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Strategy to Consider Bitcoin Sale Only if Stock Plummets and Capital Access Vanishes

Sunday Nov 30 2025 10:20

3 min

Table of Contents

1. Key Takeaways:
2. Strategy Eyes Bitcoin Sale as Last-Ditch Measure to Protect Shareholder Value

Key Takeaways:

Strategy would consider selling Bitcoin only if its stock falls below net asset value and it loses access to fresh capital.
The sale would be a last resort, not a policy shift.
Strategy relies on raising capital to buy more Bitcoin and increase Bitcoin yield per share.
Strategy faces significant annual dividend obligations tied to preferred shares.
Strategy launched a new Bitcoin credit dashboard to calm debt fears.

Strategy Eyes Bitcoin Sale as Last-Ditch Measure to Protect Shareholder Value

In a recent interview, Strategy CEO Phong Le stated that the company would consider selling Bitcoin only if its stock price falls below its net asset value (NAV) and it loses access to fresh capital. Le told the "What Bitcoin Did" show that if Strategy’s multiple to NAV (mNAV) were to dip below one, and financing options dry up, unloading Bitcoin becomes “mathematically” justified to safeguard what he calls “Bitcoin yield per share.” However, he emphasized that such a move would be a last resort, not a change in policy. “I would not want to be the company that sells Bitcoin,” he said, adding that financial discipline has to supersede emotion when markets turn hostile. Strategy’s model hinges on raising capital when its shares trade at a premium to NAV and using that capital to acquire Bitcoin (BTC), thereby increasing the BTC held per share. When that premium evaporates, Le explained, selling off a portion of the holdings to meet obligations could be acceptable to shareholders if issuing new equity would be more dilutive. Strategy Faces $800 Million Annual Dividend Bill The warning surfaces as investors scrutinize the company’s increasing fixed payments related to a suite of preferred shares introduced this year. Le pegged annual obligations near $750 million to $800 million as recent issues mature. His plan is to initially fund these payouts through equity raised at a premium to mNAV. “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,” he stated. Beyond mere balance-sheet mechanics, Le defended the long-term thesis on Bitcoin as a scarce, non-sovereign asset possessing global appeal. “It’s non-sovereign, has a limited supply… people in Australia, the US, Ukraine, Turkey, Argentina, Vietnam and South Korea — everyone likes Bitcoin,” he added. Strategy Unveils New Credit Gauge to Quell Debt Fears After Bitcoin Crash Last week, Strategy introduced a new “BTC Credit” dashboard to reassure investors following the latest Bitcoin price decline and a sell-off in digital-asset treasury stocks. The company, the largest corporate holder of BTC, says it has ample dividend coverage for decades, even if Bitcoin’s price remains flat. Strategy asserts that its debt remains well-covered if BTC’s price falls to its average purchase price of approximately $74,000, and is still manageable even at $25,000.

Risk Warning: This article is provided for informational purposes only and does not constitute investment advice, investment research, or a recommendation to trade. The views expressed are those of the author and do not necessarily reflect the position of Markets.com. When considering shares, indices, forex (foreign exchange), and commodities for trading and price predictions, remember that trading CFDs involves a significant degree of risk and may not be suitable for all investors. Leveraged products can result in capital loss. Past performance is not indicative of future results. Before trading, ensure you fully understand the risks involved and consider your investment objectives and level of experience. Cryptocurrency CFD trading restrictions may apply depending on jurisdiction.

Written by:

Noah Lee

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Strategy to Consider Bitcoin Sale Only if Stock Plummets and Capital Access Vanishes

Key Takeaways:

Strategy Eyes Bitcoin Sale as Last-Ditch Measure to Protect Shareholder Value

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