Core Insights - MicroStrategy CEO Phong Le has acknowledged the possibility of selling the company's 649,870 BTC holdings under specific crisis conditions, marking a significant departure from the previous "never sell" philosophy of Chairman Michael Saylor [1][2][3] Group 1: Company Strategy - The company has confirmed that selling Bitcoin is an option in its strategy toolkit if financial conditions deteriorate, although there are no near-term sales planned [2][3] - The mNAV (market value to Bitcoin holdings ratio) is currently around 0.95x, approaching the 0.9x "danger zone," indicating potential liquidity pressures [4][5] Group 2: Financial Obligations - If mNAV falls below 0.9x, MicroStrategy may be compelled to sell portions of its Bitcoin treasury to meet $750–$800 million in annual preferred share dividend payments [6] - The company previously relied on new equity issuances to cover these costs, but with stock prices down over 60% from their highs, this option is becoming limited [7] Group 3: Market Perception - Analysts suggest that MicroStrategy has transformed into a "leveraged Bitcoin ETF with a software company attached," which could amplify stress during periods of liquidity tightening or increased volatility [8]