Firm Unveils Unshakeable Bitcoin Holding Strategy with 2029 Horizon
Strategy has just laid out a radically disciplined Bitcoin holding strategy, declaring it will not sell any of its BTC treasury until at least 2029. This monumental commitment is backed by a $1.44 billion cash reserve, engineered specifically to shield its Bitcoin from any near-term market pressures or obligations. This is a masterclass in long-term institutional conviction.
The $1.44B Dividend Buffer: Engineering the Ultimate HODL
CEO Phong Lee detailed the mechanics: the massive dollar reserve is designed to cover over 21 months of dividend payments. This strategic move cleanly separates short-term liabilities from the long-term Bitcoin asset. Essentially, it removes the number one reason a corporation might become a “forced seller” during a bear market. The Bitcoin is now untouchable for operational needs, reserved purely for future growth.
What Could Force a Sale? An Extreme Scenario
The policy raises a question: what could actually trigger a sale? Lee described an extremely high bar: a sustained Bitcoin downturn lasting roughly three years, combined with the company’s shares trading below the value of its Bitcoin holdings (mNAV < 1x) for that entire period. He positioned this as a remote possibility, pushing the earliest potential sale decision to around 2029. This isn’t just holding; it’s fortress-like preservation.
Accumulation Philosophy: Investors, Not Traders
This steadfast Bitcoin holding strategy is mirrored in their accumulation plan. Lee emphasized, “We are not Bitcoin traders—we’re Bitcoin investors.” The company buys BTC methodically with excess capital, refusing to time the market. To fund growth without diluting its core holding, it favors issuing perpetual preferred shares, a tool it finds superior to traditional debt.
My Thoughts
This announcement is a watershed moment for corporate Bitcoin strategy. It showcases a sophisticated model for neutralizing volatility as a risk factor, allowing the asset to be held perpetually. This could become a blueprint for other public companies, significantly reducing potential sell-side pressure from the institutional cohort for years to come. It’s a profoundly bullish signal for Bitcoin’s maturation as a permanent balance sheet asset.
