MicroStrategy to sell Bitcoin only if accretive or for taxes

MicroStrategy CEO Phong Le confirmed the company will sell Bitcoin only under two conditions: when sales are accretive to Bitcoin‑per‑share, or to capture deferred tax gains or harvest losses.

Accretion is defined by the firm as increasing Bitcoin per share value. Examples include times when market price trades below the company’s book value or when mNAV falls below 1.22. Management will compare selling Bitcoin to issuing equity to fund dividend obligations and pursue the option that raises Bitcoin per share for shareholders.

The company’s change in stance follows the recent issuance of Series A Perpetual Stretch Preferred Stock, known as Stretch or STRC, which carries an 11.5% dividend. MicroStrategy has raised about $8.5 billion over the past 10 months through that instrument, which the CEO said provides additional funding options.

MicroStrategy first signaled a move away from a strict “never sell” policy during its Q1 2026 earnings call, where it reported a net loss of $12.54 billion. Executive Chairman Michael Saylor’s earlier comment that the firm might sell Bitcoin to cover dividends coincided with an approximately 4% drop in MicroStrategy’s stock.

The company remains the largest publicly traded corporate holder of Bitcoin, with 818,334 coins acquired at an average price near $75,537 per coin. Management estimates net leverage at about 10–15% and an amplification ratio around 35%, metrics it says are managed closely and comparable with investment‑grade measures.

On liquidity, Le noted Bitcoin’s daily trading volume is large relative to MicroStrategy’s dividend obligations. “Bitcoin trades north of $60 billion a day,” he said, adding that an annual dividend obligation of roughly $1.5 billion represents a small portion of daily market volume. The company estimates its holdings equal nearly 4% of Bitcoin’s circulating supply but does not expect its transactions to materially move market prices.

Management emphasized that any future sales would be executed with shareholder accretion and market liquidity in mind. Le described the approach as pragmatic, saying, “Ultimately, I believe in math over ideology.”