Key points from the interview:

1. Will they sell BTC?

➠ Dollar reserves will be sufficient to pay dividends until 2029.

➠ Even if Bitcoin's price halves and remains low, Strategy's BTC reserves will be sufficient to pay dividends until approximately 2065.

➠ If Bitcoin's price doesn't rise and remains at its current level, reserves will be sufficient to pay dividends until approximately 2100.

➠ If BTC grows by 1.25% annually, dividends can be paid indefinitely.

But most importantly: Dividend payments are the priority. If a three-year crypto winter begins in 2029 and the NAV drops, Strategy will sell BTC.

2. Buying almost $1 billion.

➠ Last week, Strategy bought back almost $1 billion worth of BTC.

➠ The reasons are simple: the stock price improved, mNAV increased, and liquidity was high.

➠ Strategy buys BTC when it's beneficial for shareholders, not to send a bullish signal to the market.

3. Strategy's Capital Structure

➠ Strategy has a very low leverage – ~11% for convertible bonds and ~25% if you include preferred bonds.

➠ By comparison, the average S&P 500 company holds about 60% debt, while the most leveraged companies reach 200-300%.

➠ Strategy replaced regular maturing debt with perpetual preferred bonds. This reduced the pressure to repay the debt and effectively turned borrowed funds into permanent capital.

➠ The company's instruments yield investors approximately 10.75% plus provide tax advantages.

4. Conflict with MSCI.

➠ MSCI proposed excluding companies with more than 50% of their assets in digital assets.

➠ Strategy is an operating company, not a fund.

➠ The 50% threshold is arbitrary and unfeasible.

➠ Indices should be neutral, not political.

➠ If their logic were applied, Chevron, Newmont, and many companies in the commodities and real estate sectors would be removed from the indices.

➠ The industry is still too young to be stifled.

5. Forecasts for 2026.

➠ The US government is already providing regulatory clarity: the GENIUS Act has been passed, and the CLARITY Act is on the way.

➠ Strategy's CEO expects a full-scale entry of traditional banks into the crypto industry: JPMorgan, Morgan Stanley, Citi, TD. ➠ They will begin offering cryptocurrency storage, exchanges, lending, and staking.

➠ 2026 will mark the intersection of DeFi and traditional finance.