Phong Le, CEO of Strategy, explains that they would eventually sell Bitcoin instead of $MSTR to fund the dividends on the preferred shares if the mNAV trades below 1x and raising additional capital is difficult because it would be better for the BTC yield.

@Strategy Interesting to see Strategy suddenly put their CEO in front of the camera, softening the company’s long-held narrative of never selling Bitcoin. Michael Saylor could never make a statement like that in his position. It looks like Strategy is deliberately creating optionality.

@Strategy He already said something similar.

@Strategy Or here

@Strategy Interesting🤔

@Strategy They sold bitcoin during the last bear market and have presented that as one of their many options over and over again, but all the clowns on X don’t listen to fucking earnings reports, obviously

@Strategy Never sell your bitcoin!

@Strategy

@Strategy MSTR is really deceptive the way they use mNAV. The mNAV they put on their site is Enterprise mNAV which is higher than basic mNAV and counter-intuitive because it INCLUDES debt liabilities. Pref investors know this, and don't look at that. Basic mNAV is already below 1.

@Strategy Saylor: Hey Phong Le, you gonna spread the news, I’ll stay in the car.

@Strategy My guess is : they sell if mnav goes below 0.2

@Strategy Wäre auch kein Probem das kurzfristig zu machen. Sie bekommen über die Preferreds Kapital, welches über 10 Jahre zurückbezahlt wird. Theoretisch wäre das Business sogar massiv profitabel wenn sie Dividenden immer durch BTC Verkäufe finanzieren würden.

@Strategy Completely ridiculous. If mstr starts selling btc, shorts will slaughter the stock and the valuation could go to nearly zero on a bitcoin collapse. Perhaps this is why the ceo keeps selling his shares?

@Strategy And mNAV is REALLY close to below 1 lol

@Strategy Exactly what $mstr investors needed to hear. Win win for both preferred share holders and common stock share holders.

@Strategy Selling BTC and doing stock buyback might also be a nice strategy if a big investor makes an announcement they are long BTC and short MSTR. Not for financial reasons, but just to dish out pain.

@Strategy Makes sense in theory, but this assumes mNAV stays below 1x long enough to matter. History shows $MSTR trades at premium most of the time - they'd likely just wait it out or do converts at higher premiums rather than touch the BTC stack.

@Strategy Borrow against your $BTC #bitcoin

@Strategy All the haters didn’t listen to the interview

@Strategy If it's good for the share holders, i.a. the BTC yield grows, all means are justified.

@Strategy That would cause a massive sell off. Their entire premise is "don't sell bitcoin"

@Strategy Oh great, a potential forced seller. Lets fuck around and see what happens

@Strategy Dude is stuttering hard…

@Strategy This feels like a massive circle jerk

@Strategy @ZynxBTC

@Strategy What other choice would they have? Other than default on the dividend payments?

@Strategy House of cards

@Strategy The preferreds is where they went wrong. Let’s take in perpetual dividend obligations for no reason. Great idea

@Strategy @PostTenebras2

@Strategy is this why they moved $BTC ?

@Strategy @grok what would be the actual figure?

@Strategy Did you he chat to Saylor about this?

@Strategy Something is fishy going on, thats for sure. Their dividend would eat away their btc

@Strategy Ya because all the mSTR shareholders are getting tired of holding this asset. Better be at a high soon before it’s worthless!

@Strategy Saylor doesn't even work for Strategy. Crazy.

@Strategy @saylor says otherwise

@Strategy @grok what are the conditions that can make them to sell bitcoin?

@Strategy No shit we have known this forever

@Strategy This is all hypothetical

@Strategy @grok when was this interview conducted?