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…
