Phong Le, the CEO of Strategy, laid out a surprisingly candid assessment of his company’s relationship with Bitcoin during a recent earnings call. The short version: when Bitcoin goes up, Strategy thrives. When it doesn’t, investors should expect turbulence.
That kind of honesty might seem obvious for a company sitting on roughly $65 billion worth of Bitcoin. But it’s the other thing Le said that’s turning heads: Strategy is now willing to sell Bitcoin if doing so would strengthen the balance sheet or improve financial metrics.
From ‘never sell’ to ‘maybe sell’
For years, Strategy’s entire identity has been built around accumulating Bitcoin and holding it with an almost religious conviction. The company, which rebranded from MicroStrategy in February 2025, became the poster child for corporate Bitcoin maximalism.
That narrative is evolving. Le indicated during the May 2026 earnings call that increasing Bitcoin per share has become the company’s primary objective. In practice, this means Strategy could trim its Bitcoin holdings if the math works out favorably on a per-share basis.
