<\/p>\n
Strategy is chipping away at the notion that it would never sell any of its Bitcoin holdings, after building up a $67 billion stockpile of the original cryptocurrency.<\/p>\n
After years of championing a maximalist philosophy around Bitcoin, executives at the firm said Tuesday they would consider selling the token if doing so improved the company\u2019s capital structure or increased \u201cBitcoin per share,\u201d a key metric used to market the stock to investors. Co-founder and Chairman Michael Saylor likened Strategy to a real estate developer, and outlined a scenario in which it might sell Bitcoin in the future.<\/p>\n
\u201cYou buy back Bitcoin with credit, you let it appreciate, and then you sell Bitcoin to pay the dividend,\u201d he said on an earnings call. \u201cAnd as long as you\u2019re issuing credit in excess of the breakeven point, then this business works and grows forever.\u201d<\/p>\n
The business model of so-called digital asset treasuries, or DATs \u2014 which Saylor pioneered \u2014 has been under strain since cryptocurrency prices precipitously fell last October. Tuesday\u2019s comments underscore how Strategy has evolved beyond simple accumulation into a more complex balance-sheet operation shaped by debt costs, preferred-stock obligations and shareholder appetite.<\/p>\n
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Strategy didn\u2019t immediately respond to a request for comment.<\/p>\n
Asked in a 2024 interview on Bloomberg TV when the company would likely sell its Bitcoin holdings, Saylor said there\u2019s \u201cno reason to sell the winner.\u201d<\/p>\n
But in recent months Strategy has floated the idea that it may at some point have to liquidate some of its hoard to meet its dividend commitments. In November, Chief Executive Officer Phong Le said the company could sell Bitcoin as a last resort. On the latest earnings call, Le was less reserved.<\/p>\n
\u201cOur ability to sell Bitcoin either to buy US dollars or sell Bitcoin to buy debt if it\u2019s accretive to Bitcoin per share, right, is something that we would consider going forward,\u201d he said. \u201cWe\u2019re not going to sit back and just say we\u2019ll never sell the Bitcoin.\u201d<\/p>\n
S&P Global Ratings in October last year assigned Strategy a junk level credit rating, citing factors including its narrow business focus. The ratings agency noted that Strategy\u2019s convertible debt may reach maturity during a period of stress for Bitcoin, potentially leading to it liquidating its tokens at \u201cdepressed prices.\u201d<\/p>\n
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That junk rating signaled the start of a shift in Strategy\u2019s no-sell stance, according to Derek Lim, head of research and crypto market maker Caladan. Le\u2019s latest comments \u201cjust made it more official, but all these were already very much hinted at already,\u201d he said.<\/p>\n
Rich Rosenblum, a former Goldman Sachs trader and co-founder of crypto market maker GSR, doesn\u2019t think this marks a permanent shift for Strategy.<\/p>\n
\u201cI think the combination of Strategy\u2019s premium weakness combined with Bitcoin\u2019s under-performance versus gold may have brought a come to Jesus moment,\u201d he said. \u201cNow he\u2019s happy to take some profits and lock in a higher basis, in case there is one more move lower before the bear cycle ends.\u201d<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Strategys #Saylor #signals #potential #shift #bitcoin #sales<\/p>\n","protected":false},"excerpt":{"rendered":"
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