Strategy Nears 1M BTC Holding, Second Only to Satoshi
At the Bitcoin 2026 conference, Strategy CEO Phong Le and Blockstream CEO Adam Back joined a panel moderated by Natalie Brunell, covering Bitcoin treasury strategy, tokenization, digital credit, and the enduring mystery of Satoshi Nakamoto. Le opened with a striking observation: Strategy now holds 818,334 BTC, second only to one entity. 'There is only one individual entity with more Bitcoin than Strategy, and that's Satoshi,' Le said. The firm is on pace to reach 1 million BTC in the next couple of months, cementing its financial history milestone.
STRC: Digital Credit Product for Bitcoin
Much of the discussion focused on Stretch (STRC), Strategy's perpetual preferred stock paying 11.5% annual dividend with proceeds used to buy Bitcoin. Le called it a product that 'does good,' contrasting with industries like tobacco and processed food. Investors use STRC as short-term money parking; lower barrier for BTC exposure. Layer 2 products and DeFi protocols are being built on top, making STRC 'the most important credit product of all time' and a cornerstone bridging BTC and DeFi.
Cypherpunk Ideals Meet Institutional Finance
Back addressed the tension between cypherpunk ideology and institutional finance, calling BTC acceptance by sovereign wealth and private funds 'a sign of success' not compromise. Cypherpunks believed in capital formation and free markets, not just privacy. Treasury companies exist to grow Bitcoin per share, benefiting individual holders. Le agreed, learning from Back: 'Cypherpunks are gifted minds who understand markets very well,' operating at the intersection of technology and capital.
Tokenization as Next Structural Shift
Both leaders see tokenization as the next major shift. Le described it as 'digitalization of markets,' with blockchain providing transparency. He used tap-to-pay as analogy: 'Why can't you do that to a stock, peer to peer?' Back added that tokenization enables 24/7 trading, use of assets as collateral, and unlocks value in hard-to-trade assets like private notes and contracts. Asked if major banks would compete in Bitcoin digital credit, Le expected them to, comparing to Amazon reshaping retail and forcing Walmart to respond. He added: 'I'd love to see Morgan Stanley on that list' of massive Bitcoin companies.
Satoshi Mystery: Back Declines Comment
The panel closed on a lighter note. Brunell asked Back about a New York Times investigation naming him as Satoshi. Back, who denied the claim when it broke, did not address it directly: 'We are in a very good place regarding people adopting the technology.' The conversation painted a picture of a financial system in transition with Bitcoin at its center—from treasury holdings and digital credit to tokenization reshaping traditional markets.