Strategy CEO Phong Le said bitcoin’s market fundamentals in 2025 “couldn’t be better,” even as price and sentiment weakened into year-end.
Bitcoin hit an all-time high of $125,100 on Oct. 5 before sliding nearly 30%.
Price drop and sentiment shift
Market sentiment has deteriorated.
The Bitcoin Fear and Greed Index has been in “Extreme Fear” since Dec. 12, according to the original report.
Le said short-term moves are not always easy to explain.
Le said:
“When you’re an investor, you think about the long term of the asset class.”
Methodical approach to short-term moves
Le argued that bitcoiners focused on short-term price should be “fairly methodical and mathematical.”
He pointed to metrics such as mNAV and Strategy’s bitcoin and US dollar treasury approach.
Strategy’s mNAV, described as the company’s market value compared with the value of its bitcoin holdings, was reported at 0.93.
Strategy holds 671,268 BTC, valued at about $58.63 billion in the report.
For historical context on Strategy’s holdings, see the MicroStrategy bitcoin treasury tracker.
Institutions and policy tailwinds
Le said Strategy and executive chairman Michael Saylor have been meeting with traditional banks in the US and UAE.
He said institutions are trying to “figure out” how to catch up.
Le also pointed to increased US government support for bitcoin.
The report referenced President Donald Trump’s March executive order establishing the Strategic Bitcoin Reserve.
