Strategy says it will sell Bitcoin only if mNAV drops below 1 and capital access ends, while managing $750–$800M in annual dividends.
Strategy CEO Phong Le has stated that the company will only consider selling Bitcoin if its stock drops below its net asset value (mNAV) and no other capital sources remain available.
The approach is described as a last-resort financial decision, not a change in company policy. Strategy’s business model relies on using capital raised during favorable market conditions to acquire more Bitcoin and increase Bitcoin holdings per share.
Bitcoin Sale Considered Only Under Specific Market Conditions
In a recent interview, CEO Phong Le explained that selling Bitcoin would only happen if Strategy’s mNAV multiple dropped below one. This means the company’s stock would be trading at or below the value of its Bitcoin holdings.
Le said that in such a scenario, and without access to fresh funding, a sale would be justified based on mathematics.
Le stated, “I would not want to be the company that sells Bitcoin,” emphasizing that the move would only come if financial discipline required it.
The priority remains to protect Bitcoin yield per share, even in a declining market. This approach focuses on minimizing dilution and maintaining long-term value for shareholders.
Strategy typically raises funds when its stock trades above its net asset value. It uses this capital to purchase more Bitcoin, which increases the BTC per share metric that investors closely monitor.
Dividend Obligations Drive Capital Strategy
Le also discussed the company’s large annual dividend commitments.
According to him, the firm must cover $750 million to $800 million in fixed payments tied to its preferred shares. These payouts come from equity raised at a premium to net asset value, making ongoing investor confidence vital.
The CEO noted that by paying dividends consistently, even in a bear market, the company builds market trust. “When we do that, they start to price up,” Le said, referring to investor expectations on yield instruments. This strategy allows the company to continue raising capital without selling assets.
The firm’s payout structure has become a key part of its funding model, supporting its goal of long-term Bitcoin accumulation while still meeting obligations.
Related Reading: Strategy Misses The Spot On The S&P Again
New Credit Dashboard to Support Investor Confidence
In response to market concerns, Strategy introduced a “BTC Credit” dashboard last week.
The new tool is aimed at reassuring investors after recent market weakness and a decline in treasury-related crypto stocks. The dashboard tracks debt metrics and shows how much pressure the firm can handle at various BTC price levels.
“Strategy’s BTC Credit dashboard” หรือ หน้าจอแสดงข้อมูลทางการเงินของ Strategy ที่เกี่ยวข้องกับการถือครอง Bitcoin (BTC) และภาระหนี้สิน
😏ง่ายๆ จ่ายปันผลอีก 70 ปียังไหว pic.twitter.com/bchHYbraK9
— Sleep and Invest (ผมนอนลงทุน) (@Sleepandinvest) November 29, 2025
Strategy said it could continue meeting its debt obligations even if Bitcoin drops to its average purchase price of $74,000.
Le further noted that even at a price as low as $25,000, the company’s position remains manageable. This suggests Strategy is preparing for multiple market scenarios without needing to sell Bitcoin in the short term.
By strengthening transparency around its balance sheet, Strategy is reinforcing its position as a long-term Bitcoin holder.