Strategy CEO Phong Le addresses shareholder concerns on stock performance

Phong Le, the chief executive of Strategy (formerly MicroStrategy), is making the company’s investment thesis explicit for shareholders who have watched the stock drift while Bitcoin has marched higher. In a recent Q&A session, Le laid out a clear framework: the metric that matters most is not the stock price today, but Bitcoin per share, or BPS, the amount of Bitcoin exposure that each share of MSTR delivers over time. The pitch is essentially that MSTR is a leveraged bet on Bitcoin, and leverage cuts both ways. When Bitcoin rises, the argument goes, MSTR should rise faster. That compounding mechanism depends entirely on the company’s ability to keep accumulating Bitcoin per share, which Le framed as the central mission. Why BPS matters more than the share price Think of BPS like earnings per share for a traditional company, except instead of profit, the numerator is Bitcoin. If Strategy can grow the Bitcoin sitting behind each share faster than dilution shrinks it, shareholders end up with more Bitcoin exposure per dollar invested than they could get by buying Bitcoin directly. That framing explains why Le is not rushing to buy back common stock or issue dividends, moves that...