Strategy CEO Phong Le said in a CNBC interview that the company would sell Bitcoin only under a strict financial test: if selling BTC is more beneficial than selling shares in improving BTC per share and protecting common shareholders. The comment gives the market a more precise framework after renewed debate over whether Strategy may eventually reduce its Bitcoin holdings.
The issue surfaced after founder Michael Saylor said on an earnings call earlier this week that the company could sell some Bitcoin to pay dividends. That drew immediate attention because Strategy has long tied its public identity to a “never sell” message. Le then sharpened the position, saying the decision is driven by math rather than ideology.
Dividend obligations and taxes are the only stated sale cases
Le identified just two situations in which Strategy would consider selling Bitcoin. One is to meet dividend obligations tied to the Series A perpetual preferred stock, STRC. The other is to defer or offset tax liabilities. According to the source material, STRC is a corporate credit instrument issued by Strategy and carries an annual yield of 11.5%, with holders receiving fixed dividends on a regular basis.
Even in those cases, a sale is not automatic. Le said the company would act only if disposing of Bitcoin produces a better outcome than selling stock. The benchmark is not symbolic consistency. It is whether the move improves BTC per share and serves common shareholders better.
Strategy’s 818,334 BTC position keeps every policy shift in focus
Strategy currently holds 818,334 BTC. Based on the market price cited in the report, that stake is worth more than $66 billion. The company’s average acquisition price is about $75,500 per Bitcoin, with a total cost basis of roughly $61.8 billion. That makes Strategy the largest public-company Bitcoin treasury in the market.
The scale matters. The report says the company controls more than 4% of Bitcoin’s supply, so even a conditional change in its selling stance can move market attention quickly. After Saylor’s earnings-call remarks, some Bitcoin investors began asking whether recurring sales by Strategy could create a structural source of pressure on price.
Le argues market volume can absorb the potential sales
Le answered that concern with a size comparison. He said Bitcoin’s daily trading volume is about $60 billion, while Strategy’s annual dividend obligation is only a little over $1 billion. In his view, the gap is large enough that the market can absorb that amount.
The statement does not remove the possibility of future Bitcoin sales. It reframes them. Strategy is no longer describing liquidation as something that can never happen under any circumstance; it is describing a narrow set of cases where selling BTC could make more financial sense than issuing stock. That shift marks a notable change in how the company presents its Bitcoin treasury strategy.