•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
For years, Strategy’s Bitcoin playbook followed one unwritten rule: never sell. That era appears to be changing, as the company’s CEO Phong Le indicated that Strategy would consider selling Bitcoin if doing so benefits shareholders on a per-share basis.
Strategy, described as the largest corporate holder of Bitcoin, with approximately 818,334 BTC, has introduced six new market principles for how it manages its treasury. The central change is that the company now prioritizes Bitcoin Per Share (BPS) over the total amount of Bitcoin it holds.
The framework explicitly allows for strategic Bitcoin sales when they improve shareholder outcomes. The company’s approach is still focused on accumulation, but it now treats sales as an option governed by financial calculations rather than a strict “hold forever” stance.
Strategy said it still aims to reach 1 million BTC by year-end. The plan is supported by $44B in planned capital raises, according to the article.
Following the announcement tied to Strategy’s Q1 2026 earnings, Bitcoin rose 2.3% to above $82,800 intraday.
Strategy also disclosed that it has built a multi-year USD reserve intended to protect its balance sheet and help avoid forced BTC sales.
The article also noted that Phong Le sold 3,299 shares of Strategy stock for $456K while purchasing $250K in STRC preferred stock. The company characterized the transactions as portfolio rebalancing.
The article said investors should watch BPS as the new key metric in Strategy’s earnings reports. It suggested that if BPS trends upward consistently, the company’s new framework would be validated; if not, Strategy would be moving away from the narrative that previously defined its identity without a clear quantitative replacement.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
