MicroStrategy CEO: We Remain Confident Even in a Bear Market In an interview with What Bitcoin Did on November 28, 2025, MicroStrategy CEO Phong Le stated that accessing capital markets during a bear market is far more difficult than during a bull market, and the company cannot raise funds as easily as before. The introduction of preferred shares such as Stretch aims to enable MicroStrategy to secure funding even when Bitcoin prices are flat or volatile. He noted that MicroStrategy has built a Bitcoin fund management framework over the past five years that operates effectively in both bull and bear markets, and newly issued preferred shares must undergo similar "stress testing." Facing a potential new market downturn, the company will continue to pay dividends to steadily build investor confidence and pave the way for future funding, further solidifying its position as a Bitcoin fund management and credit issuer capable of navigating complete market cycles. Source: