Strategy CEO Phong Le Says Bitcoin Sales Would Happen Only Under Specific Conditions

Strategy CEO Phong Le has stated that the company would sell Bitcoin only as a last resort, under narrow conditions tied to its stock trading below net asset value and a simultaneous loss of access to capital markets.

Le made the comments during an appearance on the What Bitcoin Did podcast, in an episode titled "The $60 Billion Bitcoin Bet." The interview covered Strategy's use of preferred shares, leverage, mNAV premiums, and how the company continues acquiring Bitcoin across market cycles.

Strategy, the largest publicly traded corporate holder of Bitcoin, commands outsized attention whenever its executives discuss treasury policy. Any hint of a shift in its long-standing accumulation stance sends ripples through crypto markets, which is why Le's conditional framing matters.

The Conditions Le Attached to Any Bitcoin Sale

In the interview, Le outlined a specific scenario: if Strategy's stock dropped below 1x mNAV and the company simultaneously lost access to fresh capital, it would consider selling Bitcoin. "If we did and we didn't have other access to capital, we would sell Bitcoin. But that would almost be a last resort," Le said during the interview.

"If we did and we didn't have other access to capital, we would sell Bitcoin. But that would almost be a last resort."

— Phong Le, CEO of Strategy, via What Bitcoin Did

Independent reporting confirmed that Le's condition hinged on two simultaneous triggers: the stock falling below NAV, and the disappearance of alternative fundraising channels.

The distinction matters because Le framed any potential sale as a defensive, liability-management move, not a change in conviction about Bitcoin's long-term value.

A key piece of context is Strategy's own capital-raising framework. The company's July 31, 2025 second-quarter results disclosed that below 2.5x mNAV, Strategy will not issue common equity except to pay interest on debt obligations and fund preferred equity dividends.

That 2.5x floor creates a tiered system. At the top tier, Strategy raises capital freely through equity. Below 2.5x, issuance narrows to servicing existing obligations. Below 1x, with no capital access at all, Bitcoin sales become the final backstop.

According to secondary reporting, Strategy's annual preferred dividend obligations may approach $750 million to $800 million as recent preferred share issues mature, though this figure has not been confirmed through official filings.

Why This Matters for Bitcoin Investors

Strategy held 628,791 BTC as of its Q2 2025 results. A forced sale from a holder of that size would represent meaningful sell pressure, which is precisely why Le's comments drew attention.

The conditional framing, however, signals continuity rather than a pivot. Le described the sale scenario as "almost a last resort," suggesting the company views Bitcoin liquidation as an extreme measure reserved for a sustained crisis, not a tool for routine treasury management. Institutional interest in Strategy as a Bitcoin proxy continues to build, as evidenced by moves like Swedbank AB recently increasing its MSTR stake by 2,852 shares.

The interview also touched on Strategy's broader capital strategy, including how the company uses preferred shares, leverage, and mNAV premiums to keep buying Bitcoin without selling existing holdings. The full episode covered how these mechanisms work across both bull and bear markets.

For investors watching corporate Bitcoin treasuries, the key takeaway is structural. Strategy has built a layered capital framework where Bitcoin sales sit at the very bottom of the hierarchy, below equity issuance, below debt instruments, and below preferred dividends. The conditions required to trigger a sale, a sub-1x mNAV and total capital market lockout, would represent a scenario far more severe than ordinary market volatility.

Bitcoin traded at $80,760 at press time, up 0.68% over the prior 24 hours, with the Fear & Greed Index sitting at 47, in neutral territory. Strategy's next quarterly disclosure will be the first opportunity for investors to see whether these treasury parameters have shifted.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.