Strategy Inc. is not selling its Bitcoin. At least not while the market is running hot, according to CEO Phong Le, who made his position clear in early September 2026: the company does not plan to offload any of its holdings during what he described as an incoming heavy bull market.
That’s a confident statement from the man running a company that now holds 845,050 BTC, worth roughly $65 billion. To put that in perspective, Strategy controls more than 4% of the entire Bitcoin supply that will ever exist.
The numbers behind the conviction
Strategy’s latest Bitcoin purchase was 4,603 BTC acquired at an average price of $80,318 per coin, resuming accumulation after an approximate ten-week pause.
That pause wasn’t a loss of faith. The company used the break to clean up its balance sheet, pay down debt to reach a zero net debt position, and build a cash cushion of roughly $7 billion.
During that same period, Strategy sold approximately 7,000 BTC, at prices between $60,000 and $65,000 per coin, primarily to cover preferred dividend obligations. Le framed those sales as a capital cost decision, not a referendum on Bitcoin’s value.
From ‘never sell’ to ‘sell only when it makes sense’
Strategy built its reputation on an almost religious commitment to never selling Bitcoin. But the reality of running a public company with preferred shareholders and debt obligations meant the dogma needed a practical update. Le’s framing in September 2026 reflects that evolution.
Le described the approach as a two-way strategy: accumulate when conditions favor it, and sell only under strictly defined circumstances tied to capital costs rather than price sentiment. The emphasis, he stressed, is on growing Bitcoin per share over time, a metric that treats the company’s stock as a proxy for Bitcoin exposure, adjusted for dilution and capital efficiency.
What this signals for institutional Bitcoin holders
Le’s comments suggest the company is thinking several moves ahead. By establishing that future sales are possible but rule-bound, Strategy creates a framework other institutional holders can study and adapt.
For market participants watching Strategy’s every filing, Le’s September remarks also carry a forward signal. He does not expect to sell during the bull market, implying he sees the bull market as real, ongoing, and substantial enough to justify holding rather than trimming.
Strategy’s Bitcoin-per-share metric is also worth watching as a benchmark. If that number grows consistently over time, it becomes harder for critics to argue the company’s approach is destroying shareholder value.
The company holding over 4% of the total Bitcoin supply means its decisions ripple outward. A surprise sale at scale would move markets. Strategy’s behavior is no longer just a corporate finance story. It shapes how the broader market reads institutional conviction in Bitcoin.