Phong Le of Strategy CEO sheds light on Bitcoin's strategic liquidation benefits

For years, Strategy’s entire identity was built on one simple promise: buy Bitcoin, hold Bitcoin, never sell Bitcoin. That era appears to be over.

CEO Phong Le unveiled a new 6-point Bitcoin treasury framework on May 7 that formally opens the door to selling Bitcoin under the right conditions. The shift repositions the largest corporate Bitcoin holder in the world from an ideological crusade into something closer to, well, a business.

From diamond hands to calculated hands

The new framework centers on a metric called Bitcoin Per Share, or BPS. Think of it like earnings per share, but instead of measuring profit, it measures how much Bitcoin each share of Strategy stock represents. The goal is to maximize that number over time, and if selling some Bitcoin at the right moment achieves that, the company is now willing to do it.

One specific scenario Le outlined: if Strategy’s valuation drops below 1x its market net asset value, or mNAV, the company could sell Bitcoin to finance dividend payments. In English: if the stock price suggests the market values Strategy at less than its actual Bitcoin holdings are worth, selling a portion to return cash to shareholders becomes a rational move rather than a betrayal of principle.

“We can sell bitcoin, and we will sell it if necessary… believing in math over ideology.”

The market’s reaction was notably muted. Bitcoin was trading at approximately $80,249 at the time of the announcement, down about 1.52% over the prior 24 hours. No panic, no dramatic sell-off.

The numbers behind the pivot

Strategy holds more than 3% of all Bitcoin in circulation. To keep building that position, Strategy has outlined a $44 billion capital management program involving stock and preferred equity sales designed to fund additional Bitcoin purchases. The company also maintains substantial cash reserves earmarked for dividends and operational expenses.

Le himself has been doing some portfolio rebalancing of his own. He recently sold 3,299 shares of Strategy stock for $456K, followed by another tranche worth $279K.

What Saylor built, Le is refining

The BPS metric creates a clear, quantifiable way to evaluate whether a Bitcoin sale creates or destroys value for shareholders. If selling 1,000 Bitcoin today funds a buyback that increases BPS, the math says do it. If holding through a dip preserves long-term BPS growth, the math says hold.

The 1x mNAV threshold for dividend-related sales is particularly clever. It essentially says: we’ll only sell Bitcoin to fund dividends when the market is undervaluing our holdings anyway. In that scenario, selling Bitcoin at market price while the stock trades at a discount becomes an arbitrage of sorts, converting an undervalued asset on the balance sheet into direct shareholder returns.

What this means for investors

The $44 billion capital raise plan means Strategy will continue to be a dominant force in Bitcoin markets. With holdings exceeding 3% of circulating supply, every purchase and every potential sale moves the needle. Investors in Bitcoin itself need to understand that Strategy is no longer a one-way buyer.

For Strategy shareholders specifically, the BPS framework introduces a level of transparency that the “never sell” era lacked. Investors can now evaluate management decisions against a concrete metric. Did a given transaction increase or decrease Bitcoin Per Share? That’s a question with a numerical answer.