Bitcoin Market Fundamentals “Couldn’t Be Better”, Says Strategy CEO

Authored by Ciaran Lyons via CoinTelegraph.com,

Bitcoin’s market fundamentals have stayed strong in 2025, despite the asset’s price and sentiment declining toward the end of the year, says Strategy CEO Phong Le.

“The fundamentals of the market this year for Bitcoin couldn’t be better,” Le told the “Coin Stories” podcast on Tuesday, emphasizing that he doesn’t care too much about its short-term performance. 

Bitcoin reached an all-time high of $125,100 on Oct. 5, but has since declined nearly 30%, trading at $87,687 at the time of publication, according to CoinMarketCap.

Meanwhile, the Crypto Fear & Greed Index, which measures overall market sentiment, has shown “Extreme Fear” since Dec. 12.

Le acknowledged that Bitcoin’s price “does what it does” and isn’t always easy to explain. 

“When you’re an investor, you think about the long term of the asset class,” he said. 

Bitcoiners should be “fairly methodical” about short-term price

Le stressed that short-term price action is often unpredictable and Bitcoiners should be “fairly methodical and mathematical about it.” 

“Which is why we focus on things like mNAV, why we built out the Bitcoin treasury and why we built out the US dollar treasury,” he said.

Strategy CEO Phong Le spoke to Natalie Brunell on the Coin Stories podcast. Source: Coin Stories

Alongside Bitcoin’s price decline, Strategy’s (MSTR) mNAV, the company’s market value compared to the value of its Bitcoin holdings, has fallen below 1, trading at 0.93, according to Saylor Tracker. The company holds 671,268 Bitcoin worth around $58.63 billion.

Looking at the long-term fundamentals, he pointed to the US government being “fully supportive of Bitcoin like it’s never been before.” 

TradFi is trying to “figure out” how to catch up

Le said that he and Strategy’s executive chairman, Michael Saylor, have been meeting with traditional banks across the US and UAE, where institutions are trying to figure out how to catch up.

“If you think about what’s happening with traditional powers of the world. The US government, the US banking system, they are all getting on board with Bitcoin,” Le said.

“That’s extremely bullish for this year and 2026,” Le added. While US President Trump signed the executive order officially establishing the Strategic Bitcoin Reserve and US Digital Asset Stockpile in March, a formalized strategic plan has not been confirmed yet. 

Some analysts had forecasted it coming to fruition this year.

Galaxy Digital’s head of firmwide research, Alex Thorn, said in September that “there’s a strong chance the US government will announce this year that it has formed the strategic Bitcoin reserve.”