The CEO of the world’s largest corporate Bitcoin holder has admitted for the first time that the company would liquidate assets under specific distress conditions, shaking the "diamond hands" narrative that has underpinned its stock valuation.
Bitcoin's Biggest Corporate Buyer Breaks 'Never Sell' Vow
1 December 2025 - 13:00 CET
By Stu Clelland
Speaking on the What Bitcoin Did podcast released Friday, Strategy (formerly MicroStrategy) CEO Phong Le detailed the only scenario in which the firm would become a seller: if its stock price fell below the value of its Bitcoin holdings while it simultaneously needed to pay off debts.
“We can sell Bitcoin, and we would sell Bitcoin if we needed to fund our dividend payments below 1x mNAV,” Le said.
While Le framed the scenario as a "last resort," the comment rattled investors in early Monday trading, with Strategy shares (MSTR) falling 4% to around $170.10 in pre-market moves.
The admission introduces a concrete "kill switch" to a treasury strategy previously viewed as a one-way street, explicitly linking the safety of the Bitcoin hoard to the maintenance of the company's high stock price.
The 'Strategy' pivot
The interview served as a major outing for the company’s recent rebrand to "Strategy," dropping the "Micro" to signal its evolution from a software vendor to a Bitcoin-native merchant bank.
Le confirmed that the company’s primary engine is now the "Infinity Squeeze", a recursive loop where the firm sells its own stock at a premium to buy more Bitcoin. This boosts the assets per share, theoretically justifying an even higher stock price to rinse and repeat.
As of mid-November, the company held approximately 649,870 BTC, representing nearly 3.5% of the total circulating supply.
Defending the yield
Le argued that Wall Street should judge the company not by traditional earnings, but by "BTC Yield", a metric tracking how much Bitcoin sits behind each share of stock. He positioned the company’s borrowing spree as a form of arbitrage, taking cheap fiat cash to buy an asset he claims is appreciating at over 50% annually.
However, the "sell" comment highlights the fragility of this financial engineering. If the Strategy stock premium evaporates, trading flat to the value of its holdings, the flywheel breaks, and the company loses its ability to issue new shares to service its massive debt load.
Market reaction
The comments coincided with a broader risk-off move in crypto markets on Monday, with Bitcoin falling around 4% to $86,500.
This represents a steep decline from Friday's close as traders began to price in the risk of the premium compressing.
