Strategy CEO Phong Le puts Bitcoin sales rules behind BPS

Strategy CEO Phong Le says the firm has replaced the “buy and never sell” Bitcoin doctrine with a new 6-principle Bitcoin capital-management framework. The core metric is Bitcoin Per Share (BPS): management actions—such as raising debt, managing reserves, and adjusting leverage by market volatility—are aimed at maximizing BTC per share. Le also shifts Strategy toward active balance-sheet defense: the company intends to reduce convertible debt more proactively and control the size of its dollar reserves based on credit risks. A key update is an explicit permission to sell Bitcoin when it is beneficial for the company, rather than banning sales outright. Le noted that during the Q1 2026 earnings call, when possible sales were discussed, the market reaction was muted (“Bitcoin shrugged”). Traders largely ignored the potential overhang that Strategy holds nearly 4% of global Bitcoin supply (818,334 BTC). Market impact: BTC rose about 2.3% intraday to above $82,800 and reached a multi-month high, suggesting corporate-selling fears are not currently driving downside positioning. For traders, this is a narrative shift: corporate treasury management is becoming more rules-based around BPS, but with conditional sell optionality. The immediate takeaway is that the BTC market has shown resilience to “possible selling” headlines, supporting a more neutral-to-bullish stance while watching leverage, reserve size, and any actual sell executions.