The statement from Strategy this time is thought-provoking.

CEO Phong Le recently drew a clear line: the company will not actively sell coins, and the tone of long-term holding remains unchanged. However, there is a caveat in his words - if the net asset value per share of Bitcoin (mNAV) falls below 1, and financing channels are blocked, then selling BTC will become the "last resort."

This statement is actually quite contradictory. On one hand, it emphasizes a firm belief in holding coins, while on the other hand, it leaves a loophole for "technical operations". In plain terms, when the premium is gone and funds cannot be borrowed, for the sake of shareholders' interests, one still has to sell when necessary.

The key lies in two indicators: whether the mNAV can hold the psychological barrier of 1, and whether the capital market's financing window for the Strategy is still open. Currently, the market's tolerance for this type of allocation institution is clearly tightening. If one day these two conditions are truly triggered, the so-called "last resort" may come quicker than expected.

Anyway, I've already said it beforehand, so it won't be considered breaking my word if I actually take action.