Strategy CEO Phong Le said the company would only consider selling Bitcoin if its stock price dropped below net asset value and the firm could no longer access new capital. He described the scenario as a financial decision based on protecting shareholder value.
Speaking on the What Bitcoin Did podcast, Le explained that if Strategy’s multiple to net asset value (mNAV) fell below one and funding sources disappeared, selling Bitcoin could become “mathematically” necessary. The goal, he said, would be to preserve “Bitcoin yield per share,” which is central to the company’s model.
Le stressed that such a move would be a last resort, not a strategic change. He said he has no desire to be known as the CEO who sells Bitcoin, but emphasized that financial discipline must take priority during difficult market conditions.
Strategy’s approach relies on issuing equity when shares trade at a premium to NAV and using the proceeds to acquire more Bitcoin, increasing BTC holdings per share. When that premium disappears, Le noted, selling a small portion of Bitcoin to meet obligations may be more acceptable to shareholders than raising capital at highly dilutive levels.
Rising dividend obligations pressure the balance sheet
Le’s comments come as the company faces growing fixed dividend payments linked to new preferred shares issued this year. He estimated the annual payout burden at roughly $750 million to $800 million. His plan is to cover these dividends by issuing equity at a premium to mNAV whenever market conditions allow.
He argued that consistently paying dividends, even during downturns, helps build market confidence and supports better pricing for future offerings.
Beyond financial operations, Le reaffirmed Strategy’s long-term view of Bitcoin as a scarce, global asset with broad demand. He pointed to interest from regions including the United States, Australia, Ukraine, Turkey, Argentina, Vietnam, and South Korea.
New BTC credit dashboard aims to reassure investors
Last week, Strategy introduced a “BTC Credit” dashboard to calm investor concerns after Bitcoin’s recent decline and the sell-off in digital-asset treasury stocks. As one of the largest corporate holders of Bitcoin, the company said it has enough resources to cover dividend obligations for decades, even if Bitcoin’s price does not rise.
Strategy also stated that its debt remains covered even if Bitcoin returns to its average purchase price of around $74,000, and remains manageable at levels as low as $25,000.
