Key takeaways
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Strategy is the largest corporate Bitcoin holder, with roughly 650,000 BTC on its balance sheet.
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The company’s model hinges on raising capital and converting it into BTC while keeping its market-cap-to-Bitcoin value (mNAV) above 1.
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CEO Phong Le has described any Bitcoin sale as a “last resort” option that would be considered only if mNAV drops below 1 and access to new capital meaningfully deteriorates.
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Even if Strategy chooses to sell a portion of its holdings, Bitcoin…
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