Strategy CEO: Bitcoin Sales Only as Absolute Last Resort if mNAV Collapses and Capital Markets Freeze

Strategy Inc. (MSTR) CEO Phong Le made it clear in a interview on the What Bitcoin Did podcast that the company would only sell Bitcoin under the most extreme circumstances — specifically if its stock price falls below net asset value (mNAV < 1.0) and all other sources of capital simultaneously disappear.

“Mathematically Justified, But Emotionally Painful”

Le described the scenario as a “last-resort” financial decision, not a change in philosophy:

“If the multiple to NAV drops below one and we have no ability to raise capital, then mathematically you have to consider selling some Bitcoin to protect Bitcoin yield per share. I would not want to be the company that sells Bitcoin — but financial discipline has to override emotion when markets turn hostile.”

Strategy’s entire business model is built on issuing equity or debt when shares trade at a premium to NAV and using the proceeds to buy more Bitcoin, thereby increasing BTC per share (the metric the company calls “Bitcoin yield per share”). Selling Bitcoin would only occur if that premium evaporates and financing doors slam shut — a situation Le views as highly unlikely under normal market conditions.

Current Buffer Remains Comfortable

As of November 28, 2025:

• Strategy holds 649,870 BTC valued at ~$56 billion
• Market cap ~$38–$40 billion (mNAV ratio ~0.68–0.71)
• Outstanding convertible debt ~$8.2 billion
• Collateral coverage still ~6.9× against all debt

Even at Bitcoin prices as low as $25,000, the company’s collateral ratio would remain above 2.0×, well within its internal covenants.

Bottom Line from the CEO

Phong Le’s message is unambiguous: Bitcoin sales are not part of Strategy’s playbook unless the stock trades below NAV and the company is completely shut out of capital markets — a “perfect storm” scenario the leadership team considers remote. Until then, the strategy remains unchanged: raise capital when the premium exists, buy Bitcoin, and increase BTC per share over time.

In short, Strategy will only sell Bitcoin if it becomes the only mathematically viable option to preserve shareholder value — a position the company has no intention of reaching.