Strategy CEO Phong Le signaled potential Bitcoin treasury sales tied to specific financial triggers as the firm’s shares have plunged and Bitcoin has pulled back. The announcement frames potential sales around the company’s mNAV and its ability to raise fresh capital, immediately placing the firm’s treasury strategy under market scrutiny.
Le identified two simultaneous conditions that would make a sale likely: the stock trading below its modified net asset value (mNAV) and an inability to access new financing. mNAV is the ratio of the company’s market capitalization to the market value of the Bitcoin it holds.
Shares have fallen sharply, declining roughly 40%–60% from recent highs, while Bitcoin slid below $87,000 in early December 2025. The company faces fixed costs tied to preferred shares issued in 2025, with annual dividend obligations estimated at $750M–$800M. Strategy’s model historically depended on issuing equity when shares traded at a premium to NAV and using proceeds to buy more Bitcoin; that channel becomes constrained when the share price weakens and the premium disappears.
“I would not want to be the company that sells Bitcoin,” Le said, framing the stance as reluctant but pragmatic. The comment underscores a shift from the firm’s prior “never sell” posture toward a contingency plan driven by balance-sheet discipline.
Market and Strategy implications
The CEO’s statement is likely to affect market perceptions of corporate Bitcoin treasuries more broadly. Other firms that have copied the equity-for-Bitcoin financing approach will watch Strategy’s mNAV and capital-access trajectory closely. In particular, companies that rely on issuing preferred or convertible securities to fund purchases face analogous liquidity and dilution risks if markets turn hostile.
For traders and institutional treasuries, the announcement introduces a new, identifiable supply risk: a corporate holder prepared to liquidate only under defined stress conditions. That makes the company’s mNAV and near-term financing windows operational variables to monitor, rather than opaque managerial intent.
