The Pomp Podcast The Future of Bitcoin Treasury Companies | Phong Le & David Bailey
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Mar 3, 2026 
David Bailey, entrepreneur behind Bitcoin media and conferences and CEO of KindlyMD. Phong Le, CEO of Strategy known for steering corporate bitcoin strategy and launching digital credit products. They discuss Strategy’s shift from holding to leveraged treasury to digital credit. Conversation covers the STRC perpetual preferred product, Bitcoin’s passage into Wall Street, macro influences, treasury models, consolidation, and political engagement.
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MicroStrategy's Three Phase Evolution
- MicroStrategy evolved through three phases: Bitcoin holding company, leveraged Bitcoin treasury, and now a digital credit platform with perpetual preferreds.
- Phase three created STRC, a NASDAQ-traded perpetual preferred overcollateralized 5x by Bitcoin that aims to match Bitcoin returns with much lower volatility.
Choose Lower Volatility Bitcoin Exposure
- If you want Bitcoin exposure but can't stomach its volatility, buy a product that reduces duration and volatility like STRC instead of spot Bitcoin.
- STRC pays ~11% cash monthly, is tax-deferred if held, and is funded by issuing MSTR equity at a premium to NAV.
Bitcoin Is Dual Natured Asset
- Bitcoin simultaneously behaves as a long-term store of value sensitive to monetary policy and as a short-term speculative tech-like asset.
- MicroStrategy focuses internally on capital markets ratios (accretive issuance) rather than macro indicators when making financing decisions.