How do you value a Bitcoin-native corporation? In this exclusive episode of Bitcoin for Corporations, MicroStrategy CEO Phong Le explains how Bitcoin transforms corporate finance—and why MSTR is more than just a software company.Phong breaks down the strategic evolution of MicroStrategy into a Bitcoin treasury leader, the rise of Bitcoin-backed capital markets, and how to understand NAV multiples for Bitcoin equities. He also details how preferred securities like STRF are opening Bitcoin access to institutions and retirees alike. This is the definitive guide to Bitcoin balance sheet strategy, capital structuring, and corporate valuation in the age of digital hard money.⭐ This episode of the Bitcoin for Corporations Show is sponsored by Ledn, a leading provider of Bitcoin-backed loans.👉 Visit their website at https://www.ledn.io/ to learn more!00:00 – Intro: How to Value a Bitcoin Treasury Company01:28 – Phong Le on MicroStrategy’s Bitcoin Thesis04:45 – Why MSTR Isn’t Just a Tech Stock Anymore08:12 – The Role of FASB Accounting in Bitcoin Adoption11:39 – Capital Markets: Equity, Debt & Bitcoin15:20 – Convertible Bonds & Leveraged Bitcoin Exposure19:05 – What Investors Miss When Valuing MSTR23:34 – How Institutions View Bitcoin on the Balance Sheet27:48 – Risks, Volatility, and Shareholder Expectations32:15 – Bitcoin’s Role in Long-Term Corporate Strategy36:20 – Advice for Other Bitcoin Treasury Companies39:12 – Building a Bitcoin-Backed Capital Market43:10 – Addressing Bitcoin Volatility in Financial Products46:00 – Why STRF Is Gaining Market Traction48:30 – Final Thoughts from Phong Le🔶 Learn more about Bitcoin for Corporations and join our Network: https://b.tc/corporations🔶 Connect with Phong Le on X: https://x.com/digitalphong🔶 Connect with Pierre Rochard on X: https://x.com/BitcoinPierreDISCLAIMER: The views and opinions expressed in this show are those of the participants and do not necessarily reflect the official policy or position of BTC Inc., Bitcoin Magazine, Bitcoin for Corporations, or any affiliated entities. This content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or accounting advice. Nothing contained in this show constitutes a solicitation, recommendation, endorsement, or offer to buy or sell any securities or financial instruments. Viewers should consult their own advisors before making financial or business decisions.#BitcoinTreasury #PhongLe #MicroStrategy #BitcoinEquities #MSTRStock #BitcoinPreferredShares #BitcoinCapitalMarkets #BitcoinForCorporations #BitcoinAccounting #DigitalAssets