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For the first time, the CEO of MicroStrategy, Fuang Li, acknowledged that the company can sell its holdings of 649,870 BTC under specific crisis conditions.
This marks a major shift from Chairman Michael Saylor’s long-standing “no selling” philosophy, and signals a new chapter for the world’s largest corporate Bitcoin holder.
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MicroStrategy confirmed scenario Almost no one expected it: The possibility of selling Bitcoin, which is the main asset for its treasury. In his speech What Bitcoin has doneCEO Fuang Lei explained the exact trigger that will force a Bitcoin selloff:
- First, the company’s shares must be trading below 1x mNAV, which means that the market capitalization is below the value of its possible Bitcoin.
- Second, MicroStrategy must be unable to raise new capital by issuing equity or debt. This means that capital markets are closed or too expensive to access.
explain to me what you do The board is not planning the sale in the near term, but emphasized that the option is “in the tools” if financial conditions deteriorate.
This is the first explicit admission, years after Michael Saylor made the absolute statement that “we will never sell Bitcoin”. It shows that MicroStrategy actually has a kill switch directly related to cash pressure.
Why does the 1x mNAV limit matter?
mNAV compares MicroStrategy’s market value to the value of its Bitcoin holdings. When mNAV falls below 1, the company is worth less than the Bitcoin it owns.
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Several analysts, including AB Kwai Dong and Larry Lanzelli, noted that the company now faces a new limitation. The first mNAV that supports its Bitcoin accumulation wheel has almost disappeared for the first time since the beginning of 2024.
As of November 30, mNAV sits near 0.95x, uncomfortably close to the “danger zone” of 0.9x.
If mNAV falls below 0.9x, MicroStrategy may be pushed towards its BTC-funded dividend obligations. In severe circumstances, the company will be forced to sell part of its treasury to preserve shareholder value.
The squeeze comes from annual preferential dividend payments of $750-800 million, issued during… MicroStrategy Expands into Bitcoin.
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The company previously used new stock issues to cover these costs. With shares of more than 60% from their highs and the growing uncertainty in the market, this path is beginning to narrow.
Analysts warn of a structural change
Asterix Research noted that MicroStrategy has become effective in a “Bitcoin ETF increased With a software company attached “. This structure works when the price of Bitcoin increases, but increases the pressure when liquidity stretches or volatility increases.
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SEC filings have long warned about liquidity risks during a deep Bitcoin decline. while The company confirms that it does not face the risk of forced liquidation Due to its convertible debt structure, the CEO’s recent comments confirm the existence of a mathematically defined trigger for the voluntary sale.
Why this is important for Bitcoin investors
MicroStrategy is the largest corporate holder of Bitcoin in the world. His “hold forever” stance was emblematic of the Bitcoin thesis of institutions. Recognizing the terms of the sale, even if they are remote, moves this narrative towards realism:
- Liquidity can trump ideology.
- Market structure is as important as belief.
- I had Bitcoin course Now to a new measurable risk limit: the 0.9x mNAV line.
Investors will closely monitor Monday’s updates as analysts track whether mNAV will stabilize or continue to decline toward 0.9x.
Any additional weakness in Bitcoin or MSTR stock could increase scrutiny of MicroStrategy’s 2026 balance sheet strategy.
