MicroStrategy (MSTR) has for the first time acknowledged that if the stock price continues to be lower than 1 time the net asset value, the company may sell a portion of its Bitcoin. This company has turned "never sell Bitcoin" into a corporate belief over the past 5 years, currently holding about 650,000 Bitcoin, accounting for about 3% of the global circulating supply. The company faces pressure with a preferred dividend of 750-800 million USD each year, which is not the kind of "bear market means cut costs" but rather a fixed expense specified in the contract.