Michael Saylor’s Strategy names the ‘last resort’ condition it will sell Bitcoin

Notably, the companys model relies on keeping its stock trading at a premium to net asset value. When that premium exists, Strategy raises equity and converts the proceeds into more Bitcoin, steadily increasing BTC per share.

If the premium disappears and new equity becomes too dilutive, Le said selling Bitcoin to meet obligations becomes the logical fallback, even if it contradicts the firms long-standing accumulation strategy.

Notably, amid the recent Bitcoin price drop, the firm has come under pressure, with some on Wall Street warning that its strategy could falter and calling for it to offload part of its BTC holdings.

The pressure stems from rising fixed payouts tied to preferred shares issued in 2025, which carry escalating annual obligations of roughly $750 million to $800 million as different series mature.

To this end, the company aims to fund these commitments mainly through equity issuance while the stock trades at a premium, a cycle Strategy believes strengthens investor confidence.