Phong Le: Bitcoin's Growth in 2026 Marks the Beginning of a New Adoption Era

Strategy claims a significant strengthening of its position in BTC — over two weeks in December, it purchased over 19,000 Bitcoins for nearly $2 billion, continuing an aggressive digital asset accumulation strategy. MSTR shares, despite a 60% correction from the peak, have increased by 62% thanks to Bitcoin exposure, demonstrating an asymmetric dynamic between securities and the favorable stance towards cryptocurrencies.

Strategy CEO’s Vision for the Next Year: Mass Institutional Entry in 2026

In a recent statement to Fox Business, Strategy CEO Phong Le presented a groundbreaking thesis: 2026 will be a turning point for global Bitcoin adoption. Le firmly described BTC as a “generation’s invention,” placing it on par with the technological revolution transforming capital markets on a macroeconomic scale.

The Strategy CEO announced that the company is modeling its MSTR share structure with the aim of long-term outperformance of Bitcoin itself. Comparing the return metrics since adopting the treasury strategy reveals an interesting dynamic: Bitcoin has increased by 45%, while Strategy shares have appreciated by 62%.

Le ties his forecasts for 2026 to a broader market cycle. He expects a risk-on capital inflow approaching the U.S. midterm elections. Additionally, he points to a potential wave of adoption by the banking sector and possible involvement of national treasuries in Bitcoin acquisitions.

Massive Purchase Campaign: 10,645 BTC in Two Weeks

From December 8-14, Strategy committed approximately $980.3 million to increase its Bitcoin holdings by 10,645 coins. The average transaction price was $92,098 per coin. After these acquisitions, the Strategy portal now holds 671,268 BTC with a total valuation of about $50.33 billion, at an average acquisition price of $74,972.

The pace of purchases gradually accelerated in the second half of December — the previous week resulted in transactions worth $962.7 million. Total investments over fourteen days exceeded the two-billion-dollar mark.

Funding for these operations came from at-the-market securities issuance, which netted approximately $989 million in proceeds. The 8-K filing clearly indicates that the raised funds were directly allocated for Bitcoin acquisitions.

Pressure on Shares and Challenges of the mNAV Ratio

MSTR stock prices fell by over 8% upon disclosure of the latest purchase package. Bitcoin was then hovering around $86,000, while the company’s shares were over 30% below October highs. The volatility of BTC’s price directly translated into fluctuations in the value of Strategy’s securities.

The key performance indicator — the mNAV multiple (net asset value multiple) — dropped to historically low levels. This ratio compares Strategy’s market capitalization to the actual cryptocurrency holdings. Narrowing of the multiple makes future share issuances under favorable conditions more difficult, as investors receive less Bitcoin per new share.

However, Strategy has ensured financial safety by allocating a liquidity buffer to cover fixed obligations. A reserve of $1.44 billion supports dividend payments to preferred shareholders. The company declares its aim to maintain at least a twelve-month coverage, with a target horizon of twenty-four months.

Among the challenges is the potential exclusion of Strategy from MSCI indices. JPMorgan estimates such a decision could cause an outflow of around $8.8 billion — a scenario Strategy is keen to avoid by maintaining its position in Nasdaq 100 despite the high concentration of Bitcoin on its balance sheet.