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Von Lee, CEO of U.S.-listed company Strategy, said on Nov. 29 that the company would consider selling its Bitcoin (BTC) holdings only under highly restrictive circumstances.
JUST IN: Strategy CEO Phong Le says $BTC would only be sold if the company’s stock falls below net asset value and funding options disappear, calling it a financial decision. pic.twitter.com/YpgEIeF3qe
— Whale Insider (@WhaleInsider) November 30, 2025
Bitcoin Sales Only If Two Conditions Are Met
According to Lee, Strategy will explore selling Bitcoin only if both of the following conditions occur:
- The company’s share price drops below its modified net asset value (mNAV), and
- Access to new capital is lost.
Strategy currently holds 649,870 BTC, valued at approximately USD 59.33 billion. Lee stressed that potential BTC sales are not part of normal financial operations but a “backup plan” reserved for situations of severe financial pressure. The comments were intended to reassure investors that Strategy remains committed to its long-term Bitcoin accumulation strategy, which is a stance that has influenced many retail holders who follow the company’s approach.
Strategy’s business model centers on maintaining a share-price premium relative to its net asset value. The company leverages this premium to raise capital through equity issuance and then uses those funds to purchase additional Bitcoin.
This Bitcoin-centric strategy is reflected in its rebranding from MicroStrategy to Strategy, signaling the company’s evolution into a Bitcoin-focused treasury institution.
However, Strategy faces upcoming challenges, including the redemption of preferred shares maturing in 2025 and potential liquidity risks if market conditions deteriorate. If the share-price premium vanishes, and equity financing becomes heavily dilutive, the company may be forced to consider selling BTC to meet financial obligations.
Market volatility remains a key risk factor for both the company’s valuation and Bitcoin prices. Significant downturns could prompt difficult decisions, making the company’s cautious stance an important message to investors.
