Strategy CEO: May Sell BTC Instead of Issuing Shares to Enhance 'Bitcoin per Share'
Strategy CEO Phong Le stated in a CNBC interview that the company may pay dividends/yields by selling Bitcoin rather than issuing shares, as long as this operation has an "accretive" effect for shareholders.
He clearly defined the "accretive" standard as enhancing the "bitcoin per share" holding.
This strategy continues MicroStrategy's model of treating Bitcoin as a core reserve asset, prioritizing the growth of Bitcoin per share.
Source: Public Information
ABAB AI Insight
Phong Le has been promoting MicroStrategy's "Bitcoin First" strategy alongside Michael Saylor since 2022, with the company adopting Bitcoin as a primary balance sheet reserve. This statement continues their approach of flexibly utilizing BTC liquidity in a high-interest environment instead of diluting equity, having previously increased Bitcoin holdings at low cost through convertible bonds.
In terms of capital strategy, MicroStrategy plans to sell some BTC when prices are favorable to pay yields or debts, while quickly replenishing holdings through refinancing or operating cash flow. This shifts funding from pure holding to dynamic rebalancing, aiming to maintain Bitcoin per share growth without diluting equity, while leveraging BTC volatility for low buy-high sell opportunities.
Similar to MicroStrategy's past practices of increasing Bitcoin holdings through multiple convertible bond financings, and the current trend of institutional Bitcoin reserve management, corporate Bitcoin strategies are transitioning from static accumulation to dynamic optimization of "bitcoin per share".
Essentially, this represents capital concentration: achieving pricing power through "selling BTC to pay interest while maintaining per share growth" shifts from traditional equity financing to dynamic management of Bitcoin reserves. The mechanism involves treating Bitcoin as both an asset and a financing tool, tightly binding company valuation to Bitcoin prices, thereby attracting long-term investors who believe in Bitcoin and amplifying the leverage effect of Bitcoin per share.
ABAB News · Cognitive Law
For companies that truly believe in Bitcoin, the purpose of selling coins is never to exit, but to increase Bitcoin per share.
When Bitcoin is both an asset and a financing tool, equity dilution becomes the worst choice.
The highest level of capital operation is to make every sale the beginning of acquiring more Bitcoin.