MicroStrategy’s leadership has clarified one of the biggest questions hanging over the company’s decade-long Bitcoin strategy: under what conditions would it ever sell? According to CEO Phong Le, selling Bitcoin is considered a “last resort”, and would only happen if MicroStrategy’s stock trades below the value of its Bitcoin holdings and the company has no remaining access to capital. This means MicroStrategy will not reduce its Bitcoin position unless its market value falls below its net asset value (mNAV) and all other funding avenues, equity, debt, or other corporate finance tools, are unavailable. The company continues to view its flexible capital structure as a core advantage fueling its long-term accumulation of BTC. Market Context Behind the Statement The clarity comes after MicroStrategy hit a rare milestone on November 14, 2025, when its mNAV fell below 1 for the first time
source: https://www.ethnews.com/michael-saylors-strategy-revealed-when-it-might-finally-sell-its-bitcoin/