Strategy will sell Bitcoin as ‘last resort’ if mNAV drops, capital is unavailable: CEO

Strategy CEO Phong Le indicated that the company would only consider selling its Bitcoin holdings if its multiple to net asset value (mNAV) drops below one and external financing options become unavailable. This action would be a "last resort" to protect "Bitcoin yield per share," not a change in policy, prioritizing financial discipline over emotion during hostile market conditions. Strategy's business model relies on issuing equity at a premium to NAV to purchase Bitcoin. The warning comes as the company faces significant annual dividend obligations, estimated between $750 million and $800 million, which they plan to fund through premium equity raises. Le defended the long-term thesis for Bitcoin as a scarce, non-sovereign asset. Furthermore, Strategy recently launched a "BTC Credit" dashboard to reassure investors, claiming sufficient dividend coverage even if Bitcoin's price stagnates or falls significantly.

(Source：Cointelegraph)