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Strategy 幾時會賣 Bitcoin？mNAV、融資同派息壓力一次睇
Strategy 已不再把 Bitcoin 說成絕對不可碰；最清晰的賣幣條件，是 mNAV 低於 1 加上無法取得新資金，尤其遇上派息或債務現金需要。 Q1 2026 背景相當關鍵：Strategy 持有 818,334 枚 BTC，年內已籌得約 117 億美元資金，但業績報道同時顯示大額 Bitcoin 公允值虧損 [18][17]。
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openai.comCreate a landscape editorial hero image for this Studio Global article: What would make Strategy sell some of its Bitcoin after years of saying it would never sell?. Article summary: Strategy would likely sell Bitcoin only as a last-resort liquidity move: if it needs cash for obligations and can’t raise money through equity, debt, or preferred-stock issuance on acceptable terms. The clearest trigger . Topic tags: general, general web, user generated. Reference image context from search candidates: Reference image 1: visual subject "# Strategy Just Broke Its Own Golden Rule: It Might Actually Sell Bitcoin. For more than six years Michael Saylor has preached one unbreakable commandment: **Bitcoin is not for sal" source context "Strategy Just Broke Its Own Golden Rule: It Might Actually Sell Bitcoin" Reference image 2: visual subject "Strategy CEO affirms their Bitcoin holding strategy, sta
Strategy（前稱 MicroStrategy）過去一句「never sell」幾乎成為招牌；但最新說法已經由絕對不賣，變成有條件的股東價值測試。公司仍然唔係話會變成日常沽 Bitcoin 的交易者；但如果繼續一粒都唔賣，反而比賣少量幣籌美元、履行責任或保住每股 Bitcoin 指標更傷，賣幣就可能成為最後手段 [17][
20][
25]。
點解而家要留意？
Strategy 仍然係全球最受關注的企業 Bitcoin 持有者之一。公司 Q1 2026 業績電話會議紀錄顯示，Strategy 持有 818,334 枚 BTC，約佔所有最終會存在的 Bitcoin 供應量 3.9%，並稱自己是全球最大企業 Bitcoin 持有者 [18]。
規模大，措辭一變就有市場含義。Q1 相關報道亦提到，公司錄得約 145 億美元經營虧損及約 128 億美元淨虧損，主要同季末 Bitcoin 公允值下跌有關 [17][
27]。呢啲虧損被描述為非現金項目，但足以顯示 Bitcoin 價格波動會點樣影響帳面業績；至於真正可能觸發賣幣的條件，報道重點放在 mNAV 同能否取得資本 。
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重點
- Strategy 已不再把 Bitcoin 說成絕對不可碰；最清晰的賣幣條件，是 mNAV 低於 1 加上無法取得新資金，尤其遇上派息或債務現金需要。
- Q1 2026 背景相當關鍵：Strategy 持有 818,334 枚 BTC，年內已籌得約 117 億美元資金，但業績報道同時顯示大額 Bitcoin 公允值虧損 [18][17]。
- 賣幣不等於一定被 margin call；有報道指現有債務沒有 margin call 觸發條款，主要風險更似是流動性同再融資壓力 [6]。
人們還問
「Strategy 幾時會賣 Bitcoin？mNAV、融資同派息壓力一次睇」的簡短答案是什麼？
Strategy 已不再把 Bitcoin 說成絕對不可碰；最清晰的賣幣條件，是 mNAV 低於 1 加上無法取得新資金，尤其遇上派息或債務現金需要。
首先要驗證的關鍵點是什麼？
Strategy 已不再把 Bitcoin 說成絕對不可碰；最清晰的賣幣條件，是 mNAV 低於 1 加上無法取得新資金，尤其遇上派息或債務現金需要。 Q1 2026 背景相當關鍵：Strategy 持有 818,334 枚 BTC，年內已籌得約 117 億美元資金，但業績報道同時顯示大額 Bitcoin 公允值虧損 [18][17]。
接下來在實務上我該做什麼？
賣幣不等於一定被 margin call；有報道指現有債務沒有 margin call 觸發條款，主要風險更似是流動性同再融資壓力 [6]。
來源
- [4] Will MicroStrategy be margin called in 2026?polymarket.com
A margin call is defined as a lender formally requiring MicroStrategy to either provide additional collateral or repay part of a loan due to the value of Bitcoin collateral falling below the required loan-to-value (LTV) ratio. Voluntary Bitcoin sales by Mic...
- [6] MicroStrategy Secure From Forced Bitcoin Sales Now | MEXC Newsmexc.com
MicroStrategy faces no forced Bitcoin sales as Cantor Fitzgerald tells CNBC its debt has no margin-call triggers. A recent statement from Cantor Fitzgerald has addressed growing questions about whether MicroStrategy could ever be required to sell its Bitcoi...
- [11] Will MicroStrategy Sell Any Bitcoin? Polymarket Odds Breakdownwhales.market
Even after buying in the $60K range and surviving the 2022 bear market with major shocks like Luna and FTX, the company has never sold any BTC. ... However, CEO Phong Le recently said the company could sell BTC if it truly needs to meet its debt obligations...
- [17] Saylor Emphasizes Regulatory...marketbeat.com
Key Points Q1 showed large non‑cash losses—an operating loss of about $14.5 billion and net loss of $12.8 billion driven by quarter‑end Bitcoin fair‑value declines, even as Strategy holds 818,334 BTC ( 3.9% of supply) and reported an 18% year‑over‑year incr...