Phong Le is CEO of Strategy (formerly MicroStrategy), and David Bailey is CEO & Chairman of KindlyMD. This conversation was recorded live at Bitcoin Investor Week in New York. In this conversation, we discuss Strategy’s evolution from a bitcoin holding company to a leveraged treasury and now a digital credit platform, including the launch of its perpetual preferred product designed to offer bitcoin exposure with lower volatility and yield. We also cover capital markets strategy, competition among bitcoin treasury companies, macro impacts, and bitcoin’s continued integration into Wall Street and global finance.

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0:00 - Intro
0:25 - Strategy’s three phases of buying bitcoin
7:04 - Bitcoin’s graduation into Wall Street & traditional finance
10:11 - Macro economy & Fed policy
12:01 - Would they ever sell their bitcoin holdings?
15:26 - Bitcoin, government policy, & political adoption
19:52 - The responsibility of running a public bitcoin company
26:35 - The future of bitcoin treasury models & consolidation