Has Michael Saylor's belief in "never selling Bitcoin" really started to shake this time?

Strategy (which is the original MicroStrategy) has been seen hoarding coins crazily these past few years, but their CEO Phong Le recently said something a bit different on a podcast. He acknowledged a possibility: in certain extreme circumstances, they would indeed consider selling Bitcoin.

What circumstances would force them to sell coins? Phong Le provided two hard indicators.

The first is the "Market Value to Net Asset Value Ratio," also known as mNAV. If this thing drops below 1, it means the company's market value is cheaper than the coins in hand. The second condition is more direct — out of money. To be precise, liquidity is completely exhausted, and avenues like equity financing and bond issuance are all blocked.

Only when these two conditions occur simultaneously will the Strategy take real action. Although Phong Le emphasized that the board currently has no intention of selling coins, this statement carries a bit of mystery: "This option is indeed under consideration."

The problem is that the current data is a bit concerning. The mNAV of the Strategy has already dropped to around 0.95, getting closer to the so-called "0.9 times danger line." Many analysts are watching this number, as once it breaks 0.9, they may have to sell coins to pay the preferred stock dividends.

From "never sell coins" to "may sell under certain conditions," the pressure behind this shift may be much greater than it appears on the surface.