Trust math, not ideology: Strategy CEO defines the only condition for selling BTC

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MicroStrategy CEO Phong Le explained the criteria for selling BTC in a recent interview: it will only be executed if selling BTC is more accretive to BTC per share than selling stock. (Context: Shocking! Michael Saylor: MicroStrategy may sell BTC to pay dividends; MicroStrategy Q1 loss of $12.5 billion) (Background: MicroStrategy CEO: Bitcoin will only be sold if MicroStrategy's mNAV falls below 1 and financing chains break; how is market-to-net asset value calculated?) MicroStrategy founder Michael Saylor dropped a bombshell on the community during an earnings call earlier this week by stating that the company might sell some Bitcoin to pay dividends, despite his mantra of "never selling." MicroStrategy CEO Phong Le further clarified the triggers for selling BTC in an interview with CNBC on Friday, setting the tone for concerns regarding MicroStrategy's selling pressure: let the math speak, and put ideology aside. In the interview, Le explicitly pointed out that there are only two scenarios in which MicroStrategy would consider selling BTC: first, to meet dividend obligations for its Series A Preferred Stock (STRC), and second, to defer or offset tax liabilities. STRC is a corporate credit instrument issued by MicroStrategy with an 11.5% annual interest rate, providing holders with regular fixed dividends. However, selling BTC is not an unconditional move. Le emphasized that it will only be executed when "selling BTC is more favorable to the BTC per share metric and the interests of common shareholders than selling stock." He said: "I believe in math, not ideology. When selling BTC is more accretive to our Bitcoin per share and more beneficial to common shareholders than selling stock, we will do it." MicroStrategy currently holds 818,334 BTC, valued at over $66 billion at current market prices, with an average purchase price of approximately $75,500 and a total cost basis of about $61.8 billion, making it the world's largest corporate Bitcoin treasury. MicroStrategy controls over 4% of the Bitcoin supply, and any move it makes affects market sentiment. After Saylor's earnings call, many BTC investors began to worry: if MicroStrategy sells BTC periodically, will it create systemic downward pressure on the price? Le countered this directly with numbers: Bitcoin's daily trading volume is approximately $60 billion, while the total annual dividend MicroStrategy needs to pay is only slightly over $1 billion. The disparity in scale is vast, and the market is capable of absorbing it. MicroStrategy has long used "buy forever, never sell" as its core brand narrative, and Saylor himself has repeatedly emphasized publicly, "We are not selling." This time, both Saylor and Le have confirmed the scenarios for selling BTC, marking a significant shift in the strategic narrative of this Bitcoin treasury company. Although Le stated that the threshold for selling BTC is strict and must be accretive to BTC per share, the "establishment of conditions" itself represents a move by the company from ideological declaration to financial engineering reality—the priority of math has officially surpassed the weight of belief.

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