The company holding nearly 650,000 Bitcoins once had its leader publicly declare a "never sell" mantra, a promise that was revered by the market as gospel. But when the CEO first hinted that "under certain circumstances, we might sell in the future," the entire narrative collapsed instantly.

The market’s reaction was swift—the company's stock market capitalization instantly fell below the net value of its Bitcoin holdings. What does this mean? Investors are not only unwilling to pay for its "halo of faith" anymore; they are even starting to question the company’s basic asset management capabilities.

The previous logic was simple: buying its stock was equivalent to buying a leveraged, never-depleting Bitcoin exposure. The premium? That was the faith tax. Now, with just the mention of "possible sale," the entire storyline is shattered. The company instantly shifted from a "faith totem" to an "ordinary firm with large Bitcoin holdings and heavy debt," and its valuation system was rewritten overnight.

What truly made the management change their stance was over $8.2 billion in convertible bonds. This debt hangs over their head like the sword of Damocles: if the stock price stays below the conversion price, bondholders won’t foolishly convert to equity—they’ll demand cash redemption instead. S&P Global has already issued a liquidity risk warning. Although the company has urgently prepared $1.4 billion in emergency reserves, if this gap can’t be filled, the ensuing chain reaction will be the real test.

Once, "never sell" was a market commitment; now, "possible sale" is a survival choice. When faith collides with real-world pressure, the ending to the story is often unexpected.