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- Debashree Patra
Debashree Patra
- Reviewed by:
Qadir AKQadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Dec 01, 2025 08:19 UTC
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Crypto Market Starts December on a Weak Note as MicroStrategy Hints at Possible Bitcoin Sale
Bitcoin slides to $86K as weak sentiment deepens, while MicroStrategy’s admission of a potential BTC sale sparks fresh concerns across the fragile crypto market.
MicroStrategy confirms a sell-trigger tied to mNAV and liquidity stress, putting its 649,870 BTC stack under scrutiny as traders watch the 0.9 mNAV danger zone.
The crypto market today opened in December on the back foot as Bitcoin slipped toward $86,100, setting off another round of selling across major coins like Ethereum, Solana, Dogecoin, and Cardano.
Profit-booking and weak sentiment pushed the market deeper into the red, keeping traders cautious after a rough November. While prices continue to struggle, a major development from MicroStrategy has added a fresh layer of concern to an already fragile market.
MicroStrategy Bitcoin Sale is Possible
MicroStrategy, the world’s largest corporate holder of Bitcoin, has finally acknowledged that a BTC sale could happen under specific crisis conditions. This is the first real shift away from Michael Saylor’s long-standing “never sell” philosophy.
CEO Phong Le revealed that the company does have a built-in kill-switch that could force a sale if financial stress reaches a certain threshold. While no sale is planned right now, the confirmation itself marks a major change in the company’s tone.
When Could MicroStrategy Sell Bitcoin?
Phong Le explained that a Bitcoin sale would only occur if two conditions were met at the same time. The first trigger is MicroStrategy’s stock falling below 1x mNAV, meaning the market values the company at less than the Bitcoin it owns. This would indicate stress in the entire MicroStrategy-Bitcoin structure.
The second trigger is the inability to raise capital through equity or debt. If funding dries up, MicroStrategy would have no choice but to use its BTC stack to meet obligations. This scenario is unlikely in normal conditions but possible during a deep liquidity crunch.
Why MicroStrategy Might Sell Bitcoin?
Analysts such as AB Kuai Dong and Larry Lanzilli point out that MicroStrategy’s mNAV premium, a key strength for the company, has nearly vanished. As of November 30, mNAV sits around 0.95, just above the 0.9 danger zone.
If it slips below 0.9, the company may need to use Bitcoin to cover obligations such as its $750–$800 million annual preferred dividend payments. With MSTR stock down over 60% from its highs, raising fresh capital is becoming harder.
What Analysts Are Saying?
Crypto analyst Jacob King notes that Saylor even hinted at this shift by talking about “adding green dots,” which many see as a subtle signal that selling is now on the table. Adrian adds that the recent green dots are unlikely to signal share buybacks or preferred-share activity, suggesting they may instead hint at BTC accumulation through derivatives.
For the wider market, MicroStrategy’s 649,870 BTC position is a major pillar of institutional conviction. With a clear sale threshold now revealed, traders will closely watch the 0.9 mNAV line as a new structural risk point heading into 2026.
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FAQs
Bitcoin slid toward $86,100 as profit-booking, weak sentiment, and MicroStrategy’s possible BTC sale fears triggered broad selling across major altcoins.
Yes, MicroStrategy could sell if its stock drops below key value levels and if it can’t raise capital, but the company says no sale is planned right now.
A sale from such a large holder could shake confidence and add selling pressure, making traders more cautious as markets head toward 2026.
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