Michael Saylor’s Bitcoin: Sell? Not in This Universe

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Ah, the ever-so-dramatic world of corporate Bitcoin hoarding. Matt Hougan, with the confidence of a man who knows a thing or two about financial matters, believes that Michael Saylor and MicroStrategy (or as they like to call themselves now, “Strategy,” because why not?) have absolutely no intention of selling their prized Bitcoin stash. Oh, sure, that sounds like a great plan-unless, of course, you’re one of those pesky market watchers who can’t stand the idea of a company sticking to their guns when the stock price is plummeting faster than a cat chasing a laser pointer.

And then there’s the worry about the dreaded MSCI indexes. If MSTR (MicroStrategy’s stock ticker) gets kicked out, some believe the stock price might nosedive below its net asset value (NAV). Oh, the horror! But fear not, Hougan reassures us that there’s no mystical “sell Bitcoin or else” clause hidden in the fine print. In fact, no such mechanism exists. Because why would a company want to sell its digital treasure just because some numbers on a screen aren’t looking so hot?

Now, MSCI is having a little chat with itself about whether to banish “digital asset treasury companies” (because why settle for simple, normal companies when you can have “digital asset treasury companies”?) from its Global Investable Market Indexes. And guess what? MicroStrategy, with a glorious 99% of its enterprise value tied up in Bitcoin, fits this profile perfectly. It’s like they were made for this consultation, and who wouldn’t want to be included in the coolest club in town?

The consultation ends this year, which is conveniently right before MSCI makes its final decision on January 15. Will they keep MicroStrategy in the club, or will they throw them out into the cold, crypto-less world? Stay tuned, as the plot thickens like an overcooked soup. Changes (if any) will take effect in February. Oh, joy.

But don’t fret, Saylor’s on it. He confirmed earlier this year that the company is “actively engaging” with MSCI to keep their place in the cool kids’ club. A little lobbying never hurt anyone, right?

Let’s throw in some fun facts, shall we? MicroStrategy has a cool $1.4 billion in cash, which is more than enough to cover 18 months of $800 million annual interest payments. So no immediate danger of them having to sell their precious Bitcoin anytime soon. The first debt conversion? Not due until February 2027. We’re talking about a mere $1 billion-child’s play compared to the $60 billion in Bitcoin they’ve got tucked away in their vaults.

And don’t forget Saylor himself, the fearless leader of the Bitcoin brigade, who controls 42% of the voting shares. He’s the kind of guy who, when the stock price dips, doesn’t flinch. No, no-he doesn’t sell, he buys more. His conviction is stronger than a caffeine addiction on a Monday morning. Internal pressure to liquidate Bitcoin? Don’t hold your breath.

“Last resort”

Now, just to keep things exciting, MicroStrategy (or Strategy, as they’re now calling themselves-again, why not?) is still the world’s largest corporate Bitcoin holder. We’re talking about a staggering 650,000 BTC as of December 2025. That’s more than some countries’ GDP. And yes, while they’ve long sworn by their “never sell” strategy, the financial markets have a funny way of throwing curveballs. And now, it seems, the company’s CEO, Phong Le, is musing about the dreaded “last resort” scenario-when the mNAV (because we all know what that is) drops below 1x and there’s no more capital to raise through equity or debt markets.

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2025-12-04 22:09