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Bitcoin’s rise above the $80,000 level has sparked renewed positive sentiment across the crypto market, but remarks from Phong Le, Strategy’s CEO, have introduced a more nuanced shift in the company’s long-term Bitcoin approach.
The company’s CEO has confirmed that selective Bitcoin sales may be part of its capital management toolkit, despite being recognized as one of the strongest corporate Bitcoin holders.
Strategy’s previous policy, “never sell Bitcoin,” was significantly modified by these comments. The company is shifting towards a more flexible framework that prioritizes shareholder value, balance sheet efficiency, and long-term sustainability, rather than sticking to an ideological agenda.
According to the CEO, the primary driver behind the reconsideration of Bitcoin sales is the company’s expanding financial structure built around “digital credit” instruments. Strategy has raised approximately $8.5 billion over the past ten months through these mechanisms, including a perpetual preferred stock product known as “Stretch,” which carries an 11.5% monthly rate.
However, capital pressures have been a persistent issue for the company due to these obligations, leading to periodic reviews of dividend funding. Instead of relying on issuing equity or holding Bitcoin indefinitely, Strategy has decided to sell portions of its Bitcoin holdings when it deems it mathematically advantageous.
 
“Ultimately, I believe in math over ideology, and at the point where selling Bitcoin versus selling equity to pay a dividend is better for our Bitcoin per share and for our common shareholders, we’ll do it,” he noted.
Strategy currently holds roughly $60 billion worth of Bitcoin, making it one of the largest corporate holders globally. Despite discussions of partial sales, the firm maintains that its holdings provide strong coverage for obligations, with about 18 months of dividend coverage estimated under current conditions.
In terms of profitability, Strategy’s unrealized gains are significant because its Bitcoin holdings were acquired at prices well below the current market level. The company’s price basis remains significantly lower than Bitcoin’s recent trading range above $80,000, making it highly profitable on a financial basis.
The CEO highlighted the importance of liquidity and market depth in ensuring that potential sales would not disrupt broader price action. Bitcoin’s daily trading volume exceeds $60 billion, meaning significant corporate changes would account for only a small portion of the overall market.
Additionally, he highlighted that Strategy’s assets make up approximately 4% of Bitcoin’s total supply, but underlined that the company doesn’t regard itself as a primary price driver. Even during periods when Strategy paused accumulation, Bitcoin continued to rise, suggesting broader macro forces remain the primary market influence.
Meanwhile, Executive Chairman Michael Saylor has continued to push for a more aggressive accumulation approach in public messaging. Despite conditional selling mechanisms being introduced, Saylor has maintained that Strategy’s long-term strategy remains fundamentally positive, repeatedly emphasizing that the company “will keep buying Bitcoin” over time. It suggests that any sales would be situational and tactical, rather than a reversal of the accumulation strategy. This is also an indication for future sales.
Beyond Bitcoin holdings, the CEO also addressed speculation about a business restructuring. He dismissed the idea of spinning off the company’s software division, describing it as a relatively small segment that generates around $500 million in revenue and is not central to the firm’s core Bitcoin strategy.