Strategy’s aspiration isn’t to be a Bitcoin holding company — it’s to be the JPMorgan of Bitcoin. CEO Phong Le explains what that means in practice: creating products, making markets and providing liquidity for a digital asset economy he believes can eventually reach 8 billion people. He walks through Strategy’s digital credit ecosystem, now roughly $15 billion, and why DeFi protocols building yield and tokenized products on top of STRC matter more than anything Strategy ships itself. Le also addresses the MSCI index question and why the company is fighting exclusion on principle.

0:00 — Global Banks Move Deeper Into Bitcoin as Deutsche Bank Enters
1:29 — Regulatory Clarity and the New Rules From the SEC, CFTC and Treasury
2:06 — Why Strategy Chose Buybacks Over Raising the STRC Dividend
2:52 — What a Period of Stress Taught Strategy About Digital Credit
3:38 — The Two-Way Bitcoin Strategy: Long-Term Accumulation With Flexibility
5:17 — Bitcoin as a Cash-Adjacent Line Item on the Balance Sheet
7:18 — Becoming the JPMorgan of Bitcoin for 8 Billion People
9:16 — Digital Credit Becomes a Platform for DeFi Builders to Build On
12:06 — Stablecoins, Bank Yield Products and STRC’s Path to $300 Billion
14:59 — How AI Tools Are Embedded Across Strategy’s Software and Bitcoin Business

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