MicroStrategy CEO Phong Le confirmed that the company is ready to sell bitcoin only in specific cases and under certain conditions.
The reason for the discussion was the recent words of executive chairman Strategy Michael Saylor. Earlier, he allowed that the company might sell part of its BTC if needed to pay dividends.
After these comments, MSTR shares fell by about 4%, and the market itself became noticeably nervous.
STRC Changes Strategy’s Approach To Bitcoin
The first condition is related to the Series A Perpetual Stretch Preferred Stock instrument, which the company internally calls Stretch or STRC. These securities provide a dividend yield of 11.5%.
According to Phong Le, it was the launch of STRC that changed the company's approach to bitcoin management. In an interview with CNBC, he said that Strategy now has more room to maneuver.
“In ten months, we raised $8.5 billion. After that, we started looking at different options and wondered if selling bitcoin at certain times could bring additional benefits to the company,” Le said.
Now Strategy can choose between selling BTC and issuing new shares to pay dividends. At the same time, Le specifically emphasized that the company is ready to sell bitcoin only if it is beneficial to shareholders.
According to him, this refers to situations where such a deal increases the BTC per share figure. For example, if the company's shares are trading below asset value or the mNAV multiplier falls below 1.22.
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The second condition is related to taxes. The company allows the sale of BTC to lock in deferred profits or tax losses.
Le also commented on the financial condition of Strategy. According to him, the company's debt burden remains under control.
“Right now, our leverage level is around 10–15%, and yield enhancement is about 35%. If you compare with regular companies, by these indicators we could be considered an investment-grade asset,” he said.
In fact, all this marked a departure from the old position of Michael Saylor, who previously adhered to the principle of never selling bitcoin. For the first time, Strategy hinted at a change in approach during the report for the first quarter of 2026, when the company reported a loss of $12.54 billion.
At the same time, Le says that this is not about abandoning the idea of bitcoin, but about a more pragmatic approach.
“Ultimately, I believe in math, not ideology,” he noted.
Strategy Sees No Threat To Market From Possible BTC Sale
Currently, Strategy remains the largest public company by bitcoin holdings on its balance sheet. The company holds 818,334 BTC, and the average purchase price is about $75,537 per coin.
Phong Le also tried to reassure the market after talks about a possible BTC sale by Strategy. According to him, even if the company ever has to sell part of its bitcoins, it will not seriously affect market liquidity.
“Bitcoin is traded every day in amounts exceeding $60 billion. Even our dividend payments of $1.5 billion a year are a very small part of these volumes,” Le said.
He added that Strategy does not consider itself a player capable of significantly moving the price of bitcoin, although the company now owns nearly 4% of the total BTC supply.
“In the last couple of weeks, we haven't bought bitcoin at all, but the price still went up. So we have no problems with liquidity,” he said.
