MicroStrategy Admits a Bitcoin Sale Is Possible—Here’s When

MicroStrategy CEO Phong Le has explicitly stated that the company could sell its massive Bitcoin holdings under specific, dire financial conditions, marking a departure from Chairman Michael Saylor's previous 'never sell' stance. The trigger for a potential sale requires two simultaneous conditions: MicroStrategy's stock must trade below 1x mNAV (market capitalization below the value of its Bitcoin holdings), and the company must be unable to raise new capital through equity or debt. This scenario acts as a liquidity kill-switch, designed to protect shareholder value, especially given the $750–$800 million in annual preferred share dividend payments. Analysts note that the company's mNAV premium has recently shrunk, hovering near 0.95x, dangerously close to the 0.9x 'danger zone' where forced sales might become mathematically justified to cover obligations. This acknowledgment shifts the narrative from ideological HODLing to a pragmatic recognition that liquidity constraints can override conviction.

(Source：BeInCrypto)