During a recent keynote at the MIT Bitcoin Expo, Phong Le, CEO of Strategy (NASDAQ: MSTR), proposed a compelling argument for Bitcoin as an essential element of contemporary corporate treasury approaches. With a staggering 528,000 BTC held in its reserves, Strategy has emerged as the most prominent—and arguably the most effective—public entity to embrace Bitcoin as a primary reserve asset.
“We outperformed the entire Nasdaq, the entire S&P 500, the entire Mag Seven… and we outperformed Bitcoin,” Le stated to the audience.
While Strategy’s Chairman Michael Saylor laid the groundwork for Bitcoin’s corporate applications in 2020, Le’s presentation reinforced the operational and financial outcomes. The address, which served as both a challenge and a case study, encouraged corporate leaders to rethink everything from their educational foundations to their financial forecasts—and to envision their balance sheets in the Bitcoin-driven future.
Corporate Underperformance—Bitcoin as a Solution
Kicking off Day 1 of the MIT Bitcoin Expo, Le highlighted the performance crisis within corporate America. Of the 35 million firms operating in the U.S., only the top tier—mostly S&P 500 companies—are fulfilling market expectations, while the majority are languishing. “Almost every other company is not performing,” Le asserted.
He attributed this stagnation to outdated financial paradigms. MBA programs, esteemed consultancies, and Wall Street continue to propagate the same playbook: optimizing income statements, reinvesting in conventional assets, and adhering to quarterly mindsets. This has led to systemic underperformance. “All they can do is the S&P 500,” he explained, pointing out that even private equity, venture capital, and hedge funds seldom outperform that benchmark.
Le’s central argument: it’s not a deficiency in talent—it’s a scarcity of creativity.
Strategy’s Bitcoin Approach: Transitioning from Cash Drag to Digital Capital
Le argued that what distinguishes Strategy is its approach to viewing the balance sheet as a strategic asset rather than a passive one. While many companies opt to place their cash in low-yield government securities or traditional commodities like gold, Strategy has opted for Bitcoin.
“Why, if you’re a company, wouldn’t you do the same thing? Make money off of your balance sheet. Makes sense.”
He emphasized that Bitcoin presents not only the potential for returns but also structural benefits: it trades continuously, is unaffected by central bank policies, and provides instant global liquidity to corporations. In contrast, traditional capital markets function “252 days a year, 6.5 hours a day—19% of the time.”
Strategy has fully embraced this concept, updating its Bitcoin reserves in real time. “We show our results daily. In fact, we update them every fifteen seconds on our website,” Le mentioned.
Reevaluating Accounting in a Bitcoin-Centric World
A significant hurdle for corporations incorporating Bitcoin is the disconnect between conventional accounting standards and a constantly trading asset. Current regulations were designed for quarterly reporting and slower financial instruments—not real-time, globally traded digital currency.
As Le articulated: “Accounting policies update every five years, quinquennially. Accounting policies don’t work for Bitcoin.”
According to GAAP, Bitcoin is categorized as an intangible asset—depreciated when prices decrease, but not readjusted when they increase—leading to a distorted perception of financial well-being.
To bridge this gap, Strategy has adopted a clearer methodology. “We show our results daily. In fact, we update them every fifteen seconds on our website,” Le reiterated. This real-time reporting aligns with the continuous nature of Bitcoin and communicates to the market that Strategy is adhering to a different—and quicker—set of operational guidelines.
Instead of waiting for institutions to adapt, Strategy is paving the way for how the performance of Bitcoin treasury companies ought to be evaluated.
Why MSTR Stock Gained Attention in the U.S. Market
Since implementing its Bitcoin treasury strategy, MSTR stock has become “the most performant, the most volatile, the highest volume, and most interesting stock in the United States,” according to Le. Its performance has consistently surpassed traditional benchmarks—not solely due to Bitcoin’s appreciation, but because Strategy fully embraced its identity as a Bitcoin-focused public company.
And it’s not operating alone. Le pointed out the increasing number of companies mirroring this model: Metaplanet, Semler Scientific, and KULR Technology Group, all of which have outperformed the S&P 500 and Bitcoin after implementing similar treasury strategies. “This is a replicable strategy,” Le asserted. “Everyone else should be doing this.”
Challenging Norms: A Corporate Appeal for Bravery
Le concluded by imploring executives and investors to scrutinize conventional wisdom. Strategy’s triumph arose not from following the status quo—but from deviating from it.
“It takes courage. It takes original thinking. It takes independent thinking. It takes bravery. It takes Bitcoin.”
As the first public firm to incorporate Bitcoin as a fundamental aspect of its balance sheet, Strategy—under the guidance of Michael Saylor and the leadership of Phong Le—has redefined what is achievable in corporate finance.
Or, as Le expressed: “Bitcoin allows corporations to find freedom from the average.”
Disclaimer: This content was created on behalf of Bitcoin For Corporations. This article is for informational purposes only and should not be construed as an invitation or solicitation to buy, acquire, or subscribe to any securities.
