Phong Le, CEO of Strategy (formerly MicroStrategy), addressed shareholder concerns about stock performance by making Bitcoin per share (BPS) the central metric of the company’s strategy. The company holds between $4.65 billion and $4.8 billion in USD reserves to cover operations and opportunistic Bitcoin purchases. Strategy launched STRC, a perpetual digital credit instrument designed to fund Bitcoin acquisition over a four-to-ten-year horizon. The model relies on favorable leverage when Bitcoin rises, but implies underperformance when it falls. Le stated that shareholder value creation will be measured in Bitcoin per share rather than short-term stock price.
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