首度表态可能“卖币”，“比特币概念股龙头”MSTR盘中一度暴跌12%

Core Viewpoint - MicroStrategy has established a $1.44 billion cash reserve to navigate the "crypto winter" and has acknowledged the potential sale of Bitcoin under specific conditions, marking a significant shift from its previous "never sell" stance [1][3][7]. Financial Strategy - The $1.44 billion reserve was funded through stock sales, aimed at ensuring the company can cover at least 12 months of dividends and interest payments, with plans to extend this to 24 months [6][9]. - The company currently faces a debt burden of $8.2 billion in convertible bonds, with annual interest and preferred stock dividend expenses around $800 million [9][10]. Market Reaction - Following the announcement, MicroStrategy's stock price fell over 12% intraday, reflecting investor concerns about the sustainability of its business model amid the "crypto winter" [3][14]. - Bitcoin's price also dropped over 4% in response to the news, indicating a broader market impact [14][19]. Debt Pressure - The company is under significant pressure from its convertible bonds, which could lead to cash repayment demands if stock prices remain low, potentially forcing the sale of Bitcoin [9][10]. - Standard & Poor's has rated MicroStrategy at "B-", highlighting liquidity risks associated with its convertible bonds [9]. Strategic Shift - The introduction of the "mNAV" metric, which compares the company's enterprise value to its cryptocurrency holdings, indicates a new threshold for potential Bitcoin sales if mNAV falls below 1 [7][8]. - CEO Phong Le emphasized that selling Bitcoin would only occur under extreme conditions, but this has led to speculation about a possible sell-off [10][12]. Performance Outlook - MicroStrategy's performance forecast has dimmed, with potential net losses of $5.5 billion to net profits of $6.3 billion depending on Bitcoin's year-end price [20]. - This contrasts sharply with previous projections of achieving $24 billion in net profit by 2025 [20].