Bitcoin Price Slides, Strategy Focuses on Long Term Growth

Bitcoin market structure stayed firm through 2025 even as price and mood weakened late in the year, according to Strategy CEO Phong Le. Speaking Tuesday on the Coin Stories podcast, Le said the setup behind Bitcoin is stronger than at any prior point.

Bitcoin printed a record high of $125,100 on Oct. 5. Since then, price has dropped close to 30%. At the time of publication, Bitcoin trades at $87,687, based on CoinMarketCap data. Sentiment followed price lower. The Crypto Fear and Greed Index has remained in Extreme Fear territory since Dec. 12.

Le said short term moves are noise. His focus remains on long time horizons and balance sheet math.

Short Term Price Viewed as Unstable Input

Le said Bitcoin price often moves without clean triggers. For that reason, he said investors should treat short term price action with discipline and math rather than emotion.

Strategy tracks mNAV, which compares the firm’s market value to the value of its Bitcoin holdings. That ratio now sits at 0.93, below parity, based on Saylor Tracker data. Strategy holds 671,268 Bitcoin, currently worth about $58.63 billion.

Le said the company prepared for these swings by building both a Bitcoin treasury and a US dollar treasury. That structure allows Strategy to operate without reacting to daily price pressure.

Government Support Shifts the Backdrop

Le pointed to a shift in US policy as a key driver behind his outlook. He said the US government is more open to Bitcoin than at any time in the past.

In March, US President Donald Trump signed an executive order creating a Strategic Bitcoin Reserve and a US Digital Asset Stockpile. While no full operating plan has been released, the move signaled policy intent.

Some analysts expected further action this year. In September, Galaxy Digital research head Alex Thorn said there was a strong chance the US would formally announce the reserve before year end. That has not yet happened.

Banks Move to Catch Up

Le said traditional banks are now reacting to Bitcoin adoption rather than leading it. He said Strategy executives have held meetings with banks across the US and the UAE.

According to Le, many institutions are trying to understand how to enter Bitcoin markets after years of delay. He said major financial powers are now aligning with Bitcoin infrastructure.

Le said that shift sets up favorable conditions into 2026, even if price remains weak in the near term. For now, Bitcoin trades lower, sentiment stays defensive, and long term buyers continue to build.

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