Strategy CEO Phong Le Says Strategy Will Sell BTC Only in Specific Cases

• Strategy may sell Bitcoin to fund dividends tied to its STRC preferred stock.
• CEO Phong Le said BTC sales would only occur if they are “accretive” to shareholders.
• Michael Saylor previously stated the company could fund dividends through Bitcoin sales.
• Strategy currently holds 818,869 BTC, valued at more than $61.86 billion.
• Le said Bitcoin’s daily trading volume could absorb the company’s dividend-related BTC sales.

Phong Le, the CEO of Bitcoin treasury company Strategy, outlined conditions in a Friday interview under which the company would sell some of its Bitcoin holdings. According to Le, the company may sell Bitcoin to pay dividends tied to its Series A Perpetual Stretch Preferred Stock (STRC), a corporate credit instrument that pays an 11.5% dividend to holders. He also said BTC sales could be used to defer or offset taxes.

“I believe in math over ideology,” Le said during the interview.

Le stated that Strategy would only sell Bitcoin to pay the yield owed to holders of its credit instruments if the sales are “accretive” to shareholders. He said this means the company would continue increasing its BTC per share metric.

Michael Saylor Discusses Potential Bitcoin Sales

The comments followed statements made by Strategy co-founder Michael Saylor during an earnings call on Tuesday.

“We’ll probably sell some Bitcoin to fund a dividend, just to inoculate the market, just to send the message that we did it,” Saylor said.

Saylor added that if Bitcoin appreciates by more than 2.3% annually, the company could continue funding dividend payments “forever” without selling Strategy stock and diluting shareholders.

“We could stop selling MSTR common stock right now,” Saylor said. “We can fund the dividends with Bitcoin sales.”

Phong Le also posted on X that Bitcoin per share (BPS) remains Strategy’s “True North.” He said the company uses “multivariate models to optimize capital, equity, debt, and credit decisions to maximize annual BTC Yield (growth in BPS).” Le added that Strategy has achieved a 9.4% BTC Yield year-to-date and a $5.0 billion BTC Gain.

Recently, Strategy hinted it could sell part of its Bitcoin holdings to cover dividend payments, according to comments from Michael Saylor during the Q1 2026 earnings call. The company also posted a $12.54 billion net loss for Q1, raising fresh concerns about the risks tied to its aggressive Bitcoin-focused strategy.

Strategy Holds More Than 818,000 BTC

Recently, Strategy acquired an additional 535 BTC for approximately $43.0 million at an average purchase price of around $80,340 per Bitcoin. Following the latest acquisition, the company’s total Bitcoin holdings increased to 818,869 BTC, accumulated at a total cost basis of approximately $61.86 billion, further reinforcing Michael Saylor’s long-term Bitcoin treasury strategy.

FAQs

1. Why could Strategy sell some of its Bitcoin holdings?
Strategy may sell Bitcoin to fund dividend payments tied to its Series A Perpetual Stretch Preferred Stock (STRC) and to defer or offset taxes, according to CEO Phong Le.

2. What did Phong Le say about Bitcoin sales?
Phong Le said the company would only sell Bitcoin if the transactions are “accretive” to shareholders, meaning they would continue increasing Strategy’s Bitcoin per share (BPS) metric.

3. How much Bitcoin does Strategy currently hold?
Strategy currently holds 818,869 BTC, valued at more than $61.86 billion as of May 10, making it the largest publicly traded Bitcoin treasury company.

4. What did Michael Saylor say about funding dividends?
Michael Saylor said Strategy could fund dividend payments through Bitcoin sales and stated the company may periodically sell BTC to support those obligations without diluting shareholders through additional stock sales.

Source: CNBC Television