MicroStrategy's CEO, Phong Le, has for the first time confirmed the company could sell parts of its vast Bitcoin holdings, a significant departure from its long-standing "never sell" philosophy. The sale would only be considered a "last resort" under specific crisis conditions: if the company's stock value falls below the market value of its Bitcoin holdings (an mNAV below 1.0) and if it is simultaneously unable to raise capital from other sources. This admission introduces a new risk factor for investors and comes amid a period of significant pressure, with MSTR's stock having declined substantially and the price of Bitcoin also showing weakness. The market is now closely watching the company's multiple to net asset value (mNAV), which has been compressing. The news follows recent SEC filings showing large institutional investors had significantly reduced their MSTR holdings in the third quarter of 2025.