Strategy CEO Says Bitcoin Sales Possible Under Strict Conditions

Strategy CEO Phong Le confirmed that the company could sell part of its Bitcoin holdings under limited and carefully calculated circumstances, signaling a shift from Michael Saylor’s long-standing “never sell Bitcoin” narrative. The comments came after concerns grew among investors following Saylor’s suggestion that the firm might liquidate BTC to help cover dividend obligations, a statement that contributed to a 4% decline in MSTR stock.

Le explained that the company’s recently launched Series A Perpetual Stretch Preferred Stock (STRC), which offers an 11.5% dividend, has created new financial flexibility for the Bitcoin treasury firm. According to him, Strategy now has more options when deciding how to manage capital, including whether selling Bitcoin could occasionally create more value for shareholders than issuing additional equity.

The CEO emphasized that any Bitcoin sale would only happen if it increases Bitcoin per share value for investors. He noted that the move becomes attractive when the company’s market valuation trades below its book value or when its mNAV ratio falls under 1.22. Le stressed that the company’s decisions are driven by financial mathematics rather than ideology.

In addition to dividend management, Strategy may also sell Bitcoin for tax optimization purposes, including realizing deferred gains or capturing tax losses. Despite investor concerns, Le stated that the company’s leverage remains conservative at roughly 10% to 15%, describing the balance sheet as comparable to an investment-grade company.

Strategy currently holds 818,334 BTC purchased at an average price of approximately $75,537 per Bitcoin, making it the world’s largest publicly traded corporate Bitcoin holder. Le dismissed fears that potential BTC sales could disrupt the market, pointing out that Bitcoin trading volume exceeds $60 billion daily. He argued that the company’s dividend-related needs represent only a tiny fraction of overall market liquidity.

The comments reinforce Strategy’s evolving Bitcoin treasury strategy while highlighting a more pragmatic approach to managing shareholder value in 2026.