Strategy’s Saylor Indicates Possible Transition to Bitcoin Sales

Strategy is reevaluating its position on selling any of its Bitcoin holdings, having amassed a $67 billion reserve of the cryptocurrency.

After years of promoting a maximalist view on Bitcoin, executives at the firm stated on Tuesday that they would consider selling the asset if it would enhance the company’s capital structure or boost “Bitcoin per share,” which is a critical metric for attracting investors. Co-founder and Chairman Michael Saylor compared Strategy to a real estate developer and described a scenario in which the company might sell some Bitcoin in the future.

“You can buy back Bitcoin using credit, allow it to appreciate, and then sell Bitcoin to cover the dividend,” he mentioned during an earnings call. “As long as the credit issuance exceeds the breakeven point, this business can thrive indefinitely.”

The business model known as digital asset treasuries (DATs), which Saylor pioneered, has faced challenges since the sharp decline in cryptocurrency values last October. Tuesday’s remarks highlight how Strategy has evolved from mere accumulation to a more intricate balance-sheet strategy influenced by debt costs, preferred-stock commitments, and shareholder interests.

Strategy did not provide an immediate response to a request for comment.

When asked in a 2024 interview on Bloomberg TV about when the company might sell its Bitcoin holdings, Saylor remarked that there’s “no reason to sell the winner.”

However, in recent months, Strategy has hinted that it may eventually need to liquidate some of its holdings to fulfill its dividend obligations. In November, CEO Phong Le indicated that the company could resort to selling Bitcoin as a last resort. During the latest earnings call, Le was more candid.

“Our capacity to sell Bitcoin in order to buy US dollars or to reduce debt, if it benefits Bitcoin per share, is a consideration we will have moving forward,” he stated. “We’re not going to sit idly by and assert that we’ll never sell our Bitcoin.”

S&P Global Ratings assigned Strategy a junk-level credit rating last October, citing concerns such as its narrow focus. The agency highlighted the risk that Strategy’s convertible debt might mature during a challenging period for Bitcoin, potentially forcing it to sell its tokens at “depressed prices.”

This junk rating marked the beginning of a shift in Strategy’s no-sell policy, according to Derek Lim, head of research and crypto market maker Caladan. Le’s latest remarks “officially confirmed what had already been strongly hinted,” he noted.

Rich Rosenblum, a former trader at Goldman Sachs and co-founder of crypto market maker GSR, doesn’t believe this signifies a permanent change for Strategy.

“I think the combination of the weakening premium for Strategy alongside Bitcoin’s underperformance relative to gold may have led to a pivotal moment,” he commented. “Now he’s prepared to take some profits and secure a higher basis, in case there’s another dip before the end of the bear cycle.”

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