The logic of Bitcoin treasury has changed: The "never sell" strategy promise has ended.

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Strategy is quietly rewriting the core logic of its Bitcoin strategy. The world’s largest corporate Bitcoin holder has announced it will abandon its long-held "never sell" stance, shifting to active management of its balance sheet to maximize Bitcoin value per share.

During the earnings call on Tuesday night, President and CEO Phong Le explicitly stated that selling Bitcoin for USD or using it to repay debt is on the table as long as it helps increase Bitcoin value per share.

This is the first public declaration of a strategy shift since founder and Chairman Michael Saylor established the “never sell” principle.

Meanwhile, Strategy reported a net loss of $12.5 billion in the first quarter, mainly due to a sharp drop in Bitcoin prices at the start of the year. After the announcement, the company’s stock fell more than 4% after hours.

From “Hoarding” to “Managing”: Fundamental Shift in Strategic Logic

Phong Le made the new direction clear at the earnings call: “We will no longer sit there and say ‘never sell Bitcoin’. We want to be a net accumulator of Bitcoin—not only increasing our total holdings, but more importantly, enhancing Bitcoin per share, because we believe that is the most valuable thing for MSTR shareholders in the long run.”

Bitcoin per share is Strategy's unofficial metric for measuring shareholder Bitcoin exposure, reflecting how much Bitcoin corresponds to each share. This indicator changes as the company accumulates Bitcoin, issues new shares, or sells Bitcoin to manage debt or repurchase shares. Strategy’s BTC return this year is about 9%, representing the growth in Bitcoin per share.

Saylor, on the same call, used real estate developers as an analogy, providing theoretical support for the new strategy. He said if a company buys land at $10,000 per acre and sells it at $100,000, uses the profits to buy more land, or pays interest on debt with the sales proceeds, no one would think this damages real estate value, nor would anyone say the business model has failed. “The very existence of real estate development companies is to buy low and sell high,” he said, “We are like a Bitcoin development company.”

Balance Sheet Pressure Emerges, USD Reserve Reaches $2.25 Billion

Strategy’s shift is not without basis. Last December, the company established a USD reserve, now totaling $2.25 billion, specifically to ensure it can pay preferred dividends and settle debt interest. The company has been funding Bitcoin purchases through issuing new shares and bonds.

As of the end of the first quarter, Strategy held 818,334 Bitcoins with a total cost of about $61.81 billion, an average cost of $75,500 per Bitcoin, accounting for nearly 4% of total Bitcoin supply. Since the beginning of the year, the company has acquired about 63,000 additional Bitcoins.

The first quarter’s $12.5 billion net loss directly reflects the impact of declining Bitcoin prices at the start of the year on book value. Against this backdrop, simply relying on passive accumulation and not actively managing holdings clearly faces increasing financial pressure.

The core of this strategic shift is a change in the company’s performance indicators—from focusing on "how much Bitcoin is held" to "how much Bitcoin per share." This means that even selling some Bitcoin in specific circumstances, as long as it increases Bitcoin per share, aligns with the company’s long-term interests.

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