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Strategy 何時會賣比特幣？最後手段觸發條件一次看
Strategy 仍未把自己定位成例行賣幣者；最明確的觸發條件是 mNAV 低於 1，且公司無法取得新資本 [20][23][25]。 Q1 2026 背景很關鍵：Strategy 稱持有 818,334 枚 BTC、約占比特幣最終供給量 3.9%，同時年初至今已籌得約 117 億美元資本 [18]。
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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 的比特幣政策，正在從一句聽起來很絕對的「永不賣」，轉成一套有但書的股東價值判斷。公司仍沒有把自己包裝成會常態賣幣的交易者；但近期報導顯示，若繼續死守每一枚 BTC 反而不如換取美元來履行義務，或不利於維護每股比特幣指標，出售就可能成為選項 [17][
20][
25]。
為什麼市場現在特別在意？
Strategy（前稱 MicroStrategy）仍是全球最受關注的企業級比特幣持有者之一。其 2026 年第一季法說會逐字稿顯示，公司持有 818,334 枚 BTC，約占比特幣最終供給量的 3.9%，並稱自己是全球最大的企業比特幣持有者 [18]。
規模越大，用字越重要。第一季業績報導也提到，Strategy 錄得約 145 億美元營業虧損與約 128 億美元淨虧損，主要與季末比特幣公允價值下跌有關 [17][
27]。這些虧損被描述為非現金項目，但它提醒市場：比特幣價格波動會直接反映在財報數字上；至於是否真的賣幣，報導所指的核心觸發因素仍是 mNAV 與資本市場可得性 。
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重點整理
- Strategy 仍未把自己定位成例行賣幣者；最明確的觸發條件是 mNAV 低於 1，且公司無法取得新資本 [20][23][25]。
- Q1 2026 背景很關鍵：Strategy 稱持有 818,334 枚 BTC、約占比特幣最終供給量 3.9%，同時年初至今已籌得約 117 億美元資本 [18]。
- 出售 BTC 不必然等於被追繳保證金；相關報導稱其現有債務在目前條件下沒有 margin call 觸發條款，風險更偏向流動性與再融資壓力 [6]。
大家也會問
「Strategy 何時會賣比特幣？最後手段觸發條件一次看」的簡短答案是什麼？
Strategy 仍未把自己定位成例行賣幣者；最明確的觸發條件是 mNAV 低於 1，且公司無法取得新資本 [20][23][25]。
最值得優先驗證的重點是什麼？
Strategy 仍未把自己定位成例行賣幣者；最明確的觸發條件是 mNAV 低於 1，且公司無法取得新資本 [20][23][25]。 Q1 2026 背景很關鍵：Strategy 稱持有 818,334 枚 BTC、約占比特幣最終供給量 3.9%，同時年初至今已籌得約 117 億美元資本 [18]。
接下來在實務上該怎麼做？
出售 BTC 不必然等於被追繳保證金；相關報導稱其現有債務在目前條件下沒有 margin call 觸發條款，風險更偏向流動性與再融資壓力 [6]。
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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...
