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. In simple terms, the stock was trading cheaper than the Bitcoin it owns, even after subtracting company liabilities.
This discount appeared during a broad market shakeout that pushed Bitcoin to its lowest levels since May 2025, bringing renewed scrutiny to MicroStrategy’s leverage-heavy BTC strategy. Investors have become more cautious, especially as the firm’s ability to raise new debt or equity has tightened during the downturn.
Why Selling Bitcoin Remains a “Last Resort”
Despite the pressure, MicroStrategy’s leadership is making it clear: selling BTC is the absolute bottom of their contingency plan, not an operational tool.
Several factors reinforce this stance:
- Strategic Identity:
Bitcoin accumulation is the company’s primary long-term thesis. Any sale would undermine the vision that Michael Saylor built over the past five years. - Alternative Liquidity Options:
MicroStrategy still carries long-dated debt and maintains the ability to raise capital through structured equity offerings, tools it has repeatedly used to grow its BTC reserve. - Market Signaling:
A Bitcoin sale would send a negative message to markets at a moment when investor sentiment is already fragile. It could deepen the stock’s mNAV discount and spark broader doubts about the company’s strategy.
MicroStrategy’s message is unmistakable: Bitcoin remains the centerpiece of its corporate treasury, and liquidation will only occur if financial conditions leave the company with no other choice. For now, despite market volatility, the commitment to long-term accumulation remains intact.
