Strategy is chipping away at the notion that it would never sell any of its Bitcoin holdings, after building up a $67 billion stockpile of the original cryptocurrency.
After years of championing a maximalist philosophy around Bitcoin, executives at the firm said Tuesday they would consider selling the token if doing so improved the company’s capital structure or increased “Bitcoin per share,” a key metric used to market the stock to investors. Co-founder and Chairman Michael Saylor likened Strategy to a real estate developer, and outlined a scenario in which it might sell Bitcoin in the future.
“You buy back Bitcoin with credit, you let it appreciate, and then you sell Bitcoin to pay the dividend,” he said on an earnings call. “And as long as you’re issuing credit in excess of the breakeven point, then this business works and grows forever.”
The business model of so-called digital asset treasuries, or DATs — which Saylor pioneered — has been under strain since cryptocurrency prices precipitously fell last October. Tuesday’s comments underscore how Strategy has evolved beyond simple accumulation into a more complex balance-sheet operation shaped by debt costs, preferred-stock obligations and shareholder appetite.
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Strategy didn’t immediately respond to a request for comment.
Asked in a 2024 interview on Bloomberg TV when the company would likely sell its Bitcoin holdings, Saylor said there’s “no reason to sell the winner.”
But in recent months Strategy has floated the idea that it may at some point have to liquidate some of its hoard to meet its dividend commitments. In November, Chief Executive Officer Phong Le said the company could sell Bitcoin as a last resort. On the latest earnings call, Le was less reserved.
“Our ability to sell Bitcoin either to buy US dollars or sell Bitcoin to buy debt if it’s accretive to Bitcoin per share, right, is something that we would consider going forward,” he said. “We’re not going to sit back and just say we’ll never sell the Bitcoin.”
S&P Global Ratings in October last year assigned Strategy a junk level credit rating, citing factors including its narrow business focus. The ratings agency noted that Strategy’s convertible debt may reach maturity during a period of stress for Bitcoin, potentially leading to it liquidating its tokens at “depressed prices.”
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That junk rating signaled the start of a shift in Strategy’s no-sell stance, according to Derek Lim, head of research and crypto market maker Caladan. Le’s latest comments “just made it more official, but all these were already very much hinted at already,” he said.
Rich Rosenblum, a former Goldman Sachs trader and co-founder of crypto market maker GSR, doesn’t think this marks a permanent shift for Strategy.
“I think the combination of Strategy’s premium weakness combined with Bitcoin’s under-performance versus gold may have brought a come to Jesus moment,” he said. “Now he’s happy to take some profits and lock in a higher basis, in case there is one more move lower before the bear cycle ends.”
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