MicroStrategy's first statement possibly indicating "selling coins"

MicroStrategy announced on December 1st, Monday, the establishment of a $1.44 billion cash reserve to "weather the winter" and for the first time acknowledged that it might sell Bitcoin under certain conditions (the company's executives stated that if its metric for measuring the relationship between enterprise value and cryptocurrency holdings, "mNAV," falls below 1, and the company cannot finance in other ways, then it will sell Bitcoin to replenish its dollar reserves. This statement is seen as a significant turning point in the company's strategy, breaking the long-held belief of its founder Michael Saylor's principle of "always buy and hold"). This strategic U-turn not only breaks its creed of "never selling coins," but is also interpreted by traders as a potential sell signal. This statement, coupled with the company's massive debt pressure, caused its stock price to plunge more than 12% during Monday's trading, with a cumulative drop of over 40% for the year, and Bitcoin also fell more than 4%.

Supplement: Meaning of mNAV: The core of this metric is to measure the market's "confidence premium" in MSTR company and its strategy. When mNAV is greater than 1, it means the company's market value exceeds the total value of its Bitcoin holdings, indicating that investors recognize its value beyond simply holding coins, such as its ability to finance efficiently and increase its Bitcoin holdings, which can increase the corresponding number of Bitcoins per share (BTC per share).