Strategy CEO Says Company Will Sell Bitcoin Only if mNAV and Capital Drop

Key Takeaways:

• CEO Phong Le's strict two-part rule for selling Bitcoin prioritizes shareholder value over speculation.
• A novel $800M dividend plan funded by equity premiums aims to sustain investor confidence.
• The $25K Bitcoin serviceability threshold demonstrates the company's balance-sheet resilience during market stress.

Strategy CEO Phong Le states the company will divest Bitcoin only under a strict, dual-condition scenario—if its stock persistently trades below modified Net Asset Value (mNAV) and the firm loses the ability to raise new capital. 

He characterizes this not as a strategic pivot but as a “mathematical” last resort to protect “Bitcoin yield per share.”

Le Explains Bitcoin Sale Thresholds and Balance-Sheet Strategy 

​​Speaking on the What Bitcoin Did podcast, Le detailed Strategy’s operational reliance on issuing equity when its shares command a premium to NAV. 

The capital raised is deployed to acquire Bitcoin, thereby increasing BTC per share and aligning with its core accumulation strategy. 

"We can sell bitcoin, and we would sell bitcoin if we needed to … "

The CEO of Strategy explains when and why they would sell $BTC. 👇 pic.twitter.com/K6lm16uiTz

— Satoshi Stacker (@StackerSatoshi) December 1, 2025

Should the premium vanish and equity financing become prohibitively dilutive, selling a minor portion of the holdings may be necessary to cover obligations. Le repeatedly emphasized that selling Bitcoin remains a final option.

The company faces significant dividend pressure from preferred shares issued earlier this year, with annual requirements estimated at $750–800 million. 

Strategy intends to meet these obligations using capital raised at a premium, a method viewed as essential for maintaining investor confidence during market downturns. This approach is complemented by a public BTC Credit dashboard, designed to transparently showcase the firm’s capacity to service debts even under financial stress.

According to Strategy, its debt remains fully covered at the average Bitcoin purchase price of roughly $74,000 and stays serviceable even if the price drops toward $25,000. 

The company argues that this support structure highlights long-term balance-sheet strength despite ongoing market volatility. 

Strategy's Bitcoin Holding Value Might Have Fallen, Yet Confidence Holds

Earlier this year, with Bitcoin at a record $126,080, Strategy’s holdings of approximately 640,031 BTC neared an $80 billion valuation. That reserve positioned the company alongside major corporate treasuries and locked in over $30 billion in unrealized profit.

With Bitcoin currently trading around $86,531, Strategy’s updated reserve of 649,870 BTC is valued at roughly $56.23 billion. 

This represents a sizable decline from its peak but sustains its status as one of the largest corporate crypto reserves. The position remains deeply profitable relative to its average acquisition cost.

Le said the company remains committed to long-term accumulation even as market conditions fluctuate. 

Strategy’s steady buying posture mirrors a broader institutional trend in which investors treat Bitcoin as a scarce, globally demanded asset rather than a short-term trade.

Cathie Wood says, "The more uncertainty and volatility in the global economies, the more our confidence in #Bitcoin increases. It's a hedge against inflation." pic.twitter.com/t9UpH0SKrL

— Roxom (@roxom) November 15, 2025

The CEO reiterated that the firm’s accumulation model, supported by equity premiums and strict risk thresholds, guides its decisions during both rallies and downturns.