Phong Le
speaker
142 appearances
1 recordings
1 series
first heard Mar 2026
last heard 3 Mar
Phong Le’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Mar 2026 with 1.
Appearances
The Pomp Podcast · The Future of Bitcoin Treasury Companies | Phong Le & David Bailey · 3 Mar 2026
podcast
The key thing is survival.
And that was the eureka moment where we said, if you want to match something like Bitcoin, which has long duration, high volatility, we need to provide to the market a short duration, low volatility product.
That's what STRC is.
Thanks for having us.
Thanks, everyone, for joining.
Three phases of the company.
2020, we took $600 million or so invested in Bitcoin.
And I would call that a Bitcoin holding company.
And that's pretty much what we did.
Not much different than an iBit today.
We just bought and held Bitcoin.
second phase really started beginning of 2021 is we decided to lever up and we became a bitcoin treasury company and the leverage was primarily through convertible notes we dabbled a little bit in some secured loans we even dabbled in a bitcoin back loan with silvergate but primarily raised at this point in time about 12 billion dollars in convertible notes
0% interest on average, up 50%, pretty successful.
Those who work in the convertible complex realize that it's about 50 dudes with like PhDs or Harvard MBAs who sit across the table.
They buy your converts, they short your stock,
It's over the counter, which means that a retail investor can't buy a convertible note.
And it's sort of a quick dopamine hit and we're able to buy a lot of Bitcoin.
But at some point in time, you have maturity risk, right?
You're going to have the convertible notes come due.
Not bad for an early Bitcoin treasury company or somebody who's just getting into the space, who's trying to raise funds to buy Bitcoin.
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