Strategy CEO Phong Le laid out the specific conditions under which the company would sell portions of its bitcoin holdings, pushing back on fears that had been stirred by co-founder Michael Saylor’s recent comments.
Math over ideology
Speaking on CNBC’s Power Lunch on Friday, Le said the company would consider selling bitcoin to pay the 11.5% dividend on its Series A Perpetual Stretch Preferred Stock (STRC) and to defer or offset taxes.
He framed the decision as purely financial:
“I believe in math over ideology, and at the point where selling Bitcoin versus selling equity to pay a dividend is better for our Bitcoin per share, and for our common shareholders, we will do it.”
Le stressed that any such sales would only happen if they are “accretive” to shareholders — meaning the company’s BTC-per-share metric would improve, not decline.
Saylor’s comments sparked concern
The remarks followed comments Saylor made during an earnings call earlier in the week, where he suggested Strategy might sell some bitcoin periodically to fund dividend payments.
Saylor said:
“We’ll probably sell some Bitcoin to fund a dividend, just to inoculate the market, just to send the message that we did it.”
He added that if bitcoin appreciates by more than 2.3% annually, Strategy could fund its dividends “forever” without selling common stock or diluting shareholders.
Market impact concerns addressed
Strategy currently holds 818,334 BTC, worth over $66 billion, making it the largest publicly traded bitcoin treasury company.
Concerns have circulated that a company of Strategy’s size offloading bitcoin could create significant selling pressure on the market.
Le addressed this directly, noting that bitcoin’s daily trading volume of roughly $60 billion is more than sufficient to absorb the company’s annual dividend obligation of just over $1 billion.
He stated:
“We could stop selling MSTR common stock right now. We can fund the dividends with Bitcoin sales.”
