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BTC Strategy President and CEO Phong Le said the company has no plans to stop buying Bitcoin (BTC) and will only begin assessing the risks associated with its debt when Bitcoin falls to about $8,000 to $10,000. Le made the above comments in an interview with Bloomberg Television on July 14. "We will not leave," Le said. "My goal is to become the largest buyer of Bitcoin for the foreseeable future." At the time of the interview, Bitcoin was trading for approximately US$65,000. 
Strategy's balance sheet and recent sales
Strategy recently sold more than $215 million worth of Bitcoin as part of its capital strategy and has made no new purchases since the week ending June 22. Last week, the company raised approximately $467 million through the sale of common stock, bringing its cash reserves to approximately $3 billion. Strategy said the reserve is sufficient to pay a preferred stock dividend for about two years and provides additional financial flexibility. Le said the increase in cash reserves came as preferred shareholders pointed out that maintaining liquid cash on the balance sheet was a priority in the short term. He added that the bitcoin was also sold to prove that the bitcoin held by the company was liquid. Le said Strategy has designed its capital structure to withstand bear markets, noting that the company's experience during the 2022 downturn proved that it can continue to accumulate bitcoin during times of price pressure. Strategy's net asset multiple, a measure of the ratio between a company's market value and the value of Bitcoin holdings, fell below 1 last month and has now recovered to about 1.02.
STRC and Long-Term Capital Plans
Le described Strategy as having evolved from a Bitcoin vault company into a broader digital capital platform. A key part of its future capital plan involves STRC, the company's permanent preferred stock, known as Stretch. The stock has been trading below its $100 face value since May and traded at about $88 on July 15. Le said Strategy plans to issue more STRC once the STRC returns to its $100 face value, and the proceeds will be used to purchase additional bitcoin and potentially increase the company's dollar reserves. "When the STRC returns to face value, we will issue more. We will buy Bitcoin,"Le said. He added that issuing more preferred shares over time will have a value-added effect on the company's bitcoin per share, which will directly benefit shareholders. Le said Strategy plans to continue raising funds to fund future Bitcoin purchases.
