MicroStrategy CEO: Bitcoin to Be Sold Only as 'Last Resort' If mNAV Falls
On Nov. 30, 2025, MicroStrategy CEO Phong Le told investors the firm would resort to selling its BTC holdings only if its stock price fell beneath its market net asset value (mNAV) and capital options were exhausted. He emphasized that any disposal of Bitcoin would be a last-resort, financially driven decision rather than a change in the company's strategic stance, signaling an intent to hold through ordinary market swings.
The comment matters because MicroStrategy's sizeable Bitcoin position and its history of using equity and debt to buy crypto make the company a high-profile indicator of institutional appetite. For shareholders and markets, the message is twofold: management prefers to retain Bitcoin, but acknowledges downside scenarios where liquidity strains and a weak mNAV could force selling — a development that could add short-term pressure to BTC prices and complicate MicroStrategy's funding plans.