Strategy CEO: Math, Not Ideology, Will Decide When We Sell Bitcoin

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• CEO Phong Le has stated that Strategy will sell its Bitcoin only when its market value trades below its book value.

• He added that the company will sell BTC when it’s better than issuing new equity, just days after Saylor broke his ‘never sell’ approach.

Earlier this week, Wall Street’s biggest corporate Bitcoin holder, Strategy, revealed that it was finally ready to shift from its ‘never sell’ approach and liquidate some of its BTC. CEO Phong Le has now revealed the conditions that would trigger such a sale.

Speaking to CNBC’s Power Lunch, Le broke down Strategy’s new approach and the expected impact it will have on the Bitcoin market. He noted that with the advent of digital credit, the company must look at whether the BTC it holds can provide value “from time to time when we sell it.”

He says that the company’s BTC strategy must be dictated by logic, telling CNBC:

“Ultimately, I believe in math over ideology. If the point where selling Bitcoin versus selling equity to pay a dividend is better for our Bitcoin per share and for our common shareholders, then we will do it.”

In particular, Strategy’s approach will be dictated by its dividend obligations to investors in Stretch (STRC), the company’s perpetual preferred stock with a $100 par value and an 11.5% annualized yield paid monthly.

Strategy CEO Says BTC Sales Would Only Happen Under Specific Conditions

Strategy CEO Phong Le told CNBC the firm will only sell Bitcoin under specific conditions, such as funding the 11.5% dividend on its STRC preferred stock or for tax optimization.

Le stressed that the… pic.twitter.com/IbKPQfkM2C

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Le says that Strategy will sell its BTC to pay yield “when it’s accretive to our shareholders’ Bitcoin per share.” This is defined as when the company’s market value trades below its book value (mNAV).

Currently, Strategy’s mNAV stands at 1.22x. Put simply, any figure above 1.0x means the company’s investors are paying over $1 of equity value to gain $1 of underlying BTC value. The mNAV peaked at 3.0x in 2024 but dipped below 1.0x briefly for the first time last November.

Will Strategy Selling Bitcoin Crash the Market?

Strategy is the largest publicly listed holder of BTC. According to Bitcoin Treasuries data, the company holds 818,334 after its repeated purchases in the first four months, which ETHNews reported. With such a sizable stash and even greater influence on market sentiment, it poses the question: Can Strategy sell its BTC without crashing the market?

When confronted with this concern, Le dismissed the impact that any sales would have. He told CNBC that BTC trades over $60 billion daily, and Strategy is only required to pay just north of $1.5 billion in dividends this year. Even if it sold BTC worth the $1.5 billion in a day, its impact would be minimal and would be instantly absorbed, he claimed.

“Although we are a big player in the overall Bitcoin industry, and we own almost 4% (of the 21 million maximum supply), on a daily basis, I don’t think we are driving the price up or down. Liquidity is not an issue for us.”

Despite recent losses and reported BTC sales, Strategy stock continues to be an investor favorite. Wall Street analysts predict the share price will double over the next year.

Most recently, the Bank of New York Mellon added over 100,000 shares in Strategy, investing $19 million to take its stake to over 1 million shares. As we reported, the $195 billion Canadian state-owned fund AIMCo invested $219 million in the company in its first crypto-related investment.

BTC trades at $80,770 at press time, gaining less than 1% as the market traded sideways.