MicroStrategy CEO Phong Le stated in a November 28, 2025 interview with What Bitcoin Did that the company would only sell its Bitcoin holdings under extreme circumstances. Le explained that a sale would be considered if the company's mNAV falls below 1x, other financing options are exhausted, and there is a need to fulfill preferred stock dividend obligations. He emphasized that while selling Bitcoin could be a rational decision from a financial perspective, the company is reluctant to be seen as a "seller of BTC" and would only resort to this if all other financing avenues are depleted.