Imagine holding more than 3% of all the Bitcoin that will ever exist. Now imagine telling the entire world you’re basically never selling it, no matter what the price does. That’s not some crypto influencer talking big on Twitter—that’s the CEO of a multi-billion dollar public company laying out his actual corporate strategy.
And honestly? It still feels surreal in 2025.
The “We’re Not Selling” Moment Everyone Needed to Hear
When Fong Lee sat down for that Yahoo Finance interview, people were waiting for the catch. After all, months earlier there had been a brief comment about possibly using Bitcoin to fund dividends in an extreme scenario. The internet did what it does best—turned a hypothetical into a headline.
Lee just ended the debate with one sentence that deserves to be framed:
“We don’t trade Bitcoin. We accumulate it. Price agnostic.”
– Strategy CEO Fong Lee
Translation for anyone still confused: volatility is noise. Short-term price action is irrelevant. The company is playing a different game entirely.
650,000 Bitcoin and a $1.44 Billion Cash Cushion
Let’s put those numbers in perspective. At today’s prices (around $93,500), Strategy’s Bitcoin stack is worth north of $60 billion. That’s not pocket change—that’s nation-state territory. Only a handful of countries own more BTC than this one software company turned Bitcoin holding vehicle.
But here’s what most people miss: they didn’t get there by gambling. They built a war chest of actual dollars—$1.44 billion in cash—enough to cover dividend commitments for almost two full years even if Bitcoin went to zero tomorrow.
Zero. Tomorrow.
Think about that level of conviction.
Plan Z Is Actually 2029 Territory
Lee was crystal clear about the only situation where Bitcoin might leave the balance sheet: a multi-year collapse in both Bitcoin’s price and the company’s equity valuation. Even then, he described it as a conversation for 2029, not next quarter.
In my view, that’s not a real plan—it’s a thought experiment designed to shut down the question forever. It’s like saying you’d sell your house to pay rent only if property values crashed 95% and stayed there for half a decade. Technically possible. Practically irrelevant.
The Perpetual Preferred Shares Everyone Is Sleeping On
Here’s the part that actually excites me more than the headline quote.
While everyone obsesses over whether Strategy will sell Bitcoin (they won’t), the company quietly built what Lee calls a “capital machine” using perpetual preferred shares. These aren’t convertible notes that dilute shareholders later—they’re permanent capital that pays a fixed dividend and never forces the company to sell its core asset.
Give the market 12–24 months, Lee says, and investors will finally understand why this structure is superior to every spot Bitcoin ETF on the planet.
I’m inclined to believe him.
- No forced selling during drawdowns
- No management fees eating returns
- Dividend covered by new capital raises, not BTC sales
- Upside participation through the common stock
- Tax advantages most ETFs can’t match
It’s not perfect, but it’s arguably the cleanest corporate Bitcoin exposure vehicle ever created.
Yes, the Competition Is Real
Let’s not pretend everything is sunshine. Big banks aren’t sitting idle.
JPMorgan and Morgan Stanley are rolling out structured products tied to Bitcoin ETFs—with leverage, buffers, and capped upside. Institutions that couldn’t touch Strategy stock last year now have regulated alternatives. Jim Chanos is short the stock (and long Bitcoin). Margin requirements got tightened over the summer.
Even Metaplanet—the Japanese company copying the playbook—is getting attention from index providers.
But here’s the thing: none of these competitors are actually trying to own Bitcoin forever. They’re offering exposure products. Strategy is offering ownership.
There’s a difference.
Why “Price Agnostic” Actually Matters
Most investors—retail and institutional—still treat Bitcoin like a trading asset. They have price targets. Stop losses. Rebalancing rules.
Strategy threw all of that out the window years ago.
Being price agnostic means you don’t care if Bitcoin drops 50% next month. You’re not selling to “buy the dip” cheaper—you already own the dip. You’re not taking profits at $100k or $200k or $500k because there is no price at which Bitcoin becomes “expensive” in this model.
It’s a psychological shift as much as a financial one.
Bitcoin isn’t just an asset on the balance sheet—it’s the balance sheet.
That single idea has turned a mid-tier enterprise software company into one of the most fascinating financial experiments of our lifetime.
What This Means for Regular Investors
You don’t need to own Strategy stock to learn from this approach (though many do). The bigger lesson is about time horizon.
Most people who lose money in Bitcoin don’t lose because they bought too high—they lose because they sold too early. Strategy’s refusal to play that game forces the rest of us to confront our own behavior.
Are you accumulating or trading?
There’s no wrong answer—until you pretend to be doing one while actually doing the other.
At the end of the day, Strategy isn’t telling shareholders to HODL because it sounds cool. They’re doing it because every alternative looked worse. They ran the numbers, stress-tested the downside, and decided Bitcoin going to a million (or to zero) doesn’t change the long-term plan.
That level of conviction is rare in public markets.
And honestly? It’s kind of beautiful.
Whether you love the strategy or think it’s reckless, one thing is undeniable: we’re watching history unfold in real time. A publicly traded company just looked at the most volatile asset in the world and said, “Yeah, that’s our reserve asset. Forever.”
Not many CEOs have the stomach for that conversation.
Fong Lee just proved he does.
