What's The Right Strategy with Strategy?
Strategy (then MicroStrategy) announced its bitcoin treasury strategy on August 11, 2020, when the company declared that it had purchased 21,454 bitcoins and adopted Bitcoin as its primary treasury reserve asset. In the ~6 years since, Strategy has acquired an additional 825,941, sold 3,620, bringing it's total treasury holdings to 843,775, or 4.02% of all Bitcoin ever to be minted.
But as the initial accumulation plan evolved, notably issuing high yield debt to acquire additional bitcoin, and selling bitcoin to fund interest on the debt, the story has gotten a lot more complicated.
Today, Strategy trades at $93/sh. While that's up ~15% from it's lows last month, thats ~80% below it's all time high of $457 reached on July 16th, 2025, as Strategy FUD reigns.
This webinar will feature three experts sharing their views on the outlook for Strategy, what investors should really be focused on, and whether Strategy remains the right strategy for investors seeking levered returns on the worlds most secure fixed-supply digital asset. Our featured guests:
Lance Vitanza, Managing Director in the Equity Research Group at TD Cowen, where he leads the firm's digital asset and bitcoin treasury research efforts. He joined Cowen in 2016 after serving as a Partner at CRT Capital Group. Prior to entering equity research, Lance spent eight years on the buy side, including as a founding analyst at Knighthead Capital Management, and five years in investment banking, including as a Vice President at Goldman Sachs. He began his career as an economist working for Dr. Arthur B. Laffer.
Geoffrey Kendrick, Global Head of Digital Assets Research at Standard Chartered ("SC")- Geoff is a global thought leader on digital assets in TradFi. His notable recent contributions to the Digital Assets industry include calling the end of crypto winter in April 2023 and forecasting a $2trn stablecoin market cap by the end of 2028, which now forms the US Treasury's forecast of the stablecoin industry. Prior to his 2020 initiation of digital asset research coverage for SC, Geoff held significant roles including Head EM FX West and Global Head of Emerging Markets FX Research at SC. Prior experience includes heading Asia FX at Morgan Stanley, European FX Strategy at Nomura, and London FX Strategy at UBS. In addition, Kendrick has contributed to academia as a lecturer in Global Macro Strategy at Cass Business School. Kendrick's educational credentials include studies at AGSM @ UNSW Business School and Monash University.
Mike Treidl, CFA®, Founder & CIO of Blue Coin Capital - an investment management firm focused on digital assets and blockchain innovation. Mike oversees the firm’s investment strategy, portfolio construction, and risk management. Mike brings more than 15 years of trading and asset management experience at leading firms including Morgan Stanley, Capital Group, Payden & Rygel, and Fannie Mae. This experience includes managing multi-asset portfolios and working with institutional clients across global fixed-income & equity markets. Mike currently serves on the Board of Directors of the Foundation for the Los Angeles Community Colleges and previously served on the Board of Governors of CFA® Society Los Angeles. Mike is holds an MBA from the Crummer Graduate School of Business and a bachelor’s degree in physics with minors in Computer Science and Finance from Carnegie Mellon University.
