Strategy CEO: Selling Bitcoin is a last resort, only to be considered when mNAV falls below 1.

Source: TokenPost Original Title: Strategy CEO “Selling Bitcoin($BTC) is a last resort… Consider only when mNAV is below 1 and funding is blocked” Original Link:

Financial Strategy Analysis of Bitcoin Investment Company Strategy

The professional Bitcoin investment firm Strategy stated that they will only consider selling Bitcoin in the worst market conditions—when the multiple of the main stock price relative to the net asset value (NAV) falls below 1, and external financing channels are cut off.

Phong Le, CEO of Strategy, stated in a recent podcast that “if the company's stock price relative to the net asset value falls below 1 and external financing options are cut off, mathematically, selling Bitcoin would become a reasonable course of action.” However, he emphasized that this is not a policy change, but rather a “last resort,” a choice the company hopes to avoid.

Le stated, “I don't want to be a company that sells Bitcoin.” However, he also pointed out that when the market is difficult, rational financial judgment must take precedence over emotional considerations.

( unique investment strategy of Strategy

Strategy has adopted a unique investment model: when the company's stock price shows a premium relative to its net asset value, the company will raise funds and use this money to purchase more Bitcoin. This structure can increase the amount of Bitcoin held per share. However, when the premium disappears, the situation changes.

Le stated, “If the issuance of additional shares would dilute the interests of shareholders, then selling some Bitcoin may become an acceptable option.”

This speech reflects that while Strategy currently has no intention of disposing of assets, it will adopt a flexible financial strategy in an unfavorable market environment.

) Key Concept Interpretation

mNAV### Market Net Asset Value Multiple ###: An indicator calculated by dividing the stock price by the net asset value per share. When mNAV is greater than 1, it indicates a premium status; when it is less than or equal to 1, it indicates a discount status.

Bitcoin Premium Strategy: A method of financing when the stock price is above the net asset value, followed by increasing the investment in Bitcoin holdings.

( market significance

This position of Strategy indicates that professional Bitcoin investment institutions are highly sensitive to market liquidity and stock price trends. In the future, the difference between the company's stock price and the net asset value of Bitcoin will become a key indicator for its trading decisions.