Strategy’s CEO Phong Le said the company may selectively sell Bitcoin as prices climb above $80,000, marking a shift from its prior “never sell Bitcoin” stance.
Le explained the change as a move from ideology toward a pragmatic framework that prioritizes shareholder value, balance sheet efficiency, and long-term sustainability. Rather than an absolute ban on sales, Strategy will consider dispositions when they are mathematically preferable to alternatives like issuing equity to fund dividends.
That reconsideration is driven in part by the firm’s expanding financial structure built around “digital credit” instruments. Over the past ten months Strategy has raised roughly $8.5 billion through these products, including a perpetual preferred instrument called “Stretch,” which carries an 11.5% monthly rate. Those obligations have created recurring capital pressures and prompted periodic reviews of dividend funding.
Le said the company will sell portions of its Bitcoin holdings when doing so improves Bitcoin-per-share for common shareholders compared with other capital options. As he put it, ‘Ultimately, I believe in math over ideology, and at the point where selling Bitcoin versus selling equity to pay a dividend is better for our Bitcoin per share and for our common shareholders, we’ll do it.’
Strategy remains one of the largest corporate Bitcoin holders, with roughly $60 billion in BTC on its balance sheet—about 4% of the total supply. The firm says its holdings provide substantial coverage for obligations, estimating about 18 months of dividend coverage under current conditions. Because much of the Bitcoin was acquired at a much lower basis than today’s trading prices, unrealized gains on the holdings are significant.
Le also stressed that market liquidity and depth would limit the impact of any corporate sales. Bitcoin’s daily trading volume exceeds $60 billion, he noted, so even sizeable corporate moves would represent only a fraction of total market activity. He added that Strategy does not see itself as the primary price driver; Bitcoin continued to rally even during periods when Strategy paused accumulation.
Executive Chairman Michael Saylor has continued to advocate public accumulation and says the company will keep buying Bitcoin over time. Strategy’s leaders portray any future sales as situational and tactical rather than a wholesale reversal of the accumulation strategy.
Finally, Le dismissed speculation about spinning off the company’s software division, describing it as a relatively small business that generates about $500 million in revenue and is not central to Strategy’s core Bitcoin strategy.