MicroStrategy CEO Phong Le has confirmed that the company could sell portions of its massive Bitcoin holdings under specific financial conditions, marking a significant shift from the firm’s long-standing “never sell” narrative.
The comments followed earlier remarks from Executive Chairman Michael Saylor suggesting the company may use Bitcoin sales to help fund dividend obligations — a statement that reportedly triggered a sharp reaction in both crypto markets and MicroStrategy shares.
Stretch Preferred Stock Changes the Equation
The shift largely centers around Strategy’s new Series A Perpetual Stretch Preferred Stock, known as STRC, which carries an 11.5% dividend yield.
According to Phong Le, the financing structure creates new strategic flexibility for the company.
He explained that Strategy has raised approximately $8.5 billion over the past 10 months and now evaluates whether selling small portions of Bitcoin could sometimes create greater shareholder value than issuing additional equity.
Le emphasized that any Bitcoin sales would only occur if they are “accretive” to shareholders on a Bitcoin-per-share basis.
Conditions for Potential Bitcoin Sales
Management outlined two primary conditions where selling Bitcoin could become part of the strategy:
1. Dividend Optimization
Strategy may consider selling BTC if:
- The company’s market value trades below book value
- Its mNAV ratio falls below roughly 1.22
- Bitcoin sales improve shareholder economics more effectively than issuing new shares
This represents a more financially driven approach compared to the company’s previous ideological commitment to holding Bitcoin indefinitely.
2. Tax Management
The company may also sell Bitcoin opportunistically for:
- Tax-loss harvesting
- Deferred gain management
- Broader balance-sheet optimization
Le described the strategy as pragmatic rather than philosophical, stating that the company prioritizes financial mathematics over rigid ideology.
Strategy Remains the Largest Corporate Bitcoin Holder
Despite the discussion around potential sales, Strategy remains by far the largest publicly traded corporate holder of Bitcoin.
The company currently owns approximately:
818{,}334\ \text{BTC}
Those holdings were reportedly accumulated at an average purchase price near:
$75{,}537\ \text{per BTC}
That gives Strategy control of nearly 4% of Bitcoin’s circulating supply.
Management Downplays Market Impact Concerns
Le also sought to reassure investors worried about the market consequences of any future Bitcoin divestments.
He argued that Strategy’s dividend obligations are relatively small compared to Bitcoin’s massive daily trading volume, which regularly exceeds $60 billion.
According to management, even if Bitcoin sales were needed for dividends, the volume involved would represent only a tiny fraction of global BTC liquidity.
Investors React to Policy Shift
The comments nonetheless represent a notable evolution in Strategy’s public messaging.
For years, Michael Saylor became one of Bitcoin’s most vocal corporate advocates, repeatedly framing the asset as a long-term treasury reserve never intended for sale.
Now, following a reported multibillion-dollar quarterly loss and changing financing structures, management appears to be repositioning its strategy toward greater financial flexibility while still maintaining strong long-term conviction in Bitcoin.
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