Strategy’s stance on Bitcoin has shifted from aggressive accumulation to a potential liquidity-preserving approach if the market-adjusted NAV (mNAV) stays under 1 and traditional financing options dry up.

Analysts remain split on the meaning of the green dots, with theories ranging from partial sales to price-support actions, contributing to ongoing market volatility.

Executive chairman Michael Saylor intensified speculation about sales by tweeting about adding “green dots” to his Bitcoin tracker, a signal some interpret as possible BTC divestment.

The company must meet year-end liquidity needs for preferred dividends, raising the possibility of selling Bitcoin to raise funds if conventional financing sources fail.

Strategy holds a large share of circulating Bitcoin—nearly 650,000 BTC—so any sale could meaningfully impact Bitcoin’s price and liquidity.

The broader market is watching Strategy closely due to its sizable BTC hoard and the potential for a forced sale to influence Bitcoin’s supply and price dynamics.

CEO Phong Le says selling Bitcoin is now a last-resort option in a liquidity crisis, marking a shift from the firm’s prior “never sell” stance.

Strategy’s market-adjusted NAV has fallen to 0.96x, signaling stress as the stock risks trading below the value of its Bitcoin holdings.