way out
On Day 1 of my Bitcoin Expo opened Le with a collapse of Corporate America’s Performance problem. Of the 35 million companies in the United States, only the top level – primarily the S&P 500 companies – meets the market’s expectations. The rest stagnates. “Almost all other companies don’t work,” Le said.
He pointed his finger to anchored financial orthodoxy. MBA programs, elite consultants and Wall Street companies continue to teach the same PlayBook: Optimize the income statement, reinvests in traditional assets and adhere to quarterly thinking. The result is systemic underpretation. “All they can do is S&P 500,” He said and noted that even private equity, venture capital and hedge funds rarely beat that benchmark.
Le’s dissertation: It’s not a lack of talent – it’s a lack of imagination.
Strategy Bitcoin PlayBook: From Cash Pull to Digital Capital
What a separate strategy from one another claimed Le was its decision to treat the balance as a strategic asset – rather than a passive. While most companies park cash in low-yielding government bonds or raw materials such as gold, the strategy chose Bitcoin.
“Why, if you are a business, wouldn’t you do the same? Earn money on your balance. Going meaning.”
LE pointed out that Bitcoin not only offers recurring potential, but structural benefits: it acts 24/7, it is not subject to central bank policy, and it gives businesses immediate global liquidity. In contrast, traditional capital markets operate “252 days a year, 6.5 hours a day – -19% of the time.”
Strategy has embraced this fully and updated its Bitcoin reserves in real time. “We show our results daily. In fact, we update them every fifteen seconds on our website,” Le said.
Rethinking Accounting in a Bitcoin-Native world
One of the biggest challenges for companies adopting Bitcoin is the discrepancy between traditional accounting rules and a 24/7 asset. Current standards were built for quarterly earnings and slowly moving financial instruments-not real-time, globally acted digital assets.
As Phong Le put it: “Accounting policies update every five years, quinquennial. Accounting policies do not work for Bitcoin.”
During GAAP, Bitcoin is treated as an intangible asset – marked when prices fall but not adjusted upwards as they rise – creates a distorted view of economic health.
To close this gap, the strategy has adopted a more transparent approach. “We show our results daily. In fact, we update them every fifteen seconds on our website,” Le said. This real-time reporting reflects the always-on-nature of Bitcoin and signals to the market that the strategy plays with another and faster set of rules.
Instead of waiting for institutions to catch up, the strategy is to set the standard for how the performance of Bitcoin Treasury companies should be measured.
Why the mstr share became the most monitored in the US market
Since the adoption of its Bitcoin Treasury -Strategy, the MSTR share has become “The most performing, the most fleeting, the highest volume and most interesting stock in the United States,” According to Le. Its achievement has consistently surpassed traditional benchmarks not only because Bitcoin appreciated, but because the strategy leaned into its identity as a bitcoin-native public company.
And it’s not alone. Le highlighted the growing list of companies that repeated the model: Metaplanet, Semler Scientific and Kulr Technology Group, all of which exceeded the S&P 500 and Bitcoin after adopting similar Treasury strategies. “This is a replicable strategy,” Le said. “Everyone else should do this.”
Breaking the Mold: A Corporate Call to Courage
Le closed by challenging leaders and investors to question conventional wisdom. The success of the strategy did not come from following the crowd – it came from rejecting it.
“It takes courage. It takes original thinking. It takes independent thinking. It takes courage. It requires Bitcoin.”
As the first public company that made Bitcoin a cornerstone of his balance, the strategy – under Michael Saylor’s vision and Phong Le’s management – has redefined what is possible in business financing.
Or as Le expressed it: “Bitcoin allows companies to find freedom from average.”
Disclaimer: This content was written on behalf of Bitcoin for businesses. This article is intended solely for information purposes and should not be interpreted as an invitation or request to acquire, buy or subscribe to securities.