MicroStrategy CEO Phong Le expressed confidence in the company's ability to navigate a potential bear market during an interview on November 28, 2025. Le highlighted that accessing capital markets is more challenging during bear markets compared to bull markets, prompting the company to introduce preferred stock products like Stretch to maintain financing capabilities despite Bitcoin price fluctuations. Over the past five years, MicroStrategy has developed a Bitcoin treasury system designed to operate effectively in both market conditions. Le emphasized that the newly issued preferred stock will undergo market 'stress tests' similar to those faced by their Bitcoin treasury. Despite the potential for a new bear market, MicroStrategy plans to continue paying dividends to build investor confidence and lay the groundwork for future fundraising. The company aims to reinforce its position as a Bitcoin treasury and credit issuance firm by successfully navigating market cycles.