Strategy Considers Bitcoin Selling for the First Time: The Financial Dilemma Behind the "Green Dot" Signal

Source: DigitalToday Original Title: Strategy, Bitcoin 'Green Dot' Signal… Possibility of First Sell-off Mentioned Original Link: https://www.digitaltoday.co.kr/news/articleView.html?idxno=609221 The possibility of Strategy Chairman Michael Saylor adding “green dots” to the Bitcoin holdings chart has attracted widespread attention in the cryptocurrency industry.

According to blockchain media reports, this signal may indicate that Strategy is accelerating its Bitcoin buying pace. Notably, Strategy's CEO, Paul, has mentioned the possibility of selling Bitcoin for the first time, suggesting that the company's long-standing “never sell” strategy may change. Since 2020, Strategy has held 649,870 BTC, with a total investment of $59.45 billion. However, due to declining stock prices and increased liquidity pressure, the company needs to adopt a new strategy.

Pang Le stated that selling Bitcoin could be considered under two conditions: first, when the stock price relative to the adjusted net asset value (mNAV) falls to 1 times or below; second, when new capital financing cannot be obtained. The current mNAV level is 0.95, and if it falls below 0.9, selling Bitcoin may become a necessary choice to pay the annual dividend of 750 million to 800 million dollars.

Strategy issued perpetual preferred shares for Bitcoin purchases during the 2025 period, with an obligation to pay an 8% dividend. Against the backdrop of a cooling stock market, this will become an additional liquidity pressure. Therefore, Strategy can maximize profits in a bull market but will bear additional risks in a bear market.

Recently, the rise in Bitcoin prices has resulted in a 22.91% return on Strategy's investment portfolio, but its stock price has dropped more than 60% from its peak. This reflects a disconnect between the rise in Bitcoin and shareholder returns, raising questions about the sustainability of the company's long-term strategy.