Phong Le Outlines When Strategy Might Sell Its Bitcoin
- Le notes Strategy may sell Bitcoin only when stock drops below the NAV and capital access ends.
- The firm shifts focus to protecting BTC yield per share when market conditions weaken.
- Saylor views Bitcoin volatility as a strategic force that supports long-term accumulation.
Strategy outlined conditions that could justify selling a portion of its Bitcoin holdings. The company said the move would happen only under strict financial pressure. Its stock must fall below net asset value, and access to new capital must also disappear. CEO Phong Le said these rules protect shareholder value in difficult markets. He also described the approach as a defensive safeguard, not a shift away from BTC.
Le explained that Strategy monitors its multiple to net asset value to evaluate financial strength. When the mNAV falls below one, the company’s return model changes and requires a focus on preserving BTC yield per share. This metric becomes central when market conditions weaken. Le said the calculation directs the company toward disciplined decisions.
Market Pressure Drives Strategy to Reevaluate Bitcoin Holdings
A decline in mNAV does not independently trigger a sale. More pressure emerges when capital markets no longer support equity issuance at a premium. Issuing discounted shares would dilute shareholder value too severely. Selling a limited amount of BTC could become the less damaging option in those circumstances. Le said this outcome is based on math rather than sentiment.
He stressed that liquidation remains a last resort and not a routine tool. The company has built its identity around expanding its BTC position. Market turbulence does not alter that identity, but financial stability must still guide major decisions. He noted that sentiment could not override structured analysis during strained conditions.
Strategy’s model relies on the ability to raise equity when shares trade above net asset value. A strong premium allows the company to accumulate more BTC while increasing holdings per share. This structure works effectively when markets value the company’s stock correctly.
Investor attention has focused on the company’s rising fixed payments tied to recently issued preferred shares. Le estimated these obligations at roughly $750 million to $800 million per year as the instruments mature. Consistent access to premium equity markets is needed to support these payouts. Strategy intends to meet its commitments without harming existing shareholders.
Regular dividends form a key component of the company’s communication with the market. Consistency in payout schedules helps reinforce reliability. Investors often adjust their pricing when companies show discipline during weaker conditions. Le also addressed BTC’s global appeal. He described Bitcoin as a scarce, non-sovereign asset with strong and diverse demand.
Related: Saylor Reveals Bitcoin Truths Shaping a New Global Order
Saylor Frames BTC Volatility as a Strategic Advantage
Michael Saylor discussed Bitcoin’s recent volatility in a separate interview. He described price swings as inherent to Bitcoin’s design and called volatility “a gift from Satoshi Nakamoto.” According to him, this volatility creates opportunities for long-term accumulation. He added that institutional capital continues to support the asset, reinforcing confidence in its durability.
Strategy continued to buy Bitcoin during the recent market decline. Saylor said the company purchased more than $100 million in BTC on November 17, 2025. He indicated that additional acquisitions may appear in upcoming disclosures. The firm followed a similar pattern during the 2022 bear market and plans to maintain the same discipline now.
He also reminded investors to understand their risk tolerance before purchasing any Strategy instruments. Credit investors and equity investors operate with different expectations. Clear distinctions help reduce confusion and guide responsible decision-making. Saylor said Strategy keeps these differences transparent.
A new BTC Credit dashboard was introduced last week after BTC’s latest drop and a broader sell-off in digital-asset treasury stocks. Strategy stated that its dividend coverage remains strong for decades, even if Bitcoin prices remain flat. The company said this reflects long-term planning rather than short-term reaction.
