Strategy CEO Phong Le clarifies the firm’s stance on Bitcoin sales, directly addressing recent market speculation sparked by Michael Saylor’s dividend comments. The core message: selling BTC is a rare, strategic exception, not a rule. The primary trigger for any sale is to fund the 11.5% dividend on the STRC preferred stock. This is a fixed, contractual obligation, not a discretionary trade. Tax optimization is the only other stated condition, highlighting a disciplined, tax-aware treasury approach. Le frames the decision process through a rigorous lens: the Bitcoin per share metric. Every potential sale is weighed against issuing new equity. The goal is to ensure any sale is accretive for common shareholders, not dilutive. This is a sophisticated capital allocation framework, prioritizing long-term shareholder value over short-term liquidity. This statement serves as a critical filter for interpreting Saylor’s broader vision. It confirms that Strategy views Bitcoin as its primary treasury reserve asset. Selling is not a bearish signal but a calculated move within a strict, predefined financial architecture. The market can now trade with a clearer understanding of the company’s operational triggers.