Strategy reverses never-sell Bitcoin policy — 818,334 BTC now an actively managed treasury asset.

CEO Phong Le confirmed on Tuesday's earnings call that Strategy will now consider selling BTC to buy dollars or retire debt, provided the trade is accretive to bitcoin per share. The policy reversal directly contradicts the philosophy Michael Saylor built the company's brand around — including his February 2025 post urging holders to 'sell a kidney' before selling Bitcoin. MSTR shares rose 3% in after-hours trading on the news.

The scale of the position makes the announcement significant for the broader market. Strategy's 818,334 BTC — nearly 4% of total supply, acquired at an average cost of $75,500 per coin — is valued at roughly $66.8 billion at current spot. A Q1 2026 net loss of $12.5 billion, driven by BTC's early-year decline, appears to be the financial pressure behind the pivot.

Any meaningful disposal would almost certainly route through OTC desks rather than exchange order…