Reality hits hard! MicroStrategy CEO Phong Le publicly responded for the first time to the underlying logic behind breaking their 'never sell Bitcoin' rule, laying bare the advanced financial strategies top institutions use to manage Bitcoin. In an interview, Phong Le made it clear that the core driver behind the company's strategic shift is the rapid development of digital credit. Over the past 10 months, they’ve raised a staggering $8.5 billion, giving them immense operational flexibility and options. Now, they’re no longer stubbornly clinging to the belief in simply holding Bitcoin. Instead, they’ve shifted to dynamically managing assets with cold, hard mathematical logic. He emphasized that he trusts math more than ideology. When selling Bitcoin proves to be more beneficial for increasing the 'Bitcoin per share' value and is more cost-effective for common shareholders compared to issuing new shares to pay dividends, they won’t hesitate to sell. The key to this flexible approach is supporting their newly launched perpetual preferred stock product, which offers a high monthly yield of 11.5%. Phong Le admitted that as long as this strategy tangibly increases shareholder value—essentially boosting the Bitcoin content per share—they’ll sell Bitcoin to cover the hefty fixed payouts. Especially when the company’s book value deviates from specific metrics, or for reasonable tax planning and capturing tax losses, selling Bitcoin at the right time has become a highly mature asset management tactic. From being die-hard HODLers to leveraging market swings and arbitrage opportunities, this marks the point where giants officially enter the pure financial game phase of utilizing crypto assets.