Emre Yumlu 
As Bitcoin enters the final quarter of 2025, recent price weakness has weighed heavily on market sentiment. However, not everyone in the industry views the current environment pessimistically. According to Strategy CEO Phong Le, short-term price action does not reflect the true state of Bitcoin’s underlying market fundamentals, which he believes remain exceptionally strong.
Long-Term Fundamentals Over Short-Term Noise
Phong Le emphasizes that Bitcoin’s price behavior can often be difficult to interpret in the short run. Market fluctuations, he argues, do not always align with fundamental progress. From his perspective, investors who treat Bitcoin as a long-term asset class should avoid overreacting to temporary volatility and instead focus on structural trends shaping the ecosystem.
Bitcoin reached a record high of $125,100 on October 5 before experiencing a pullback of nearly 30%, settling around the $87,000 range. During the same period, market sentiment deteriorated sharply, with the Crypto Fear & Greed Index remaining in the “Extreme Fear” zone since mid-December. Despite these indicators, Le maintains that price sentiment and fundamentals are not always synchronized.
A Disciplined Approach to Short-Term Price Action
While long-term conviction remains central to Strategy’s outlook, Le acknowledges that some investors focus on short-term movements. For those participants, he recommends a disciplined and data-driven approach rather than emotional decision-making. Metrics such as mNAV — the ratio between a company’s market value and the value of its Bitcoin holdings — play a key role in Strategy’s evaluation framework.
Currently, Strategy’s mNAV sits below 1, around 0.93. The company holds approximately 671,268 Bitcoin, valued at roughly $58.6 billion. According to Le, this gap suggests that the market is not fully pricing in the company’s Bitcoin exposure, reflecting broader inefficiencies during periods of fear-driven selling.
Institutional and Government Momentum Builds
Looking beyond market charts, Le highlights growing institutional and governmental engagement as a major long-term catalyst. He notes that the stance of the U.S. government toward Bitcoin is more supportive than ever before. At the same time, traditional financial institutions are actively seeking ways to adapt to Bitcoin’s expanding role.
Strategy’s leadership has reportedly held discussions with banks in both the United States and the United Arab Emirates, where institutions are evaluating how to remain competitive in an increasingly digital financial landscape.
Although the U.S. has taken formal steps toward establishing a Strategic Bitcoin Reserve, a fully defined implementation plan has yet to be announced. Even so, many analysts believe further clarity could emerge in 2025 or 2026.
Looking Ahead to 2026
According to Phong Le, these developments point to a strengthening foundation for Bitcoin in the years ahead. While volatility may persist, Bitcoin’s position within the global financial system continues to mature — a trend long-term investors are watching closely.
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