Key takeaways
Strategy is the largest corporate Bitcoin holder, with roughly 650,000 BTC on its balance sheet.
The company’s model hinges on raising capital and converting it into BTC while keeping its market-cap-to-Bitcoin value (mNAV) above 1.
CEO Phong Le has described any Bitcoin sale as a “last resort” option that would be considered only if mNAV drops below 1 and access to new capital meaningfully deteriorates.
Even if Strategy chooses to sell a portion of its holdings, Bitcoin trades in a market with tens of billions in daily volume, and any sale would likely be targeted rather than a full exit.
Strategy, the company formerly known as MicroStrategy, has spent the past five years turning itself into what it calls “the world’s first and largest Bitcoin Treasury Company.”
As of early December 2025, it held almost 650,000 Bitcoin (BTC), which is more than 3% of the 21 million supply and by far the largest stack owned by a public company.
For many traditional investors, Strategy’s stock became a kind of leveraged proxy for Bitcoin. Instead of buying BTC directly, they chose the stock because the company raises capital and converts it into Bitcoin.
The current debate comes from CEO Phong Le’s recent comments that a Bitcoin sale is possible under very specific conditions. Headlines often focus on the word “sell,” but the company presents this as risk management for extreme stress, not a shift in its long-term Bitcoin thesis.
This article looks at how the plan works and what could trigger sales, helping readers interpret future news without panic or fear of missing out (FOMO). This guide is purely informational and not investment advice.
Did you know? Recent estimates suggest that institutions now hold nearly 20% of all mined Bitcoin.
How Strategy’s Bitcoin engine actually works
Day to day, Strategy runs a relatively simple loop in financial terms. The company:
Raises capital in traditional markets through common-stock at-the-market programs, multiple series of perpetual preferred stock, such as STRK and STRF, and occasional convertible debt.
Uses much of that capital to buy more Bitcoin, which it…
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