🔍 Learning to read between the lines — when will Strategy sell BTC?

Fong Le carefully outlined the boundaries, but actually gave a rather transparent signal.

📌 Condition #1 — mNAV < 1

This means that the market values Strategy lower than its actual bitcoin assets. Translated into plain language:

if the shares are cheaper than the bitcoin on the balance — the market loses faith.

📌 Condition #2 — access to capital is restricted

And Strategy lives by attracting funds at a price higher than its own NAV.

No premium → no cheap money → nothing to expand the position.

📌 Condition #3 — obligations are pressing, and there is little cash

Annual payments on preferred shares — $750–800 million.

If the inflow of capital weakens, what will have to be paid?

Correct, with what they have. And what they have is — BTC.

🟠 So when will they start selling BTC?

In short:

👉 When the market turns against them.

Longer and more honestly:

📉 a fall in shares below the net asset value

🚫 lack of investor demand and premium to NAV

💸 necessity to close obligations without new money

Not panic, but cold-blooded arithmetic.

📊 If Strategy has to sell — it will not be a betrayal of bitcoin, but liquidity and debt.