From an ordinary data analytics software company to the world's largest Bitcoin holder, Strategy (formerly MicroStrategy) represents one of the biggest corporate bets in business history in the era of digital assets.
Previously, Thairath Money's Digital Frontiers featured Strategy as a case study of a company boldly challenging mainstream trends by investing heavily and creating complex financial strategies to fund Bitcoin purchases, transforming from a typical software provider into a major player in the cryptocurrency space, also known as a Bitcoin Treasury Company.
However, the game is shifting again as Strategy signals a willingness to sell Bitcoin—previously declared 'never to sell'—if it benefits shareholders in the future. Following this announcement, the company's stock declined about 3% in after-hours trading.
In the Q1 2026 financial report showing a net loss of $12.5 billion, Strategy declared a new stance on Bitcoin. This marks a shift from founder Michael Saylor’s original principle of never selling Bitcoin and focusing on long-term accumulation, toward considering selling Bitcoin to increase cash liquidity for debt management or to enhance Bitcoin per share value in the long term.
Phong Le, the company’s Chairman and CEO, stated that the firm will adopt a proactive portfolio management approach, emphasizing, “Bitcoin will be sold only when it benefits the company.” The company aims to remain a net aggregator, but more importantly, to increase Bitcoin per share to create long-term shareholder value.
He further explained that Bitcoin per share will serve as an internal metric to assess how much Bitcoin each shareholder is entitled to. This figure can fluctuate due to factors such as additional Bitcoin purchases, new share issuances, or selling Bitcoin to manage debt or conduct buybacks.
/Data from the annual financial statementsindicate that Strategy remains the largest Bitcoin holder among U.S. publicly traded companies. At the end of Q1 2026, the company held 818,334 Bitcoins valued at approximately $61.8 billion, with an average cost basis of about $75,500 per Bitcoin—representing nearly 4% of the total Bitcoin supply globally. This year, the company has added roughly 63,000 Bitcoins, with a Bitcoin return of about 9% year-to-date.
Le’s statement shows that Strategy’s shift to selling some Bitcoin to hold cash or manage debt does not indicate diminished belief in Bitcoin but reflects the reality that the original model relying on premium value and traditional capital markets now requires greater risk management.
Last year, in Q3 2025, Strategy reported a net profit of $2.8 billion, exceeding market expectations but significantly lower than the prior quarter’s $10 billion profit.
From 2020 to 2024, during the prolonged Bitcoin bull market, Strategy’s model driven by the “premium” between its stock price and Bitcoin value—measured by mNAV (Market-Adjusted Net Asset Value)—enabled continuous capital raising through stock issuance to buy more Bitcoin. Investors accepted a high premium believing the company could leverage equity and debt financing to fuel exponential growth.
However, in 2025, pressures from a volatile market and a Bitcoin price slowdown, combined with a heavy debt load, directly impacted the premium value. The premium shrank significantly from nearly 4x the previous year to about 1.2x, tightening fundraising capacity and disrupting the growth cycle—an issue closely watched by the market.
Many analysts agree this turning point forces Strategy to employ alternative tools rather than rely solely on capital markets.
Michael Youngworth of Bank of America noted that the success in raising funds through preferred shares shows the company still finds investors who believe in its story, albeit at higher risk. Meanwhile, short-seller Jim Chanos questioned whether a model reliant on stock price and investor confidence is sustainable without supportive market conditions.
In this context, selling Bitcoin becomes a new balance sheet management tool rather than a change in conviction—helping the company increase liquidity amid fundraising difficulties, reduce debt pressure, and maintain strategic flexibility over the long term.
In other words, this decision reflects that Strategy may not be abandoning its trusted asset, but as a legendary company in this space, it must structurally adapt its business model to balance growth ambitions with real risk management going forward.
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