Phong Lee, President & CEO at Strategy (formerly MicroStrategy)
4.9/5 Rating
Technology, SaaS, AI, Finance, Cryptocurrency
$1M+/mo

Phong LeePresident & CEO

In this interview, Phong Lee discusses Strategy’s approach to combining a Bitcoin-focused capital strategy with a mature enterprise analytics business. He shares insights on customer-first product development, scaling with patience, and using innovative capital market instruments to expand investor participation. The conversation highlights long-term value creation, the role of Bitcoin in corporate strategy, advancements in business intelligence and AI, and how disciplined execution and strong culture drive sustainable growth.

Phong Lee

Phong Lee

President & CEO

Strategy (formerly MicroStrategy)

Founder Stats

  • Technology, SaaS, AI, Finance, Cryptocurrency
  • Started 2020
  • $1M+/mo
  • 50+ team
  • USA

About Phong Lee

Phong Lee is the President and CEO of Strategy. Since joining the company, he has helped guide its evolution as a leader in enterprise analytics while supporting its pioneering Bitcoin treasury strategy. Under his leadership, Strategy has continued to innovate across business intelligence, AI-powered analytics, and capital markets initiatives. Lee is known for his customer-centric approach, focus on operational excellence, and commitment to building long-term value through disciplined execution and innovation.

Interview

November 05, 2025

Q

Why do Strategy’s preferreds appeal to both young and older investors?

Question 1 of 17
Phong Lee

Different people want different return and risk. If you strap public securities to Bitcoin they tend to perform better. Equity has higher return and volatility. Debt and hybrids have lower return and volatility. Preferreds sit in the middle, so they fit many profiles from Robinhood millennials to retirees who want income.

0
Q

What problem do preferreds solve for a 20-something saver?

Question 2 of 17
Phong Lee

Before, a bank account paid almost nothing and a money market maybe ~4% before taxes. A Bitcoin-backed preferred paying around 10.25% monthly and tax deferred is a real place to save. It lowers time preference and gets people into the habit of saving.

0
Q

What did Robinhood’s listing of the preferreds tell you?

Question 3 of 17
Phong Lee

There is real demand. Robinhood had to build support for a dividend-paying instrument and moved fast. Now they have a platform for preferreds in general. That helps us and can transform the market over time.

0
Q

How big can preferreds get and what timeline do you imagine?

Question 4 of 17
Phong Lee

Money markets and savings are about $30 trillion. One percent is $300 billion. Could we reach $30 billion? I think we could. Timing is hard. These instruments need to season. Our first preferred launched eight months ago and Stretch launched three months ago. Give it time to mature.

0
Q

Do preferreds compete with the common stock?

Question 5 of 17
Phong Lee

I see an ecosystem, not a fight. Common is the alpha. Preferreds, converts, and notes support the common. Different products for different needs like owning a phone, watch, and earbuds. Together they strengthen the stack.

0
Q

How did issuing Stretch affect the capital stack?

Question 6 of 17
Phong Lee

We issued about $2.5 billion of Stretch with zero upfront dilution and bought Bitcoin. That is accretive to BTC yield, supports the equity, and helps the rest of the stack. It also increases demand for Bitcoin.

0
Q

What management lesson did you learn from the 2020 Bitcoin pivot?

Question 7 of 17
Phong Lee

Adoption takes longer than you expect. I thought the floodgates would open in 2021. It took founder-led tech CEOs to move first and several years to hit a tipping point. Big vision plus patience matters.

0
Q

Did you expect the cultural wave merch, sneakers, orange phones?

Question 8 of 17
Phong Lee

Not at that scale. We hoped Bitcoin would open doors. The passionate community surprised us. The merch store is just giving back. People across the company pitch in because they love Bitcoin. Passion creates chances you did not plan.

0
Q

How do the software business and Bitcoin business help each other?

Question 9 of 17
Phong Lee

They are complementary. Bitcoin lets us focus long term on product, not just quarterly numbers. The mature software business funds capabilities like media and a studio that also support Bitcoin education and the community.

0
Q

What is Strategy’s BI track record in simple terms?

Question 10 of 17
Phong Lee

We helped invent modern BI. First enterprise analytics on the web in 1998, first mobile analytics in 2008, early cloud analytics in 2012. The software business has about 1,500 people, high retention, and serves nearly half the S&P 500.

0
Q

Where does BI go next with AI in the loop?

Question 11 of 17
Phong Lee

AI needs business-level definitions of data at scale. We are building a universal semantic layer so agents can access secure, governed, business-language data. We call it a mosaic. That is the unlock.

0
Q

What operating principle keeps a global team shipping fast?

Question 12 of 17
Phong Lee

Write things down. Put people in every time zone. Work keeps moving as one team signs off and another signs on. Async and written culture keep speed without constant calls.

0
Q

How do you win trust with larger customers?

Question 13 of 17
Phong Lee

Security, stability, and performance. We don’t brag about them, we just do the work every week. Over years, that builds confidence and wins bigger accounts.

0
Q

How do you think about growth in 2030 without quoting dollars?

Question 14 of 17
Phong Lee

If we are moderately successful, the Bitcoin business and the software business are each an order of magnitude bigger. People may still ask if we care about software. The answer is yes. Both markets are huge and support each other.

0
Q

What marks the next wave of Bitcoin adoption?

Question 15 of 17
Phong Lee

Traditional banks offering Bitcoin custody, yield, and loans. When you can hold Bitcoin at your main bank and borrow against it, that is a major unlock. I think a large bank will offer custody by the end of 2026.

0
Q

Price targets or milestones what should people focus on?

Question 16 of 17
Phong Lee

Milestones. ETFs were a milestone. Bank custody is a milestone. Access and utility drive adoption. Price follows that.

0
Q

What message do you leave for investors worried about volatility?

Question 17 of 17
Phong Lee

Understand the asset and the company. We have a 35-year innovation history, a visionary founder, a strong team, and a clear record of execution. Do the work, think long term, and let compounding do its job.

0

Video Interviews with Phong Lee

The Next Trillion Dollar Company | Phong Le Interview

The Next Trillion Dollar Company | Phong Le Interview

The Next Trillion Dollar Company | Phong Le Interview

Bitcoin Treasury mNAV Explained by MSTR CEO Phong Le

Bitcoin Treasury mNAV Explained by MSTR CEO Phong Le

Strategy CEO Phong Le: MIT Bitcoin Expo 2025 Keynote Speech

Strategy CEO Phong Le: MIT Bitcoin Expo 2025 Keynote Speech

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