Strategy CEO Phong Le and Blockstream CEO Adam Pak appeared Wednesday on a panel moderated by Natalie Brunel, which covered Bitcoin treasury strategy, tokenization, digital credit, and the enduring mystery of Satoshi Nakamoto.
The conversation painted a picture of a financial system in transition, with Bitcoin at its center.
Lu opened with a startling observation about Strategy’s Bitcoin holdings. The company now owns 818,334Which makes it second only to one entity.
“There is only one single entity that owns more Bitcoin than the strategy,” Lu said. “This is Satoshi.”
The company is on track to reach 1 million Bitcoin in the next two months, a feat that will cement its place in financial history.
Digital credit in Bitcoin
Much of the discussion has focused on Stretch, or STRC, Strategy’s perennial favorite stock that pays an 11.5% annual dividend with the proceeds used to buy Bitcoin.
Le was direct about why the product is important. “This product is good,” he said, comparing it to industries such as tobacco and processed food.
Investors use STRC as a place to hold short-term funds, and it has served as a lower barrier for people seeking exposure to BTC. Layer 2 products and DeFi protocols are now being built on top of them, Lu said, calling STRC “the most important credit product ever” and the cornerstone of bringing BTC and DeFi together.
We’ve once again addressed the intersection between cypherpunk ideology and institutional finance, a tension that the Bitcoin community has long struggled with.
He said the acceptance of BTC by sovereign wealth funds and private funds is a “sign of success,” not a compromise. He explained that Cypherpunks believe in capital formation and free markets, not just crypto privacy.
Treasury companies are there to grow bitcoin per share, and when they do that, individual holders benefit as well, Pak said.
Law emphasized this point, saying that he learned a lot from Pak when they first met. “Cypherpunks are talented minds who understand markets well,” Lu said, describing the movement as one that always operates at the intersection of technology and capital.
on CodingBoth men saw this as the next structural shift. Described by Lu as the “digitization of markets,” blockchain technology provides a layer of transparency.
He pointed to the tap-to-pay system as an analogy. “Why can’t you do that for stocks, peer-to-peer?” he asked. Buck added that tokenization enables 24/7 trading, the use of assets as collateral, and unlocks the value of assets that are difficult to discover or trade, such as private notes and contracts.
When asked if major banks would compete in digital credit with Bitcoin, Lu said he expected them to. Contrast that with Amazon reshaping retail and forcing Walmart to respond.
He then added, “I would love to see Morgan Stanley on that list” regarding massive Bitcoin companies.
The panel closed on a lighter note. Brunel asked again about a New York Times investigation published earlier this month that named Bitcoin creator Satoshi Nakamoto.
Back, which He denied the allegation When the story broke, I didn’t address it directly. “We’re in a very good position in terms of people adopting this technology,” he said.
