Phong Le, the CEO of Strategy, has that his company would be open to selling Bitcoin under certain circumstances. Despite Strategy’s well-known position as one of the largest Bitcoin treasury companies, Le addressed the difficult reality of needing to sell Bitcoin in order to fund dividend payments.
Phong Le, the CEO of Strategy, has that his company would be open to selling Bitcoin under certain circumstances. Despite Strategy’s well-known position as one of the largest Bitcoin treasury companies, Le addressed the difficult reality of needing to sell Bitcoin in order to fund dividend payments.
Phong Le stressed that while Strategy remains deeply committed to accumulating and holding Bitcoin, selling is not completely off the table. Notably, the company currently holds 649,870 BTC worth $58.84 billion.
Le emphasized that the primary metric for evaluating the company’s performance is Bitcoin yield, which is similar to how traditional companies focus on earnings per share. The strategy behind holding a large Bitcoin treasury is that it generates yield over time.
However, if the company’s MNAV (Market Net Asset Value) drops below 1x, it could necessitate the sale of Bitcoin to meet financial obligations, such as dividend payments.
“We would sell Bitcoin if we needed to fund our dividend payments below 1x MNAV,” Le said. He added that Bitcoin yield is the company’s “North Star,” guiding its decision-making process.
Meanwhile, in a scenario where MNAV compresses significantly, selling Bitcoin could become a necessity. However, Le stressed that such a decision would be “a last resort”.
Even though selling BTC might make financial sense under certain conditions, Le acknowledged that doing so could create narrative challenges.
Strategy’s identity as the largest Bitcoin treasury company, one known for “sucking up Bitcoin and never letting it go,” is a powerful part of its valuation and investor perception.
However, there are scenarios where selling BTC could actually be beneficial beyond short-term liquidity. Le explained that selling Bitcoin with a high cost basis could generate capital losses that offset other capital gains, providing tax advantages.
Still, he admitted that no matter how logical the decision is internally, convincing the market is a different challenge. He noted that institutional investors often expect Strategy to act in a purely logical, numbers-driven way, while retail investors care more about story and expectations.
Le said neither approach is “wrong,” but Strategy must balance both. The company stays in close touch with stakeholders while making decisions that protect long-term shareholder value.
The interview also touched on whether Strategy would consider acquiring smaller Bitcoin treasury companies, many of which now trade at a discount to their MNAV.
Le said that while it might look like buying discounted Bitcoin, these companies are often cheap for several reasons, including issues with management, business model, or location.
He added that Strategy is not set up for complex acquisitions. With just 10 people on the team, buying another company would take too much time and distract from their main goal of buying and holding Bitcoin.
