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Bitcoin’s rise above the $80,000 level has sparked renewed positive sentiment across the cryptocurrency market, but comments from Strategy CEO Phong Le have introduced a more nuanced change to the company’s long-term approach to Bitcoin.
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 moving toward 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 main 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 has a monthly rate of 11.5%.
However, capital pressures have been a persistent issue for the company due to these obligations, leading to regular reviews of dividend funding. Rather than relying on issuing shares or holding Bitcoin indefinitely, Strategy has decided to sell portions of its Bitcoin holdings when it deems it mathematically advantageous.
“Ultimately, I believe in mathematics over ideology, and at the point where selling Bitcoin instead of selling shares to pay a dividend is better for our Bitcoin per share and for our common shareholders, we will do so.,” he noted.
Strategy currently holds approximately $60 billion worth of Bitcoin, making it one of the largest corporate holders globally. Despite discussions of partial sales, the company maintains that its holdings provide solid liability coverage, with around 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 base remains significantly lower than Bitcoin’s recent trading range above $80,000, making it highly financially profitable.
The CEO highlighted the importance of liquidity and market depth to ensure that potential sales do not disrupt broader price action. Bitcoin’s daily trading volume exceeds $60 billion, meaning significant corporate changes would represent only a small portion of the overall market.
Additionally, he highlighted that Strategy’s assets represent approximately 4% of the total Bitcoin supply, but stressed that the company does not consider itself a primary driver of the price. Even during the periods when Strategy stopped accumulation, Bitcoin continued to rise, suggesting that broader macroeconomic forces remain the primary influence on the market.
Meanwhile, Chief Executive Michael Saylor has continued to push for a more aggressive accrual approach to public messaging. Despite the introduction of conditional sales mechanisms, Saylor has maintained that Strategy’s long-term strategy remains fundamentally positive, repeatedly emphasizing that the company will “continue to buy Bitcoin” over time. It suggests any selling 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 corporate restructuring. He dismissed the idea of spinning off the company’s software division, describing it as a relatively small segment that generates about $500 million in revenue and is not central to the company’s core Bitcoin strategy.
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