Strategy CEO clarifies conditions for Bitcoin sales: Selling will only occur if it benefits shareholders.

According to Mars Finance, Strategy CEO Phong Le confirmed that the company will only sell Bitcoin under specific conditions. This follows Executive Chairman Michael Saylor's earlier hints that the company might sell Bitcoin to pay dividends, causing MSTR's stock price to fall by 4%. Le stated that the sale decision is primarily related to the Series A perpetual preferred stock Stretch (STRC, dividend yield 11.5%). The company will only execute the sale if selling Bitcoin is more beneficial to shareholders than issuing stock to pay dividends. The specific triggers are a share price below book value or an mNAV below approximately 1.22. The second condition involves tax management, including realizing deferred income or capturing tax losses. Le emphasized that the company's leverage ratio is approximately 10%-15%, with a leverage ratio of approximately 35%, and its financial situation is manageable. Strategy currently holds 818,334 BTC at an average price of approximately $75,537, making it the world's largest publicly traded Bitcoin holder. Le pointed out that Bitcoin's daily trading volume exceeds $60 billion, while the company's annual dividend is only about $1.5 billion, so liquidity is not an issue. He stated, "I believe in mathematics, not ideology."