Michael Saylor’s bluster about never selling your Bitcoin lost a little oomph this week, as the company he co-founded clarified that, actually, there are some circumstances in which it might need to unload some of its stockpile.

“A significant decrease in the market value of our bitcoin holdings could adversely affect our ability to satisfy our financial obligations,” Strategy (MSTR+10.64%) (formerly MicroStrategy) noted in a regulatory filing on April 7. Those obligations include the interest it owes on $8.21 billion in loans; principal repayments on those loans, which start next year; leases on office space; and dividends owed to some of its investors, crypto news site Protos reported.

In other words, if the price of Bitcoin sinks low enough, Strategy would have no choice but to sell some BTC to make good on its sizable debts. This is inherent in Strategy’s business, as the company’s bet pretty much everything on a volatile cryptocurrency (although, for context, Bitcoin is periodically less volatile than some leading stocks). Regardless, the disclosure contrasts Saylor’s common refrain; “You do not sell your #Bitcoin,” Saylor said in February.

Bitcoin’s biggest corporate holder told investors that it had 528,185 BTC on hand as of Monday, 80,715 (or about 15%) of which it acquired in the first quarter of 2025, per The Block. Strategy also disclosed that its unrealized losses hit $5.91 billion in the first quarter, during which the leading cryptocurrency forfeited a good chunk of its value.

Bitcoin was up about 3.7% midday on Friday, rising to $82,556 as of 12:08 p.m. ET. However, it’s still down roughly 11.7% since January 1. The price of Bitcoin has dipped below $80,000 several times since March, trailing wild stock-market swings over President Donald Trump’s erratic tariff policies.

On April 9, Saylor simply tweeted “HODL,” a term that’s come to mean “hold,” as well as “hold on for dear life,” in the crypto scene.

Strategy paid $67,458 per Bitcoin on average for its entire stockpile.