Bitcoin Corporate Treasuries Shift Strategy: When Selling BTC Becomes Financially Advantageous

Bitcoin Corporate Treasuries Rethink ‘Never Sell’ Policy Amid Market Shifts

On May 5, 2026, Strategy CEO Phong Le and MicroStrategy co-founder Michael Saylor publicly acknowledged that selling Bitcoin could become a strategic financial move for corporate treasuries. During Strategy’s earnings call, Le stated,

"We will sell Bitcoin when it is advantageous to the company."

Saylor added that Strategy might

"probably sell some Bitcoin to fund a dividend just to inoculate the market."

Strategy’s Bitcoin Holdings and Financial Framework

As of May 3, 2026, Strategy held 818,334 BTC, a 22% increase year-to-date, with a market value of $64.14 billion. The company now employs a quantitative framework to determine when selling Bitcoin is more beneficial than alternative financial strategies.

The new model suggests that selling Bitcoin and paying dividends can be more accretive than issuing common equity when Strategy’s market value falls below 1.22x modified net asset value (mNAV).

Saylor further explained that if Bitcoin appreciates by just 2.3% annually, Strategy’s current Bitcoin reserve could fund dividends indefinitely. Even in a zero-appreciation scenario, the reserve could support dividends for 43 years.

From ‘Never Sell’ to Strategic Bitcoin Sales

The shift reflects a broader trend where companies with Bitcoin treasuries are adopting a more pragmatic approach. Previously, these companies were valued primarily as Bitcoin proxies, emphasizing scarcity and long-term holding. The new framework introduces a more nuanced strategy, balancing Bitcoin holdings with corporate financial needs.

The 1.22x mNAV threshold and the 2.3% breakeven rate represent a more transparent and complex pitch, acknowledging that Bitcoin sales can be a viable tool for corporate finance.

Sequans Demonstrates Bitcoin as Operational Liquidity

Sequans Communications provides a case study in how Bitcoin can serve as operational liquidity. In the first quarter of 2026, Sequans reported a 24.8% year-over-year decline in revenue, totaling $6.1 million, alongside a $50.5 million operating loss.

The company realized $11.7 million in net losses from Bitcoin sales, with proceeds primarily used to redeem convertible debt and repurchase American Depositary Shares (ADS). As of March 31, 2026, Sequans held 1,514 BTC, with 1,217 BTC pledged as collateral against $66.2 million in convertible debt.

By April 30, 2026, the company’s Bitcoin holdings had decreased to 1,114 BTC, with 817 BTC serving as collateral against $35.9 million in debt due by June 1, 2026.

This follows a similar pattern from November 2025, when Sequans sold 970 BTC to redeem 50% of its convertible debt, reducing its obligation from $189 million to $94.5 million.

For Sequans, Bitcoin sales become necessary when revenue declines and debt obligations come due, turning Bitcoin holdings into a critical source of liquidity.

MARA’s Large-Scale Bitcoin Sale Highlights Strategic Debt Management

MARA (Marathon Digital Holdings) applied a similar logic in March 2026, selling 15,133 BTC for approximately $1.1 billion. The proceeds were used to repurchase convertible notes, reducing the company’s outstanding convertible debt by 30% and capturing $88.1 million in value.

MARA framed the move as a strategic financial decision, demonstrating how Bitcoin can be leveraged to manage debt and enhance shareholder value.

Key Takeaways for Bitcoin Corporate Treasuries

• Bitcoin sales are now a recognized corporate finance tool, with companies like Strategy, Sequans, and MARA using them to fund dividends, redeem debt, and repurchase shares.
• Financial thresholds, such as the 1.22x mNAV rule, guide when selling Bitcoin is more beneficial than alternative strategies like issuing equity.
• Bitcoin’s role as operational liquidity is becoming more prominent, particularly for companies with weaker operating performance or looming debt obligations.
• The shift from "never sell" to strategic sales reflects a more mature and pragmatic approach to Bitcoin treasury management.