Michael Saylor spoke at Dubai Blockchain Week on Wednesday, Dec. 3. | Source: Pixieset
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Key Takeaways
Saylor says MSTR could become the top-performing global stock within 4–8 years.
He revealed when Strategy would sell Bitcoin.
Despite volatility, the company continues to accumulate BTC.
Speaking at Binance Blockchain Week on Wednesday, Dec. 3, Strategy executive chairman Michael Saylor said the company expects to become the best-performing stock in global markets within the next four to eight years.
However, the founder also laid out the conditions under which the firm might finally sell — and that possibility may be closer than many realize.
However, the passionate founder also outlined the circumstances under which the firm would consider selling its holdings, and it may be becoming more of a possibility than many think.
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Saylor pointed to the company’s dividend capacity as a key indicator of financial stability.
“We’re going to be the number one stock,” he said, predicting that MSTR shares would outperform all other listed companies within the next decade.
He added that Strategy remains in good shape as long as it continues paying roughly $800 million in annual dividends.
The comments follow a difficult start to the month for the firm, during which its market capitalization briefly fell below the net value of its Bitcoin holdings.
Strategy currently holds 650,000 BTC, worth roughly $55.2 billion at the time of reporting.
Potential Sell
Following comments from CEO Phong Le suggesting the company could be compelled to sell Bitcoin if its shares were to trade below the value of its underlying holdings, attention has turned to Saylor’s long-standing “never sell” message.
Phong Le, CEO of @Strategy, explains that they would eventually sell Bitcoin instead of $MSTR to fund the dividends on the preferred shares if the mNAV trades below 1x and raising additional capital is difficult because it would be better for the BTC yield. pic.twitter.com/TRn2OedeL1
— Tristan – Blocktrainer.de 🧡⚡️ (@tristanblcktrnr) November 29, 2025
However, Saylor indicated there is a threshold for how long the company would hold, even if his overall stance remains highly bullish.
Addressing when, if ever, Strategy might sell part of its Bitcoin stack or Bitcoin derivatives, Saylor said the company would only consider it if its net asset value (NAV) fell below 1.
He described this as the only condition that could force a sale.
What Is Strategy’s mNAV?
MSTR mNAV. Credit: Strategy.
A key metric for Strategy is its mNAV, or “multiple to net asset value.”
This figure compares the company’s estimated enterprise value, currently about $65.2 billion, with the market value of the Bitcoin it holds.
As of Dec. 2, the mNAV stood at 1.15, indicating that investors value the company at roughly 15% above the worth of its Bitcoin reserves.
If the mNAV were to fall below 1, which is when Saylor said they would start selling Bitcoin, the situation would quickly become precarious.
A sub-1 reading means the market believes Strategy is worth less than the Bitcoin it owns, which happened briefly on Nov. 13.
In that scenario, the rationale for owning the stock disappears and confidence in Saylor’s mass accumulation strategy will evaporate.
No Risk
Saylor and Strategy have consistently downplayed risk during periods of volatility for Bitcoin.
After the asset dropped in price last week, Strategy stated on X that even if Bitcoin were to fall back to its average purchase price of about $74,000, its holdings would still cover outstanding convertible debt multiple times over.
If $BTC drops to our $74K average cost basis, we still have 5.9x assets to convertible debt, which we refer to as the BTC Rating of our debt. At $25K BTC, it would be 2.0x.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
