Strategy CEO Phong Le said the firm would only sell Bitcoin if its multiple to net asset value (mNAV) falls under 1 and financing options disappear. The company’s model is to raise equity at a premium to NAV to buy BTC; if that premium evaporates, partial BTC sales could be used to meet obligations and avoid dilutive equity issuance. Strategy faces roughly $750–800M in annual dividend obligations from preferred issues, launched a “BTC Credit” dashboard to reassure investors, and says debt coverage remains strong down to its average BTC purchase price (~$74,000) and still manageable at $25,000.

CEO Phong Le stated selling BTC is a last resort only if mNAV < 1 and financing disappears; the firm’s model is to fund purchases by raising equity at a premium to NAV, but if the premium evaporates partial sales may be justified to meet obligations; the company faces $750–800M in annual preferred dividend obligations and reports debt coverage is strong down to its average BTC purchase price (~$74,000) and manageable at $25,000.