Strategy CEO Phong Le said on Bloomberg TV on July 14 that the company is not retreating from its Bitcoin position, answering recent questions about whether it can keep buying BTC while handling its debt load. "We're not going anywhere," he said.
CoinDesk, citing the interview, said Le put a specific number on the company’s risk threshold: Strategy would only start to worry in a serious way about debt risk if Bitcoin dropped to between $8,000 and $10,000.
A stress line far below the current BTC price
With Bitcoin currently around $64,000, the range cited by Le implies a drawdown of roughly 84% to 88%. The remarks show just how much downside Strategy believes it can absorb before its debt structure becomes a real concern.
The report said that even if BTC were to fall back near levels seen during the 2020 pandemic period, the company’s balance sheet would still not be pushed into a forced liquidation scenario. Le described current concern over Strategy’s debt as short-term anxiety rather than structural risk.
Balance sheet figures cited in the interview
According to the figures cited in the report, Strategy holds 843,775 BTC with a total cost basis of $63.69 billion and an average purchase price of $75,476. The company also has a $3 billion USD reserve and faces $6.7 billion in convertible corporate debt obligations.
Le said Strategy feels "very safe" with that balance sheet position.
Le says Strategy still plans to keep buying Bitcoin
Le also said the company plans to continue acting as the biggest buyer of Bitcoin in the foreseeable future. That statement cuts directly against a recent market narrative that Strategy may have moved away from open-ended accumulation and toward a more defensive posture.
Chain News reported on July 13 that Strategy sold $467 million of MSTR through its at-the-market program last week to replenish interest-payment reserves, while making no BTC purchases during the same week. That was read by parts of the market as a sign of a strategic shift.
Le’s latest public comments framed the move differently. He described it as a short-term tactical decision rather than a change in long-term direction.
A more explicit boundary for pressure testing
The report said the $8,000-$10,000 BTC range is the first clearly stated balance-sheet stress boundary Strategy has given in public financial disclosures.
In the interview, Le pointed to the ratio between the value of the company’s Bitcoin reserves and the principal amount of its convertible debt as the main measure for judging debt risk. That gives institutional investors a more concrete reference point than they had before.
Before this, the market had largely relied on indirect gauges such as mNAV and the dividend coverage cycle tied to STRC to estimate where Strategy’s pressure point might sit.
Taken together, Le’s comments suggest that last week’s decision to sell MSTR through the ATM program, build up interest-payment reserves and pause BTC buying was treated internally as short-term treasury and portfolio management, not an exit from the company’s Bitcoin accumulation strategy.