MicroStrategy CEO Phong Le confirmed on December 1, 2025, that the company might sell Bitcoin if its stock price drops below the net asset value (mNAV) and capital markets tighten, a change from past 'never sell' stances. This news, coupled with institutional selling disclosed in recent SEC filings, pressures the stock, which closed at $183.69 on December 8, 2025, following a period of high volatility and mNAV hovering near 1.0x.