No longer FUD, Strategy admits for the first time it may sell Bitcoin

In the latest podcast, CEO Phong Le confirmed the possibility of selling a portion of BTC in case of force majeure, in order to protect shareholders.

Specifically, if the market value of Strategy falls below the value of $BTC they are holding, meaning mNAV drops sharply below <1 (currently ~1.2), the company will consider selling BTC to pay dividends.

This is contrary to the statement "never sell $BTC " by Mr. Saylor, but analysts view it as a reasonable direction because:

- It both prepares the market psychologically for this possibility and helps everyone understand that the company's MSTR shares will be protected in this way.

- If Strategy has to use BTC to pay all dividends in one year, the selling pressure will only be about $750M-$800M, equivalent to a strong one-day outflow of BTC ETFs.

In fact, this number is not large, but of course, the action of the TOP 1 holder like Strategy dumping $BTC will certainly have a much more unpredictable psychological impact.