MicroStrategy CEO Phong Le confirmed the firm will only sell Bitcoin (BTC) under two specific conditions, shifting from Michael Saylor's previous 'never sell' stance. The first condition relates to the Series A Perpetual Stretch Preferred Stock (STRC), which carries an 11.5% dividend. Le stated that Bitcoin sales to fund dividends would only occur if accretive to Bitcoin per share, specifically when the company's book value trades below its price or when mNAV is below 1.22. The second condition involves tax management, allowing sales to capture deferred gains or tax losses. Le emphasized that leverage remains manageable at 10-15% and that Bitcoin's daily trading volume of $60 billion far exceeds Strategy's $1.5 billion annual dividend obligation, downplaying concerns about market impact. Strategy holds 818,334 BTC at an average cost of $75,537, making it the largest corporate Bitcoin holder. The pivot was first signaled during Q1 2026 earnings, which disclosed a $12.54 billion net loss.

Key facts

• MicroStrategy will only sell BTC to fund dividends if accretive to Bitcoin per share.
• Sales also allowed for tax management to capture deferred gains or tax losses.
• CEO Le says leverage at 10-15% is manageable and not a concern.
• Annual dividend of $1.5B is minuscule vs Bitcoin's $60B daily volume.
• Company holds 818,334 BTC at average price of $75,537.

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