For years, Strategy’s Bitcoin playbook was simple: never sell. That era is over, but the new policy is so restrictive it might as well be the same.
CEO Phong Le has laid out the narrow conditions under which Strategy, formerly known as MicroStrategy, would consider selling any of its 818,334 Bitcoin. Essentially, only if the company’s stock falls below its net asset value and all other funding options have been exhausted.
Two conditions must be met simultaneously. First, Strategy’s stock must be trading below its modified net asset value (mNAV), meaning the market is valuing the company at less than its Bitcoin is worth. Second, all alternative funding methods, including equity raises and debt issuance, must have already been tried and failed.
The guiding metric is “Bitcoin per share” (BPS). Every capital allocation decision is filtered through whether it grows the amount of Bitcoin attributable to each outstanding share. If selling a small amount of Bitcoin protects or grows BPS for remaining shareholders, it's on the table.
Strategy has built a multi-year USD cash buffer covering two to three years of preferred dividend obligations. Le pointed to a recent $1.44 billion equity raise completed in just 8.5 days as evidence that the company can tap traditional funding sources quickly when needed.
As long as Strategy’s stock trades above mNAV, the company can issue new shares at a premium to its Bitcoin holdings’ value, which actually increases BPS for existing holders. It’s dilutive in share count but accretive in Bitcoin per share.
The 818,334 Bitcoin on its balance sheet as of Q1 2026 represents an enormous concentration bet. The company rebranded from MicroStrategy to Strategy as part of its pivot toward becoming a leveraged Bitcoin vehicle with a software business attached.
Michael Saylor remains the public face of corporate Bitcoin accumulation. Le, who took over as CEO, has maintained Saylor’s conviction while adding operational pragmatism: shifting from “never sell” to “sell only under extreme duress.”
The market reaction showed no significant selling pressure, with Bitcoin prices actually increasing. The BPS framework gives investors a clearer lens for evaluating management decisions. Shareholders can simply check whether an equity raise or convertible bond offering grew Bitcoin per share.
The two-to-three-year cash buffer buys time against a prolonged Bitcoin bear market combined with a stock price below mNAV and frozen capital markets. If those conditions materialized simultaneously, Le’s framework would require Bitcoin sales to keep the company solvent.