Satoshi

Imagine

would

<p>In 2025, bitcoin is no longer the marginal asset of cypherpunks. It has become a pillar of the balance sheets of listed companies, a treasury tool for institutional investors, and a financial lever for giants like Strategy. However, the recent announcement by its CEO reminds us of a harsh reality: even the most fervent BTC advocates could be forced to sell… as a last resort.</p>
<div class="in-brief">
 <div class="in-brief--container">
  <span></span> <span></span>
  <h2 class="in-brief--title" id="in-brief">In brief</h2>
  <ul>
   <li>Strategy will only sell its Bitcoins as a last resort: only if its mNAV ratio falls below 1, according to its CEO.</li>
   <li>25% of the bitcoin supply is held by institutions and companies, while whales control 40% of the circulating supply.</li>
   <li>If large companies sell their bitcoin, the market could collapse, threatening Satoshi Nakamoto’s vision.</li>
  </ul>
 </div>
</div>
<h2 id="h-strategy-will-not-sell-its-bitcoins-except-in-case-of-force-majeure">Strategy will not sell its bitcoins… except in case of force majeure</h2>
<p><a href="https://www.cointribune.com/en/microstrategy-becomes-strategy-and-doubles-down-on-bitcoin/" rel="noopener noreferrer nofollow">Strategy</a>, one of the largest institutional bitcoin holders with over 640,000 BTC, has reaffirmed its desire to retain its holdings. In a recent interview, Strategy’s CEO, <a href="https://cointelegraph.com/news/strategy-sell-bitcoin-last-resort-mnav-capital" rel="noopener noreferrer nofollow">Phong Le, specified that the sale would only be considered if the mNAV ratio dropped below 1</a> and capital access dried up. A mathematically justified measure to protect the <em>“Bitcoin yield per share”</em>, but not a systematic policy.</p>
<div class="my-4">
 <div class="ads ">
 </div>
</div>
<div class="tweet">
 <blockquote class="twitter-tweet">
  <a href="https://twitter.com/_dannyknowles/status/1994433748423602685?s=46?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow"></a>
 </blockquote>
</div>
<p>Strategy relies on its ability to raise funds via share issuances as long as its stock trades at a premium. Despite an mNAV close to 0.93 in November 2025, Strategy continues to buy bitcoin, even accelerating its acquisitions. This strategy underlines a reality: selling BTC would be an admission of failure, but also an alarming signal for the market. Yet, this reassuring stance hides a broader question: what if other bitcoin giants had to do the same?</p>
<h2 id="h-bitcoin-25-held-by-institutions-satoshi-s-dream-betrayed">Bitcoin: 25% held by institutions, Satoshi’s dream betrayed?</h2>
<p>In 2025, data shows that 25% of the bitcoin supply is held by companies, funds, and ETFs. Meanwhile, whales (addresses holding &gt;1,000 BTC) control 40% of the circulating supply. Individuals remain the majority with 65.9% of the total supply. This increasing centralization contrasts with Satoshi Nakamoto’s original vision! He imagined bitcoin as a peer-to-peer currency, censorship-resistant and decentralized.</p>
<div class="affiliate-button">
 <a href="https://www.bybit.eu/en-EU/sign-up?affiliate_id=133743" rel="noopener noreferrer nofollow">Start your crypto adventure safely with Bybit</a> <a href="https://www.cointribune.com/en/sponsored-content/" rel="noopener noreferrer nofollow">This link uses an affiliate program.</a>
</div>
<p>Today, the value of BTC largely depends on the decisions of a few centralized players, like Strategy, BlackRock, or states through their reserves. Bitcoin purists criticize this evolution. They believe BTC has become a speculative asset for the wealthy, far from its initial goal of financial freedom for all. If Satoshi saw this centralization, what would he think of the evolution of his creation?</p>
<h2 id="h-what-if-all-large-companies-sell-their-bitcoin-what-would-happen">What if all large companies sell their bitcoin… what would happen?</h2>
<p>Imagine that Strategy, Tesla, Block, and ETFs decide to liquidate even 10% of their reserves simultaneously. The consequences would be immediate and devastating. Indeed, a massive supply on an already volatile market could drop the bitcoin price by 50 to 70% within a few days.</p>
<p>Companies with debts denominated in BTC would be forced to sell more to cover their margins, creating a downward spiral. Additionally, miners, under pressure, would also have to liquidate their reserves to pay operational costs, amplifying selling pressure.</p>
<p>Individual investors would panic, triggering massive withdrawals from platforms like Coinbase or Binance. This scenario recalls the Luna/Terra crash of 2022, but with a global and systemic impact. Regulators might impose selling limits for large holders, but is that compatible with bitcoin’s DNA?</p>
<p>Strategy will only sell its bitcoins as a last resort. But this simple possibility raises a question: is BTC still Satoshi’s rebellious asset, or a toy in the hands of financial giants? In <a href="https://www.cointribune.com/en/bitcoin-enters-a-new-era-dominated-by-companies/" rel="noopener noreferrer nofollow">a new era where bitcoin is dominated by companies</a>, decentralization now seems to be nothing but an illusion. And you, do you think bitcoin can still embody Satoshi’s ideals?</p>

Strategy Will Sell Its Bitcoins On One Condition Only

Table of Contents

Cointribune EN

Other articles published on Nov 30, 2025

Join our free newsletter for daily crypto updates!