Recently, a noteworthy signal has emerged in the market – a senior executive from a treasury company known for Coin Hoarding has finally admitted that they might sell coins in extreme circumstances.

The CEO of the company, Phong Le, spoke candidly: When would they consider selling Bitcoin? The answer is when two conditions are met simultaneously - the stock price falls below the net asset value per share (, which means the mNAV drops below 1 ), and all financing channels in the market are completely closed. He said this is not a policy shift; it is purely a mathematical issue: when the harm of diluting shareholder equity by issuing new shares is greater than selling coins, selling a portion of the holdings is actually more responsible to shareholders in order to maintain the so-called "BTC earnings per share."

It sounds very rational, but the logic behind it is actually quite subtle. This method is essentially an arbitrage game—raising funds when the stock price is at a high premium, and then using the money to buy coins, pushing up the corresponding amount of Bitcoin per share. As long as the market is willing to give you a premium, this cycle can continue indefinitely. But what happens once the premium disappears, or even falls below net value? Then the rules of the game need to be rewritten.

Le emphasized that this is only a "last resort" and specifically said, "I don't want to be the guy selling coins." But that said, when financial discipline and sentiment clash, publicly listed companies usually choose the former. Especially when the pressure of fixed payments is increasing, investors might have to start getting used to the idea that no strategy is everlasting.