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For years, Strategy’s Bitcoin playbook could be summarized in two words: never sell. That era is technically over, but the replacement policy is so restrictive that it effectively functions the same way.
CEO Phong Le has outlined the narrow conditions under which Strategy, formerly known as MicroStrategy, would consider selling any of its Bitcoin. The company holds 818,334 Bitcoin, and Le’s framework centers on selling only as a last resort—specifically when Strategy’s stock trades below its net asset value and other funding options have been exhausted.
Under the updated policy, Bitcoin sales are permitted only if two conditions are met at the same time.
Le said the guiding metric behind these decisions is “Bitcoin per share” (BPS). Each capital allocation decision is filtered through one question: whether it increases the amount of Bitcoin attributable to each outstanding share. If selling a small amount of Bitcoin would protect or grow BPS for remaining shareholders, it could be considered.
Strategy has built a multi-year USD cash buffer intended to cover two to three years of preferred dividend obligations. Preferred dividends are fixed payments the company owes regardless of Bitcoin’s price action, and they are described as the most likely near-term pressure that could force a sale.
Le pointed to a recent $1.44 billion equity raise completed in 8.5 days as evidence that Strategy can access traditional funding quickly when needed. In Le’s framing, the equity raise was a deliberate move designed to avoid selling Bitcoin.
Le also noted that as long as Strategy’s stock trades above mNAV, the company can issue new shares at a premium to the value of its Bitcoin holdings. While issuing shares is dilutive to share count, it is described as accretive to Bitcoin per share when sold above mNAV.
Strategy’s 818,334 Bitcoin on its balance sheet as of Q1 2026 reflects a concentrated exposure to Bitcoin. The company rebranded from MicroStrategy to Strategy as part of its pivot toward becoming a leveraged Bitcoin vehicle with a software business attached.
Michael Saylor, the company’s co-founder and executive chairman, has remained closely associated with the public push for corporate Bitcoin accumulation. Le, who took over as CEO, has maintained Saylor’s conviction while adding operational pragmatism—shifting from “never sell” to “sell only under extreme duress.”
Following Le’s announcement, the market reaction showed no significant selling pressure, with Bitcoin prices increasing. Le said the market appeared unfazed by earlier comments that could have implied potential sales.
The BPS framework is intended to give investors a clearer way to evaluate management decisions. Instead of trying to determine whether a future equity raise or convertible bond offering is optimal, shareholders can assess whether it grew Bitcoin per share.
The two-to-three-year cash buffer is also positioned as a buffer against a prolonged Bitcoin bear market combined with a stock price below mNAV and constrained capital markets. If those conditions were to occur simultaneously, Le’s framework would require Bitcoin sales to keep the company solvent.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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