Bitcoin market fundamentals remained strong in 2025, although the asset's price and sentiment weakened towards the tip of the yr, says Phong Le, CEO of Strategy.
“The fundamentals of the Bitcoin market couldn’t be higher this yr,” Le said on the “Coin Stories” podcast on Tuesday, emphasizing that he doesn’t care an excessive amount of about Bitcoin’s short-term performance.
According to CoinMarketCap, Bitcoin (BTC) reached an all-time high of $125,100 on October 5, but has since fallen nearly 30% and was trading at $87,687 on the time of publication. Meanwhile, the Crypto Fear & Greed Index, which measures overall market sentiment, has shown “extreme fear” since December twelfth.
Le acknowledged that Bitcoin's price “does what it does” and will not be all the time easy to clarify.
“As an investor, you concentrate on the long-term nature of the asset class,” he said.
Bitcoiners needs to be “fairly methodical” about short-term price
Le emphasized that short-term price movements are sometimes unpredictable and Bitcoiners needs to be “fairly methodical and mathematical” about it.
“That’s why we concentrate on things like mNAV, why we built the Bitcoin treasury, and why we built the U.S. dollar treasury,” he said.
Strategy CEO Phong Le spoke with Natalie Brunell on the Coin Stories podcast. Source: Coin Stories
In parallel with Bitcoin's price decline, Strategy's (MSTR) mNAV, the corporate's market value in comparison with the worth of its Bitcoin holdings, has fallen below 1 and stands at 0.93, in line with Saylor Tracker. The company holds 671,268 Bitcoin value around $58.63 billion.
Looking at long-term fundamentals, he noted that the US government is “fully supporting Bitcoin like never before.”
TradFi is attempting to work out the way to catch up
Le said he and Strategy CEO Michael Saylor have met with traditional banks within the U.S. and the United Arab Emirates, where the institutions try to work out the way to catch up.
“If you concentrate on what's happening with the normal powers of the world. The US government, the US banking system, they're all getting involved in Bitcoin,” Le said.
“This is amazingly optimistic for this yr and 2026,” Le added. While US President Trump signed the manager order formally establishing the Bitcoin Strategic Reserve and US Digital Asset Stockpile in March, a formalized strategic plan has not yet been confirmed.
Some analysts had predicted it will come to fruition this yr.
Alex Thorn, head of corporate research at Galaxy Digital, said in September: “There is a powerful probability that the US government will announce this yr that it has formed the Bitcoin Strategic Reserve.”
