Home / Education / Crypto / Investing / Strategy Inc. CEO Phong Le Says Company Won’t Sell Bitcoin Until 2065 — Why Tom Lee Calls MSTR the ‘Ultimate Bitcoin Proxy’
Bitcoin Bleeds, Strategy's Phong Le Sells $11M in Stock — What the Filing Reveals
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Key Takeaways
Phong Le’s 2065 pledge signals Strategy Inc.’s unwavering belief in Bitcoin’s long-term value and its intention to hold through decades of volatility.
MSTR acts as a leveraged Bitcoin proxy, offering amplified exposure to BTC price movements but with higher risk and volatility.
The company faces structural challenges, including debt leverage, regulatory uncertainty, and potential delisting from key equity indices.
For investors, MSTR is best viewed as a high-risk, high-reward play, ideal for traders seeking Bitcoin exposure within traditional U.S. markets, but not a stable substitute for holding BTC directly.
In one of the boldest declarations ever made by a corporate leader in the crypto space, Phong Le, the CEO of Strategy Inc. (formerly MicroStrategy, ticker MSTR), addressed growing investor concern after a steep BTC drop triggered over $500 million in liquidations during a recent appearance on CNBC Power Lunch. He shared that the company has no plans to sell its Bitcoin holdings until 2065.
The statement immediately grabbed headlines, reinforcing Strategy’s reputation as the most committed corporate holder of Bitcoin and igniting fresh debate on whether MSTR stock has become the “ultimate Bitcoin proxy” for institutional investors.
At the same time, Tom Lee, Managing Partner at Fundstrat Global Advisors, reaffirmed his view that MSTR is the preferred equity vehicle for traders seeking leveraged exposure to Bitcoin (BTC) and Ethereum (ETH).
Originally a business-intelligence software firm founded by Michael Saylor, Strategy Inc. has transformed into a Bitcoin-centric holding company.
Since first purchasing Bitcoin in 2020, the company has amassed more than 650,000 BTC as of late 2025, a position worth tens of billions of dollars. That makes Strategy the largest corporate Bitcoin holder in the world, surpassing even many ETFs and governments.
This radical shift reflects the vision of Saylor and now CEO Phong Le: that Bitcoin is digital gold, a superior long-term store of value that protects against inflation and fiat debasement.
Phong Le: ‘No Need to Sell Bitcoin Until 2065’
Le emphasized that Strategy’s financial position allows it to hold Bitcoin indefinitely, citing a strong cash buffer and long-term debt structure.
“We don’t anticipate selling Bitcoin, not this year, not next year, and frankly, not for decades,” Le said. “We’re positioned to hold through volatility and plan as far out as 2065.”
STRATEGY CEO PHONG LE SAYS THEY WILL HOLD THEIR BITCOIN UNTIL AT LEAST 2065
Strategy CEO Phong Le said the company plans to hold its Bitcoin until at least 2065, reinforcing its ultra long term accumulation strategy. He added that MicroStrategy shares continue to act as a key… pic.twitter.com/YMmiO12kUg
As of now, Strategy Inc. reports around $1.4 billion in cash and no major debt maturities until 2027. Its annual interest expenses are fully covered, giving it a financial runway that supports the long-term holding strategy.
This is why Le’s “2065” comment resonated, it symbolizes multi-decade conviction, not just short-term optimism.
However, analysts note that this is a strategic stance, not a legal guarantee. Should conditions deteriorate, for instance, if Bitcoin experiences a prolonged downturn or if credit markets tighten, Strategy could still sell part of its holdings.
Still, Le’s message to investors is clear: Strategy isn’t flinching.
Tom Lee: ‘MSTR Is a High-Beta Bitcoin Proxy’
Following Le’s comments, Tom Lee reinforced his long-standing view that MSTR behaves as a “high-beta Bitcoin proxy.”
According to Lee, Strategy Inc. is effectively a leveraged Bitcoin ETF that trades on Nasdaq. He emphasized that MSTR is the most important stock to watch right now because it’s the ultimate Bitcoin proxy, the most liquid stock.
“In the crypto world, when traders try to hedge their longs in BTC and ETH, they can’t find any other way to hedge it except shorting liquid stocks like MSTR,” Lee noted.
This leverage effect has made MSTR a favorite among hedge funds, momentum traders, and even institutional desks that prefer a regulated, U.S.-listed asset to pure crypto.
Why Crypto Traders Short MSTR to Hedge Their Bitcoin and Ethereum Bets
Many crypto traders hold long positions in Bitcoin or Ethereum, meaning they’re buying and holding these assets because they expect the prices to rise in the future. Being “long” simply means you profit when the price goes up.
However, markets are volatile, and if prices fall instead, these traders could face heavy losses. To protect themselves, they use a risk management technique called hedging, where they take an opposite position, betting against something that usually moves in the same direction as their main asset.
In the crypto world, this is easier said than done. Shorting Bitcoin directly, that is, betting that its price will drop, can be both difficult and expensive. Shorting requires borrowing Bitcoin from an exchange or another trader, selling it immediately, and later buying it back at a lower price to return it.
MSTR has been playing poker with their cards face up while the short sellers kept theirs hidden.
Up until now, their strategy was predictable. On the surface, admitting there are scenarios where they might sell Bitcoin looks like weakness. In reality, it flips their cards face…
But because Bitcoin supply available for borrowing is limited and demand to short it can be high, the borrowing fees are steep. Exchanges also require large collateral deposits (margin) to cover potential losses if the market moves against the trader. On top of that, liquidity for shorting large amounts of Bitcoin is limited, and regulations can make such trades complex or risky.
To avoid these issues, traders often turn to MSTR, the Nasdaq-listed stock of Strategy Inc., a company that holds a massive amount of Bitcoin. MSTR’s price tends to move almost in sync with Bitcoin, rising when BTC rises and falling when BTC falls, because the company’s value is closely tied to its Bitcoin holdings.
This makes MSTR a convenient proxy for Bitcoin, according to Lee. By shorting MSTR stock instead of Bitcoin, traders can create a similar hedge more easily and cheaply through regular stock markets.
In essence, shorting MSTR allows them to protect their long crypto positions from potential losses without facing the high costs, complex logistics, or risks involved in shorting Bitcoin directly.
That’s less than 2% of Bitcoin’s total value. Yet MSTR often trades at a premium to its net Bitcoin holdings (NAV) because investors prize the leverage, liquidity, and accessibility it provides.
Still, that premium can swing wildly. During bull markets, MSTR rallies far beyond its BTC value; in bear markets, it can collapse below book value. This makes MSTR a volatile proxy rather than a stable tracker of Bitcoin’s price.
MSTR’s Struggles Beneath the Hype
Despite Phong Le’s confidence and Tom Lee’s endorsement, Strategy Inc. faces several structural challenges that could shape its future.
Leverage and debt exposure: To accumulate Bitcoin, Strategy issued billions in convertible notes and preferred shares, effectively leveraging its balance sheet. While this boosts potential upside, it also magnifies downside risk if Bitcoin drops sharply.
Regulatory and index risks: Major index providers like MSCI and S&P have reportedly debated whether to exclude crypto-heavy companies from traditional equity benchmarks. Losing index status could cut liquidity and drive institutional outflows.
Corporate identity crisis: Although Strategy maintains an analytics software business, that legacy segment now contributes only a fraction of total valuation. Many analysts describe MSTR as “a Bitcoin ETF in disguise,” leaving it vulnerable if regulators scrutinize its classification.
Extreme volatility: MSTR’s beta to Bitcoin is roughly 1.8–2.2, meaning a 10% BTC move can trigger nearly double that in MSTR. This volatility makes it an exciting trading instrument, but a risky long-term holding for conservative investors.
Over the period Dec 2021–Dec 2025, MSTR outperformed BTC (+194.5% vs +78.9%).
So the core message is that MSTR behaves like a leveraged/volatile “Bitcoin proxy,” magnifying both upside and downside and remains valid. However, MSTR exhibits much higher volatility than BTC, meaning gains and losses are magnified vs Bitcoin
Why Strategy’s Call to Not Sell Bitcoin Until 2065 Matters
Phong Le’s “no sale until 2065” message may sound extreme, but it’s a strategic signal, meant to project confidence, stability, and long-term vision in a volatile market.
By publicly committing to a multi-decade horizon, Strategy Inc. positions itself as the corporate face of Bitcoin conviction. The company wants investors to know it won’t fold under short-term price swings or media pressure.
This stance also strengthens its brand identity: Strategy isn’t just a company that owns Bitcoin, it’s a company that embodies the Bitcoin ethos of patience, scarcity, and belief in decentralization.
MSTR as a Bridge Between Wall Street and Crypto
MSTR’s unique position gives traditional investors a rare bridge into the crypto economy. Traders can gain Bitcoin exposure through a U.S.-listed equity without navigating wallets, exchanges, or blockchain logistics.
At the same time, Strategy’s long-term Bitcoin treasury strategy introduces corporate governance, debt structure, and financial-statement transparency to the crypto narrative, things often missing in the decentralized world.
But this bridge comes with tolls: higher volatility, complex valuation, and dependence on Bitcoin’s fate.
Who is Phong Le and what did he say about Bitcoin?
Phong Le is the CEO of Strategy Inc. (formerly MicroStrategy). In a 2025 CNBC interview, he said the company has no plans to sell its Bitcoin holdings until 2065, emphasizing Strategy’s long-term commitment to Bitcoin as a treasury reserve asset.
Why is Strategy Inc. (MSTR) called a Bitcoin proxy?
MSTR holds more than 650,000 BTC on its balance sheet, making its stock price tightly correlated with Bitcoin. Because it trades on Nasdaq, investors use MSTR as a regulated, high-beta way to gain Bitcoin exposure without owning crypto directly.
What are the main risks of investing in MSTR stock?
MSTR is highly leveraged and extremely volatile. Its value depends almost entirely on Bitcoin’s price. Potential risks include debt pressure, market-cap swings, regulatory scrutiny, and possible exclusion from equity indices due to its crypto-heavy balance sheet.
What did Tom Lee say about MSTR and Bitcoin?
Tom Lee, co-founder of Fundstrat Global Advisors, called MSTR “the market’s most liquid and efficient Bitcoin proxy.” He argues that traders use it as a leveraged vehicle to express bullish or bearish views on Bitcoin and Ethereum through traditional markets.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Onkar Singh has three years of experience as a digital finance content creator. Throughout his career, he has collaborated with various DeFi projects and crypto media outlets. In his leisure time, he enjoys fitness activities at the gym and watching movies across different genres. Balancing his professional and personal interests, Onkar continues to contribute to the digital finance landscape while pursuing his hobbies.
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