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Here's a clarification worth noting:
Turns out the earlier reports got it wrong. Saylor never actually stated that they'd be forced to dump their Bitcoin holdings if the mNAV ratio drops below 1.
What's the real story? Current CEO Phong Le did confirm that offloading $BTC would be considered - but strictly as a final option. This would only happen if their mNAV slides under 1 AND they've exhausted all other capital-raising avenues.
Big difference between "forced to sell" and "last resort if nothing else works." Context matters when we're talking about corporate treasury strategy.