In 2025, bitcoin is no longer the marginal asset of cypherpunks. It has become a pillar of the balance sheets of listed companies, a cash flow tool for institutional investors, and financial leverage for giants like Strategy. However, the recent announcement from its CEO recalls a brutal reality: even the most fervent defenders of BTC could be forced to sell… as a last resort.
In brief
- Strategy will only sell its Bitcoins as a last resort: only if its mNAV ratio falls below 1, according to its CEO.
- 25% of the bitcoin supply is held by institutions and companies, while whales control 40% of the circulating supply.
- If large companies sell their bitcoin, the market could collapse, threatening Satoshi Nakamoto's vision.
Strategy will not sell its bitcoins… except in cases of force majeure
Strategy, one of the largest institutional holders of bitcoin with over 640,000 BTC, has reaffirmed its desire to hold on to its holdings. In a recent interview, the CEO of Strategy, Phong Le, clarified that the sale would only be considered if the mNAV ratio fell below 1 and access to capital dried up. A mathematically justified measure to protect the “Bitcoin yield per share”but not a systematic policy.
Strategy is banking on its ability to raise funds through share offerings as long as its stock trades at a premium. Despite an mNAV close to 0.93 in November 2025, Strategy continues to buy bitcoin, even accelerating its acquisitions. This strategy underlines a reality: selling BTC would be an admission of failure, but also an alarming signal for the market. Yet this reassuring stance hides a broader question: what if other bitcoin giants were to do the same?
Bitcoin: 25% held by institutions, Satoshi’s dream betrayed?
By 2025, data shows that 25% of the bitcoin supply is held by companies, funds and ETFs. While whales (addresses >1,000 BTC) control 40% of the circulating supply. Individuals, for their part, remain in the majority with 65.9% of the total supply. This increasing centralization contrasts with the original vision of Satoshi Nakamoto! He envisioned bitcoin as a peer-to-peer, censorship-resistant, decentralized currency.
Today, the value of BTC largely depends on the decisions of a few centralized players, such as Strategy, BlackRock or states via their reserves. Bitcoin purists criticize this development. They believe that BTC has become a speculative asset for the rich, far from its initial goal of financial freedom for all. If Satoshi saw this centralization, what would he think of the evolution of his creation?
What if all the big companies sold their bitcoin… what would happen?
Let's imagine that Strategy, Tesla, Block and the ETFs decide to liquidate even 10% of their reserves simultaneously. The consequences would be immediate and devastating. Indeed, a massive supply in an already volatile market could cause the price of bitcoin to fall by 50 to 70% in a few days.
Companies with BTC-denominated debt would be forced to sell more to cover their margins, creating a downward spiral. In addition, miners, under pressure, would also have to liquidate their reserves to pay their operational costs, amplifying the selling pressure.
Retail investors would panic, triggering massive withdrawals from platforms like Coinbase or Binance. This scenario is reminiscent of the fall of Luna/Terra in 2022, but with a global and systemic impact. Regulators could impose sales limits for large holders, but is this compatible with bitcoin's DNA?
Strategy will only sell its bitcoins as a last resort. But, this simple possibility raises a question: is BTC still Satoshi's rebel asset, or a toy in the hands of financial giants? In a new era where bitcoin is dominated by corporations, decentralization now appears to be just an illusion. And you, do you think that bitcoin can still embody Satoshi’s ideals?
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