Strategy will sell Bitcoin as 'last resort' if mNAV drops, capital is unavailable: CEO

Strategy CEO Phong Le just dropped the truth bomb: they'll only liquidate Bitcoin if their stock trades below NAV AND they can't raise fresh capital. Translation: when the financial math forces their hand.

In his What Bitcoin Did interview, Le broke it down: if Strategy's mNAV dips under 1 and financing dries up, selling BTC becomes "mathematically" justified to protect "Bitcoin yield per share." But he stressed this is pure last-resort energy—not a policy shift. "I would not want to be the company that sells Bitcoin," he admitted, adding that financial discipline > emotion when markets turn toxic.

Here's their playbook: raise capital when shares trade at premium to NAV, deploy that cash to stack more BTC (currently $89,353), boosting BTC per share. When that premium evaporates, selling some holdings to meet obligations beats issuing dilutive equity.

The timing is spicy—investors are eyeing their ballooning fixed payments from preferred shares issued this year. Le revealed annual obligations near $750M-$800M as recent issues mature. His move? Fund payouts first through equity raised at premium mNAV.

"The more we pay dividends every quarter, that's seasoning the market to realize even in a bare market, we're paying. When we do that, they start to price up," Le explained.

Beyond the balance sheet gymnastics, Le doubled down on Bitcoin's long-term thesis: "It's non-sovereign, has limited supply... people in Australia, the US, Ukraine, Turkey, Argentina, Vietnam, South Korea—everyone likes Bitcoin."

Last week, Strategy launched a new "BTC Credit" dashboard to calm investors after Bitcoin's latest dip and digital-asset treasury stock sell-off. As the largest corporate BTC holder, they claim decades of dividend coverage even if Bitcoin flatlines.

Strategy says their debt stays covered if BTC falls to their average purchase price (~$74,000) and remains manageable even at $25,000.