Strategy CEO Phong Le told Natalie Brunell that ultimately only two to three Bitcoin vault companies in the U.S. will survive and succeed.

In an interview on Coin Stories, Phong Le described this sector as a competition of capital, execution, and long-term Bitcoin strategies, rather than a short-term narrative competition. He emphasized that Strategy is already the largest corporate Bitcoin holder globally, with approximately 845,000 BTC, accounting for about 4% of the total supply, and is about 20 times larger than the next vault company.

In recent years, the company has transitioned from a single vault model to a digital capital platform, launching perpetual preferred stock products like STRC, and actively sold some Bitcoin during the bear market in 2026 to bolster its USD reserves. The reserves were once increased to the scale of several billion dollars to cover preferred stock dividends and interest for about two years, while also reducing net debt to nearly zero.

After pausing Bitcoin purchases for about 10 weeks, Strategy resumed buying, using the premium from issuing common stock to repurchase Bitcoin. Phong Le stated that buying and selling are not triggered by the price of Bitcoin itself, but by capital costs, mNAV, and whether the balance sheet is favorable, noting that the amount sold, about 7,000 BTC, is less than 1% of total holdings.

Michael Saylor described the company's long-term positioning as the JPMorgan of the digital capital space: providing market making, liquidity, and integrating Bitcoin into traditional capital markets. The company also prioritizes common stock buybacks over merely increasing dividends and continues to engage in discussions regarding index inclusion with MSCI and others.

Market mechanisms indicate that funds are shifting from newly established U.S. Bitcoin vault companies to a few that can sustainably finance at a premium, maintain USD coverage, and increase the number of Bitcoin per share. Buyers are institutions and retail investors seeking leveraged Bitcoin exposure and preferred stock dividends; sellers are latecomers unable to withstand volatility, dividend payments, and refinancing costs. Event-driven factors stem from index rules, pressure on credit products, and bear market liquidity tests, benefiting established leaders with scale and financing channels, while smaller vault companies relying solely on narratives for fundraising and lacking cash buffers are under pressure.

Approximately 200 digital asset vault companies have emerged in the public market, but most are significantly smaller than Strategy and have not yet formed equivalent preferred stock and buyback mechanisms.

Source: Public Information