Today's post by Phong Le on X seems to put an end to this week's debate over what would happen to the market if the largest corporate holder of Bitcoin started selling. The answer was simple: nothing happened.
Phong Le published six new capital management principles that officially replace the old "buy and never sell" dogma. Unlike Michael Saylor, Le is building the image not of a crypto prophet, but of a pragmatic risk manager for whom Bitcoin is no longer a sacred asset, but a working instrument.
Strategy's new 6-point Bitcoin playbook
The central axis of the framework formed through Strategy's six market principles became the prioritization of the Bitcoin Per Share (BPS) metric: now every step the company takes, whether raising debt or managing reserves, is aimed exclusively at increasing the amount of BTC per share. To make this mechanism work, Le is betting on aggressive scaling of the MSTR product and dynamic adjustment of financial leverage depending on market volatility.
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At the same time, the company is moving away from passive accumulation toward active balance sheet defense, and Strategy intends to proactively reduce convertible debt and strictly control the size of its dollar reserves based on current credit risks.
6 capital market principals of Strategy, Source: Strategy CEO Phong Le
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The most resonant point, of course, became the sixth principle - official permission to sell BTC when it is beneficial for the company. However, the main hook lies in the market's reaction.
Phong Le stated that "Bitcoin shrugged" when the Q1 2026 earnings call made information about possible sales public. Despite the fact that Strategy controls nearly 4% of the global Bitcoin supply worth 818,334 BTC, traders completely ignored the potential threat of a sell-off.
Moreover, Bitcoin's price rose 2.3% intraday, reaching a multi-month high above $82,800.
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