Strategy would consider selling Bitcoin only if its stock falls below net asset value and the company loses access to fresh capital, CEO Phong Le said in a recent interview.
Strategy’s model hinges on raising capital when its shares trade at a premium to NAV and using that money to buy Bitcoin, increasing BTC held per share. When that premium disappears, Le said, selling a portion of holdings to meet obligations can be acceptable to shareholders if issuing new equity would be more dilutive. [source]
MicroStrategy's strategy is a high-stakes bet on BTC's long-term value—smart when shares premium to NAV, but that 61% drop vs Bitcoin's 23% dip shows the leverage risk. Historically, these plays amplify both ups and downs. Solid insight on the pivot point.