Strategy Inc. is gradually abandoning its core rule—never sell Bitcoin.
Having accumulated $67 billion in Bitcoin reserves, the company's management stated that it would consider selling the coins if it improves its capital structure or increases the key metric of Bitcoin per share, according to Bloomberg.
Co-founder Michael Saylor outlined a new scenario, comparing the company to a real estate developer:
"You buy Bitcoin on credit, let it appreciate in price, and then sell it to pay dividends. And as long as you borrow at terms above breakeven, the business runs and grows indefinitely."
This move highlights how Strategy's business model is changing under the pressure of the collapsed crypto market, debt servicing costs, and shareholder obligations. Back in 2024, Saylor stated in an interview with Bloomberg that "there's no reason to sell a winner." But now the rhetoric has changed.
The company's CEO, Phong Le, confirmed that selling BTC is no longer taboo.
"Our ability to sell Bitcoin to buy dollars or pay off debt is something we will consider going forward," he said. "We're not going to sit back and say we'll never sell Bitcoin."
The shift in the "never sell" policy began after S&P Global Ratings assigned Strategy a junk-grade credit rating in October. Analysts warned that the company's debt maturity could coincide with a crypto market crash, forcing it to sell coins at depressed prices.
Experts consider the change of course a pragmatic move. Derek Lim, head of research at Caladan, noted that the management's recent statements "only formalized what had long been hinted at."
Former Goldman Sachs trader Rich Rosenblum believes this shift is not permanent:
"Bitcoin's lag behind gold may have been their moment of truth. Now Saylor is happy to take some profits and establish a higher base in case there's another dip before the bear cycle ends."