Strategy CEO Spells Out the One 2028 Scenario That Could Force a Bitcoin Dump 🟧

Strategy CEO Phong Le said the only realistic scenario in which the company could be compelled to sell its Bitcoin holdings is tied to roughly $3.5 billion in preferred shares coming due in 2028. "The most realistic scenario of us being a forced seller of Bitcoin is we have about $3.5 billion of preferreds that come due 2028," Le said in an interview with crypto analyst Scott Melker, adding that a significant decline in Bitcoin's value combined with a depressed share price could force the company to liquidate BTC to satisfy the converts. Le characterized that outcome as an "edge case" and noted Strategy could instead refinance or "equitize" the obligations rather than sell its Bitcoin.

Le also defended the company's recent sale of 32 BTC, pushing back against the criticism it drew from parts of the market. He reiterated Strategy's commitment to its stated objective of increasing Bitcoin per share, framing the transaction as consistent with the firm's broader capital management approach rather than a retreat from its Bitcoin treasury strategy.

Strategy currently holds 845,256 BTC, a position that places it as the largest corporate holder of Bitcoin globally. The company's preferred-equity structure, including instruments like $STRC used to pay dividends, has become a focal point in debates over how Bitcoin-focused treasuries manage balance-sheet risk during periods of price volatility. The discussion with Melker, which Le said aired on Yahoo Finance, was also published to his account on June 13, 2026.

The 2028 maturity stands out because it represents a fixed obligation denominated in dollars rather than Bitcoin, leaving Strategy exposed to a mismatch if the price of $BTC falls sharply before the securities are due. Le's comments suggest that management views refinancing markets and equity-linked alternatives as the more probable path, with any BTC sale positioned as a contingency rather than a strategy.