Strategy May Sell Bitcoin Under Specific Conditions

Strategy, the bitcoin treasury company formerly known as MicroStrategy, has indicated it may sell portions of its bitcoin holdings under specific financial conditions, a potential shift from its long-standing "never sell" policy. The remarks from CEO Phong Le and Executive Chairman Michael Saylor came during the firm's first-quarter 2026 earnings call in May and subsequent interviews, amid a quarterly net loss of about 12.5 billion driven largely by bitcoin's price decline.

Le outlined that sales would occur only if they prove accretive to bitcoin per share, benefiting common shareholders over alternatives like equity issuance. "I believe in math over ideology," Le told CNBC. "If selling bitcoin instead of equity helps improve bitcoin per share and benefits our common shareholders, then we will do it." He specified scenarios including funding the 11.5 percent dividend on the firm's Series A Perpetual Stretch Preferred Stock, known as STRC, which has raised billions since its launch. Sales could also address tax management by capturing deferred gains or losses. Le noted such moves would happen when the company's multiple to net asset value, or mNAV, falls below about 1.22.