Strategy CEO Says Bitcoin’s Short-Term Price Doesn’t Matter—Here’s Why

Bitcoin’s market fundamentals remained strong throughout 2025 even as price action and investor sentiment deteriorated toward the end of the year, according to Strategy CEO Phong Le.

Le shared his outlook during an appearance on the Coin Stories podcast, telling host Natalie Brunell that he places limited importance on short-term volatility when evaluating Bitcoin as a long-term asset.

“The fundamentals of the market this year for Bitcoin couldn’t be better,” Le said, adding that near-term price fluctuations often distract from broader structural trends shaping the asset class.

Bitcoin reached an all-time high of $125,100 on Oct. 5 before entering a sharp correction. 

BTC price (Source: CoinGecko)

At the time of publication, the asset was trading near $88,741, representing a decline of almost 30% from its peak, according to CoinGecko. 

The pullback coincided with a notable collapse in sentiment, with the Crypto Fear & Greed Index signaling “Extreme Fear” consistently since Dec. 12.

Long-Term Investors Should Ignore Short-Term Noise

The Strategy CEO acknowledged that Bitcoin’s price behavior can be difficult to rationalize over short periods, even for experienced market participants.

Bitcoin’s price “does what it does,” he said. “When you’re an investor, you think about the long term of the asset class.”

He encouraged Bitcoin holders to approach market volatility with discipline, arguing that emotional reactions to price swings often lead to poor decision-making. 

According to Le, Bitcoiners should be “fairly methodical and mathematical” when evaluating short-term movements, rather than relying on sentiment-driven narratives.

That philosophy underpins Strategy’s approach to capital management, which prioritizes quantitative metrics and balance sheet structure over short-term market momentum.

Strategy’s mNAV Falls Below One Amid Price Decline

Alongside Bitcoin’s retreat, Strategy’s modified net asset value, or mNAV—a measure comparing the company’s market capitalization to the value of its Bitcoin holdings—has slipped below 1. 

The ratio recently stood at 0.93, indicating that the company’s equity is trading at a discount relative to its Bitcoin reserves.

Strategy’s BTC holdings (Source: Bitcoin Treasuries)

Strategy currently holds 671,268 Bitcoin, valued at approximately $59.53 billion, making it the largest known corporate holder of the asset. 

Le said fluctuations in mNAV reflect temporary market conditions rather than a change in Strategy’s long-term thesis.

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

Institutional And Government Support Strengthens Bitcoin’s Case

Beyond balance sheet metrics, Le pointed to a broader shift in institutional and governmental attitudes toward Bitcoin as a key driver of long-term optimism. He said U.S. policymakers are now more supportive of Bitcoin than at any previous point in its history.

He noted that the U.S. government is “fully supportive of Bitcoin like it’s never been before,” framing the evolving regulatory environment as a significant tailwind for adoption.

Le added that Strategy’s leadership, including executive chairman Michael Saylor, has been meeting with traditional financial institutions across the United States and the United Arab Emirates. 

According to Le, banks and legacy financial firms are increasingly focused on understanding how to integrate Bitcoin into existing systems.

Also read: $10 Million Bitcoin Is Possible, Saylor Says — If Corporations Keep Buying

Strategic Bitcoin Reserve Adds To Long-Term Bull Case

Le described the growing alignment between Bitcoin and state-level institutions as “extremely bullish” for both 2025 and 2026. In March, U.S. President Donald Trump signed an executive order establishing a Strategic Bitcoin Reserve and a U.S. Digital Asset Stockpile, marking a symbolic shift in federal policy toward digital assets.

While a detailed implementation framework has yet to be released, some analysts had expected a more formalized plan to emerge before year-end. 

In September, Alex Thorn, head of firmwide research at Galaxy Digital, said there was “a strong chance” the U.S. government would announce the formation of a strategic Bitcoin reserve in 2025.

Although that timeline remains uncertain, Le suggested the broader trend is unmistakable. For long-term Bitcoin investors, he said, expanding institutional adoption and sovereign interest may ultimately matter far more than temporary price weakness or short-term fear-driven sentiment.