Strategy will sell its Bitcoins under one condition
By 2025, Bitcoin will no longer be the marginal asset of the cyberpunks. It has become a cornerstone of the balance sheets of publicly traded companies, a treasury tool for institutional investors, and a financial lever for giants like Strategy. However, the recent announcement from its CEO serves as a harsh reminder of a tough reality: even the most fervent defenders of BTC could be forced to sell... as a last resort.
In Brief
Strategy will only sell its Bitcoins as a last resort: only if its monthly net asset value (mNAV) falls below 1, according to its CEO.
25% of the Bitcoin supply is in the hands of institutions and companies, while whales control 40% of the circulating supply.
If large companies sell their bitcoins, the market could collapse, threatening Satoshi Nakamoto's vision.
Strategy will not sell its bitcoins... except in cases of force majeure
Strategy, one of the largest institutional holders of Bitcoin with over 640,000 BTC, has reaffirmed its commitment to holding its assets. In a recent interview, Strategy's CEO, Phong Le, clarified that a sale would only be considered if the monthly net asset value (mNAV) fell below 1 and access to capital was exhausted. This measure is mathematically justified to protect the earnings per share of Bitcoin.
Strategy is confident in its ability to raise funds through stock issuance while its shares trade at a premium. Despite a market share of around 0.93% in November 2025, Strategy continues to buy Bitcoin, even accelerating its acquisitions. This strategy underscores a reality: selling BTC would be an admission of failure, but also an alarming signal for the market. However, this reassuring stance hides a broader question: what if other Bitcoin giants did the same?
