Michael Saylor’s Strategy Signals It May Sell Bitcoin – Here is When

Strategy CEO Reveals When a Bitcoin Sale May Happen

Strategy, the largest institutional Bitcoin holder, has acknowledged that it could be forced to sell a portion of its over 649,000 BTC stash under certain crisis conditions. On Saturday, the CEO of the tech company, Phong Le, told the What Bitcoin Did podcast host that they may have to dump some BTC if:

• Strategy’s stock trades below 1x mNAV (that is, the market cap plunges below the actual value of the firm’s Bitcoin holdings).
• The company fails to raise funds through debt or equity issuance.

While Le said the Strategy’s board wasn’t planning to offload Bitcoin in the near term, he insisted that this option can’t be ruled out if financial conditions worsen. His acknowledgement of a possible BTC sale marks a massive shift from the company’s Chair, Michael Saylor’s stance of “never sell your Bitcoin.”

Why Investors Need to Monitor Strategy’s 1x mNav

The 1x mNav is a vital metric to keep an eye on, as it gauges a company’s financial health. In Strategy’s case, mNAV compares the market valuation of the firm’s MSTR stock to the value of Bitcoin held. If it shows a reading of below 1, it means that the company’s value is less than the BTC owned.

As of December 1, Strategy’s mNAV sits at 0.95x. According to analysts, a drop below 0.9x could force the firm to meet its dividend obligations through BTC sales. Previously, Strategy paid out dividends using new equity issuances. However, with MSTR down over 60% since the start of the year, investors may be reluctant to buy the shares, prompting the company to explore alternatives for settling dividends.

Analysts Criticize Saylor’s Firm Bitcoin Strategy

Meanwhile, Astryc Research analysts have labeled Strategy’s Bitcoin treasury as a “leveraged BTC ETF” that only works when Bitcoin’s price is on an uptrend, but magnifies stress when volatility spikes or liquidity tightens. They foresee a BTC sale from the company if the coin’s value continues to drop.

All said, Bitcoin investors will likely monitor Strategy’s 1x mNAV closely to see whether it stabilizes or falls further this month to get a clue of what may happen in 2026.

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