Strategy signals readiness to sell Bitcoin: What changed and why it matters

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Date of Strategy’s potential Bitcoin sale and why It matters

How DAT companies emerged and what went wrong

The Digital Asset Treasuries (DAT) model was created by Strategy, making the company a reference point for other public players. The core idea was that a firm uses its corporate balance sheet to purchase cryptocurrency, while its stock price grows faster than the underlying asset. This seemed like the perfect mechanism for accelerating capitalization, and from late 2023 to mid-2025 more than a hundred companies in the US and Canada adopted this approach.

In the first half of 2025, DAT companies experienced a true euphoria. For example, SharpLink Gaming shares soared by 2,600%, and similar situations were observed across the market. However, it later became clear that digital assets do not generate cash flow, and almost all DATs financed their purchases with debt.

When the crypto market slowed, it turned out that these companies were unable to service their obligations. According to analysts, the median decline in DAT stock prices was 43%, and some even fell by 90–99%. Circumstances changed dramatically: the market stopped rewarding companies merely for holding cryptocurrency and began demanding real cash flows instead.

Why Strategy came under pressure

Strategy has always been the largest and most visible DAT player. At its peak, its bitcoin holdings exceeded $70 billion. But a significant portion of this amount was financed through the issuance of convertible bonds and preferred shares. Bitcoin does not generate revenue, but debt obligations generate interest payments, and this imbalance became a key threat.The situation became so tense that CEO Phong Le publicly acknowledged for the first time that the company might sell bitcoin to cover its obligations.

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This statement contradicted Saylor’s earlier policy and caused concern in the market. To mitigate the negative reaction, Strategy created a $1.44 billion reserve fund to cover payments over the next two years. However, this measure only solved short-term problems.

Why Strategy chose 2065

The introduction of 2065 as a target date emerged as a tool to stabilize expectations among shareholders and creditors. It is not a promise to «hold until retirement», but a legal and psychological mechanism meant to demonstrate that the company intends to follow a long-term strategy and avoid panic-driven sell-offs.

This date helps Strategy maintain its mNAV ratio above one. The mNAV represents the relationship between the company’s market value and the market value of its bitcoin holdings. It is currently about 1.13. If the metric falls below one, the market will begin pricing in the likelihood of forced bitcoin sales. This could trigger cascading sell-offs and negatively impact the entire sector.Thus, framing 2065 as a target is a form of signaling stability. It is needed to reduce pressure from debt holders and to maintain confidence in Strategy’s corporate structure.

Why market worried

JPMorgan analysts stated that Strategy’s resilience is a key factor for bitcoin’s short-term price performance.

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According to them, the state of Strategy’s balance sheet currently exerts more influence on the market than miner activity. This is because any potential sale of even a small amount of bitcoin by the largest corporate holder could trigger investor panic.

JPMorgan notes that falling hashrate, rising bitcoin production costs to $90,000, and pressure on miners forced to sell their assets are amplifying market stress. Against this backdrop, Strategy’s balance sheet becomes a critical point of stability. If the company can continue avoiding sell-offs, the market will interpret this as a sign of resilience.

The company can no longer promise eternal asset holding for several reasons. First, its debt load requires regular cash payments. Second, the market has become more mature and no longer believes in ideological promises without legal grounding. Third, introducing a specific date helps the company better manage investor expectations and protect its market capitalization.

From idealistic statements to new reality

The corporate bitcoin-treasury strategy is no longer a simple growth trade. It now depends on debt load, asset management quality, and the company’s ability to raise capital. Despite Saylor’s ambitions, the market demands transparency. Mentioning the year 2065 reflects this new reality.

Strategy remains the largest institutional bitcoin holder, but its model can no longer rely on the idea of perpetual ownership. The appearance of a date is not a change in the company’s view of bitcoin’s future, but a corporate necessity driven by economic conditions, debt obligations, and investor expectations. How effectively Strategy handles these challenges will determine bitcoin’s behavior in the near term and may influence the entire digital asset industry.

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