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Strategy is the publicly traded company with the most bitcoin (BTC) in its treasury.
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For now, the company remains solvent.
Strategy, the firm led by Michael Saylor, made new purchases of bitcoin (BTC) for $11.7 million.
In this way, the company raised its holdings to 650,000 BTC. At the moment, It is the publicly traded company with the largest corporate reserve of bitcoin.
These purchases occur amid the fall in the price of bitcoin, which returned to trading below $90,000, and the statements of the firm’s CEO, Phong Le, about possible sales.
«We can sell bitcoin, and we would do so if we needed to fund dividend payments below 1x. That is our main KPI. Under 1x MNAV, it is more efficient for yield in BTC to sell bitcoin to pay dividends, and we would do so in that case,» he commented.
As NoticiasVE has explained, MNAV is a metric that reflects the adjusted net value per share and serves to evaluate immediate financial health. If it falls below 1 and Strategy could be left without financing alternatives.
Although Phong Le pointed out that there is no plan to sell BTC, he admitted that specific sales could be made to cover obligations or take advantage of tax advantages.
However, Strategy’s MNAV already dropped from 1 in November and still no sales occurred; On the contrary, the company continued to purchase more bitcoin, indicating that the company remains solvent and does not face urgent liquidity needs.
On the other hand, the American firm reported the formation of a new reserve in dollars of 1,440 million, a fund intended to guarantee the payment of dividends and interest during the next 12 to 21 months. This reserve is funded by the sale of shares, not BTC sales.
The risk for BTC arises in the event that this fund runs out or the asset price falls too far, as Strategy could be forced to divest some of its holdings to cover those obligations. Being the largest corporate holder of BTC, a forced sale would have a relevant psychological and market impact on the price of the asset.
At the same time, this decision has another reading: the company two years of operational tranquility are assuredshielding itself from recurring questions about how it will finance its dividends and reducing short-term pressure, as raised by Spanish podcaster Alberto Mera. It is, in part, a movement to continue with its strategy without problems.