Strategy May Sell Bitcoin if Stock Sinks Below Value

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Strategy May Sell Bitcoin if Stock Sinks Below Value, Says CEO Phong Le

Written by Aaron S.,

Editor-In-Chief

Last Updated: December 01, 2025

Key Takeaways

Strategy CEO Phong Le stated that the company may sell Bitcoin only if its stock drops below mNAV and new funding is unavailable;
Phong Le said any Bitcoin sale would be a last resort to protect shareholder value;
The firm faces annual payments of $750 million to $800 million tied to new preferred share obligations.

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Strategy May Sell Bitcoin if Stock Sinks Below Value, Says CEO Phong Le

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Strategy CEO Phong Le said the company would consider selling its Bitcoin BTC $86,706.56 holdings only if its stock fell below its net asset value (mNAV) and it could no longer raise capital.

Speaking on the What Bitcoin Did podcast, Le explained that in such a case, selling some Bitcoin would make financial sense to protect what he called the “Bitcoin yield per share".

Le made it clear that this would be a last option, not a change in company direction. He emphasized that financial discipline must outweigh emotion when the market becomes difficult.

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The company’s approach relies on selling shares when they trade above the firm’s net asset value. The raised funds are then used to buy more Bitcoin, increasing the amount held per share.

When that stock premium disappears, and new capital cannot be raised, Le said selling a small part of the company’s Bitcoin could make sense if issuing more shares would reduce shareholder value.

Investors have been watching the company’s growing financial obligations, especially after new preferred shares were introduced earlier this year.

Le estimated annual payments tied to these instruments at around $750 million to $800 million as they mature. He noted:

The more we pay the dividends out of all of our instruments every quarter, that’s seasoning the market to realize that even in a bare market, we’re going to pay these dividends. When we do that, they start to price up.

Recently, Willy Woo shared his view that Strategy is not at risk of selling its Bitcoin holdings during the next major market downturn. What did he say? Read the full story.