A simple breakdown of Strategy’s Bitcoin plan and what could shape future sales

Strategy, now the largest corporate Bitcoin holder with nearly 650,000 BTC, operates on a model of raising capital through stock and debt to acquire more Bitcoin, aiming to keep its market-cap-to-Bitcoin value (mNAV) above 1. CEO Phong Le clarified that selling Bitcoin is a "last resort" measure, only to be considered if two conditions are simultaneously met: the mNAV falls below 1 (meaning the stock trades at or below the value of its BTC holdings), and the company loses access to fresh capital for refinancing or meeting obligations like preferred dividends. Even if triggered, any sale would likely be targeted and partial, given Bitcoin's massive daily trading volume. Investors should monitor SEC filings and core metrics like mNAV and funding conditions, rather than social media sentiment, to gauge the company's actual risk exposure.

(Source：Cointelegraph)