Strategy’s Saylor Signals Potential Shift to Bitcoin Sales (2)

Strategy Inc. is chipping away at the notion that it would never sell any of its $67 billion in Bitcoin holdings.

After years of championing a maximalist philosophy around Bitcoin, executives at the firm said Tuesday they would consider selling the token if doing so improved the company’s capital structure or increased “Bitcoin per share,” a key metric used to market the stock to investors. Co-founder and Chairman Michael Saylor likened Strategy to a real estate developer, and outlined a scenario in which it might sell Bitcoin in the future.

Michael Saylor

Photographer: Ronda Churchill/Bloomberg

“You buy back Bitcoin with credit, you let it ...