In 2025, bitcoin has transitioned from a niche asset favored by cypherpunks to a significant component of corporate balance sheets, a treasury tool for institutional investors, and a financial lever for major corporations. However, a recent announcement from Strategy’s CEO highlights a critical reality: even the most committed Bitcoin advocates might be compelled to sell their holdings as a final measure.
Key Takeaways
- •Strategy intends to sell its Bitcoin holdings only as a last resort, specifically if its mNAV ratio falls below 1, as stated by its CEO.
- •Currently, institutions and companies hold 25% of the total Bitcoin supply, with whales controlling 40% of the circulating supply.
- •A mass sell-off by major companies could lead to a market collapse, potentially undermining Satoshi Nakamoto’s original vision for Bitcoin.
Strategy's Stance on Bitcoin Sales
Strategy, recognized as one of the largest institutional holders of Bitcoin with over 640,000 BTC, has reiterated its commitment to maintaining its current holdings. In a recent interview, Phong Le, the CEO of Strategy, clarified that any consideration of selling Bitcoin would be contingent upon the mNAV ratio dropping below 1 and the drying up of capital access. This approach is described as a mathematically justified measure to safeguard the “Bitcoin yield per share” rather than a systematic selling policy.
Strategy currently relies on its capacity to raise funds through share issuances, provided its stock trades at a premium. Despite an mNAV ratio nearing 0.93 in November 2025, Strategy continues to acquire Bitcoin, even accelerating its purchases. This strategy underscores a significant point: divesting from BTC would signify an admission of failure and serve as an alarming signal to the broader market. Nevertheless, this reassuring declaration conceals a more profound question: what if other major Bitcoin holders faced similar circumstances?
Centralization Concerns and Satoshi's Vision
As of 2025, data indicates that 25% of the Bitcoin supply is held by corporations, investment funds, and ETFs. Concurrently, addresses holding more than 1,000 BTC, often referred to as whales, control 40% of the circulating supply. While individuals still represent the majority of holders with 65.9% of the total supply, this increasing concentration of ownership stands in contrast to Satoshi Nakamoto’s original concept for Bitcoin. He envisioned it as a peer-to-peer currency that would be resistant to censorship and fundamentally decentralized.
The current market value of Bitcoin is significantly influenced by the decisions made by a few centralized entities, including Strategy, BlackRock, and even governments through their reserves. Bitcoin purists express criticism regarding this evolution, arguing that Bitcoin has transformed into a speculative asset primarily for the affluent, diverging from its initial objective of providing financial freedom for everyone. If Satoshi Nakamoto were to observe this centralization trend, his perspective on the development of his creation would likely be a subject of debate.
Potential Market Impact of Mass Bitcoin Sell-offs
Consider a scenario where Strategy, Tesla, Block, and various ETFs collectively decide to liquidate even a small portion, such as 10%, of their Bitcoin reserves simultaneously. The immediate consequences for the market would likely be severe. A substantial influx of supply into an already volatile market could precipitate a price drop of 50% to 70% within a matter of days.
Corporations with liabilities denominated in Bitcoin would face increased pressure to sell more of their holdings to cover their margins, potentially initiating a downward price spiral. Furthermore, Bitcoin miners, facing operational cost pressures, might also be compelled to liquidate their reserves, exacerbating the selling pressure in the market.
Individual investors would likely react with panic, leading to massive withdrawals from cryptocurrency exchanges such as Coinbase and Binance. This situation could echo the Luna/Terra crash of 2022 but with a far broader and systemic impact. Regulators might consider imposing selling restrictions on large holders, but the feasibility and compatibility of such measures with Bitcoin’s core principles remain uncertain.
While Strategy has indicated it will only sell its Bitcoin holdings as a last resort, the mere possibility raises a fundamental question: does Bitcoin still represent Satoshi’s vision of a rebellious asset, or has it become a tool wielded by financial giants? In this new era where Bitcoin is increasingly influenced by corporate decisions, the concept of decentralization appears to be diminishing. The question remains whether Bitcoin can still embody Satoshi Nakamoto’s original ideals.