"Strategy, the company formerly known as MicroStrategy, has spent the past five years turning itself into what it calls "the world's first and largest Bitcoin Treasury Company." As of early December 2025, it held almost 650,000 Bitcoin ( BTC), which is more than 3% of the 21 million supply and by far the largest stack owned by a public company."
"For many traditional investors, Strategy's stock became a kind of leveraged proxy for Bitcoin. Instead of buying BTC directly, they chose the stock because the company raises capital and converts it into Bitcoin. The current debate comes from CEO Phong Le's recent comments that a Bitcoin sale is possible under very specific conditions. Headlines often focus on the word "sell," but the company presents this as risk management for extreme stress, not a shift in its long-term Bitcoin thesis."
"CEO Phong Le has described any Bitcoin sale as a "last resort" option that would be considered only if mNAV drops below 1 and access to new capital meaningfully deteriorates. Even if Strategy chooses to sell a portion of its holdings, Bitcoin trades in a market with tens of billions in daily volume, and any sale would likely be targeted rather than a full exit."
Strategy has transformed into a Bitcoin Treasury Company and holds nearly 650,000 BTC, over 3% of the 21 million supply. The company raises capital through at-the-market equity programs, perpetual preferred shares, and convertible debt, then converts proceeds into Bitcoin. Strategy monitors a market-cap-to-Bitcoin value metric (mNAV) and aims to keep mNAV above 1 while funding additional purchases. CEO Phong Le frames any Bitcoin sale as a last-resort option if mNAV falls below 1 and capital access materially deteriorates. If sales occur, they would likely be targeted partial dispositions in a deep market with tens of billions in daily volume.
Read at Cointelegraph
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