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For years, Strategy’s identity was built on a simple promise: buy Bitcoin, hold Bitcoin, and never sell. That era appears to be over. On May 7, CEO Phong Le unveiled a new six-point Bitcoin treasury framework that formally allows the company to sell Bitcoin under specific conditions, shifting the largest corporate Bitcoin holder in the world from an ideological stance toward a more business-oriented approach.
The framework centers on a metric called Bitcoin Per Share (BPS), which is designed to track how much Bitcoin each share of Strategy stock represents over time. The stated objective is to maximize BPS, and the company is now willing to sell some Bitcoin if doing so helps achieve that goal.
Le outlined one scenario tied to dividends: if Strategy’s valuation falls below 1x its market net asset value (mNAV), the company could sell Bitcoin to finance dividend payments. In practical terms, the condition is meant to allow sales when the stock price indicates the market values Strategy at less than the value of its Bitcoin holdings.
“We can sell bitcoin, and we will sell it if necessary… believing in math over ideology.”
Following the announcement, the market reaction was muted. Bitcoin was trading at approximately $80,249 at the time, down about 1.52% over the prior 24 hours, with no dramatic sell-off.
Strategy holds more than 3% of all Bitcoin in circulation. To continue building its position, the company has outlined a $44 billion capital management program involving stock and preferred equity sales intended to fund additional Bitcoin purchases. Strategy also maintains cash reserves earmarked for dividends and operational expenses.
Le has also conducted personal portfolio rebalancing. He recently sold 3,299 shares of Strategy stock for $456,000, followed by another tranche worth $279,000.
The BPS metric is intended to provide a quantifiable way to assess whether selling Bitcoin creates or destroys value for shareholders. Under this approach, if selling Bitcoin today funds actions such as buybacks that increase BPS, the framework supports doing so. Conversely, if holding through a dip better preserves long-term BPS growth, the framework supports holding.
The 1x mNAV threshold for dividend-related sales is designed to limit sales to periods when the market is valuing Strategy at a discount to its Bitcoin-backed net asset value. In that setup, selling Bitcoin at market prices while the stock trades below mNAV is presented as a mechanism to convert an undervalued balance-sheet position into shareholder returns.
The $44 billion capital raise plan suggests Strategy will remain a major participant in Bitcoin markets. With holdings exceeding 3% of circulating supply, both purchases and potential sales can influence market dynamics.
For Strategy shareholders, the BPS framework is positioned as a step toward greater transparency than the prior “never sell” era. Investors can evaluate management decisions using a concrete question: whether a given transaction increases or decreases Bitcoin Per Share.
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