Strategy, the world’s largest corporate holder of Bitcoin (BTC), offered fresh insight into its financial strategy and long-term BTC accumulation plan on December 3, as CEO Phong Le addressed growing market uncertainty.
Phong Le, CEO of @Strategy, says that they want to ensure with the cash reserve to not be forced to sell Bitcoin if there is a 3 year bear market ahead of us, where the mNAV of $MSTR trades below 1x.
According to Le, the earliest they could potentially sell Bitcoin is in 2029. pic.twitter.com/TPrgIh44FC
— Tristan – Blocktrainer.de ?⚡️ (@tristanblcktrnr) December 2, 2025
Dividend Obligations and When BTC Sales Become “Mathematically Justified”
The company carries a substantial annual dividend obligation of USD 750 million to USD 800 million tied to its outstanding preferred shares. In an interview with Bloomberg, Le explained that Strategy’s financial model relies on raising capital by leveraging the premium of its stock price over its net asset value (NAV).
Under normal market conditions, dividend payouts are funded through this capital raising, creating a self-reinforcing cycle that allows the company to continue expanding its BTC reserves.
However, Le acknowledged there are specific scenarios in which selling BTC could become unavoidable.
According to him, BTC sales would only be mathematically justified if two conditions occur simultaneously:
The company’s stock trades below its NAV, eliminating its premium; and
Strategy becomes unable to raise new capital in the market.
Selling BTC would be considered a “last resort,” taken to preserve the Bitcoin yield per share. Le added that in an extreme scenario where the stock’s premium disappears, selling assets could be more beneficial to existing shareholders than issuing new shares that dilute equity.
Despite outlining these contingencies, Le emphasized that Strategy’s core stance remains unchanged: prioritizing aggressive BTC accumulation under normal market conditions.
Preparing for a Downturn and Reinforcing Long-Term Commitment
Le stressed that maintaining regular dividends even in a bearish market is essential for sustaining investor confidence. Strategy aims to demonstrate the durability of its model through consistent quarterly distributions.
To ease concerns over recent BTC price volatility, the company recently launched a “BTC Credit Dashboard.” According to the dashboard, even if Bitcoin falls back to Strategy’s average purchase price of USD 74,000, or even sharply declines to USD 25,000, the company’s debt structure would remain unaffected.
“I don’t want this to become a company that sells BTC,” Le said, reaffirming that as long as no extreme financial stress emerges, Strategy intends to hold its Bitcoin holdings indefinitely.
Currently, the company owns approximately USD 45 billion worth of BTC. Since Le became CEO in 2022, founder Michael Saylor has shifted fully into shaping and advancing the firm’s Bitcoin-centric strategy.
Going forward, Strategy plans to continue utilizing a range of financing tool, including convertible bonds and BTC-backed debt, to expand its presence in the broader Bitcoin economy.
This large-scale operational model is increasingly being viewed as a new standard for institutional cryptocurrency investment.
