CEO Phong Le says a compelled sale would be justified to protect Bitcoin yield per share when NAV-based financing options are exhausted.

Strategy remains the largest corporate holder of Bitcoin and frames itself as a long-term holder using a dividend-driven capital strategy and disciplined financial management to weather volatility, with debt obligations well-covered if Bitcoin falls to its average purchase price around $74,000 or as low as $25,000.

The company typically raises funds when its stock trades above net asset value to buy more Bitcoin, increasing Bitcoin per share for investors.

Strategy would consider selling Bitcoin only as a last resort if the stock trades below net asset value and financing options are exhausted, ensuring any sale protects Bitcoin yield per share.

Selling would occur if the market price causes the mNAV to fall below 1 and no new capital is available, framing it as a constrained, last-resort measure rather than a policy change.

Dividend obligations drive capital strategy, ensuring fixed payments are funded with equity raised at a premium to NAV to sustain investor confidence.

Le and the company argue Bitcoin’s long-term thesis as a scarce, non-sovereign asset with broad global appeal.

Selling Bitcoin is a last resort and not a policy shift, reflecting financial discipline over emotion in hostile markets.

The BTC Credit dashboard was launched to reassure investors, tracking debt metrics and debt-bearing capacity across various BTC price scenarios and reaffirming ample dividend coverage for decades even if prices stagnate.

CEO Phong Le emphasizes preserving Bitcoin yield per share and avoiding dilution, focusing on long-term shareholder value even in bear markets.

The company faces annual dividend obligations of roughly $750 million to $800 million as older instruments mature, planning to fund payouts primarily through equity raised at a premium to mNAV to maintain investor confidence.

Strategy’s model relies on raising capital at a premium to mNAV to buy more Bitcoin; if the premium disappears, selling a portion of holdings could meet obligations if issuing new equity would be more dilutive.