CEO Phong Le of MicroStrategy (now Strategy) has for the first time acknowledged that the company may have to sell Bitcoin ($BTC ) under certain crisis conditions. This marks a significant shift from Chairman Michael Saylor's "never sell" philosophy over the years.
Conditions that may lead to the sale of BTC
According to Phong Le, the company will only consider selling BTC if the following two conditions occur:
Stock price low: MSTR stock trades below 1 times Adjusted Net Asset Value (mNAV). mNAV measures the company's enterprise value divided by the number of Bitcoin they hold.
Unable to raise capital: The company cannot raise new capital through issuing stock or bonds.
Context leading to a change in stance
Dividend pressure: MicroStrategy issued perpetual preferred stock throughout 2025 to purchase more Bitcoin. This stock requires the company to pay quarterly dividends, adding liquidity pressure, especially when the stock market is no longer enthusiastic about new issues.
Market decline: The prices of Bitcoin and MSTR stock have significantly decreased recently, raising concerns about the ability to liquidate BTC to meet financial obligations.
Reactions from the community and investors
Reactions on Reddit: After the crash of Bitcoin and MSTR stock, traders on Reddit expressed concerns and questioned the company's ability to maintain payments without raising additional capital.
Concerns about market impact: Some analysts worry that MicroStrategy being forced to sell BTC could create significant selling pressure in the market, especially if this occurs amidst falling Bitcoin prices.
MicroStrategy continues to buy more Bitcoin
Despite concerns about selling, MicroStrategy announced the purchase of an additional 8,178 Bitcoin during the week of November 10 to 16, 2025, at an average price of $102,171 USD/BTC. This indicates the company continues its Bitcoin accumulation strategy.
