Strategy CEO Phong Le said the company would only consider selling its Bitcoin in the event of a severe, prolonged liquidity crisis. In an interview on CNBC’s Power Lunch, Le said the firm would sell “if we got to the point where we did not have liquidity, and we didn’t have access to US dollars, and we couldn’t sell Bitcoin derivatives,” adding, “But like I’ve said, that’s 2065 until we get there.”
Le joked that he might not be running the company in 2065, but said a sustained multi-decade down cycle — “maybe a sustained 40-year-down cycle” — would be the kind of scenario that could force a sale.
He dismissed recent concerns about the company’s liquidity as “FUD,” noting Strategy raised $1.4 billion in eight and a half days amid market chatter it might struggle to meet dividend commitments. That capital raise provides about 21 months of coverage, he said, and demonstrates the company’s ability to access capital markets even during a Bitcoin slump.
Le also rejected claims that crypto’s long-term viability is in doubt. He pointed out that Bitcoin has averaged roughly 45% annual gains over the past five years and remains one of the strongest-performing asset classes.
Strategy adopted its Bitcoin treasury approach in 2020 to give investors public-equity exposure to Bitcoin before spot BTC ETFs launched in 2024. The company currently holds about 650,000 BTC, roughly $58 billion at current market prices.
