Today in crypto: Strategy CEO Phong Le says Bitcoin would only be sold if the company’s stock falls and funding options disappear, Nasdaq is aiming to move as possible on its tokenized stocks proposal. Meanwhile, 1.75 million HYPE tokens unlocked on Hyperliquid token generation anniversary.
Strategy will sell Bitcoin as ‘last resort’ if mNAV drops, capital is unavailable: CEO
Strategy would consider selling Bitcoin only if its stock falls below net asset value and the company loses access to fresh capital, CEO Phong Le said in a recent interview.
Le told the What Bitcoin Did show that if Strategy’s multiple to net asset value (mNAV) were to slip under one and financing options dry up, unloading Bitcoin becomes “mathematically” justified to protect what he calls “Bitcoin yield per share.”
However, he noted that the move would be a last resort, not a policy shift. “I would not want to be the company that sells Bitcoin,” he said, adding that financial discipline has to override emotion when markets turn hostile.
Strategy’s model hinges on raising capital when its shares trade at a premium to NAV and using that money to buy Bitcoin (BTC), increasing BTC held per share. When that premium disappears, Le said, selling a portion of holdings to meet obligations can be acceptable to shareholders if issuing new equity would be more dilutive.
Nasdaq crypto chief pledges to ‘move as fast as we can’ on tokenized stocks
The US Nasdaq stock exchange is making SEC approval of its proposal to offer tokenized versions of stocks listed on the exchange a top priority, according to the exchange’s crypto chief.
“We’ll just move as fast as we can,” Nasdaq’s head of digital assets strategy, Matt Savarese, said during an interview with CNBC on Thursday, when asked whether the SEC could approve the proposal this year.
“I think what we have to really evaluate where the public comments come back in and then answer and respond to the SEC questions as they come through,” Savarese said. “We hope to kind of work with them as quickly as possible,” Savarese said.
1.75 million HYPE tokens unlocked on Hyperliquid token generation anniversary
The team behind the Hyperliquid decentralized exchange (DEX) provided clarity on the 1.75 million HYPE token unlock on Saturday, valued at over $60.4 million at the time of this writing.
Saturday’s token unlock was previously disclosed as part of HYPE’s vesting schedule, according to pseudonymous Hyperliquid developer iliensinc. He said:
“As announced a year ago, Hyperliquid Labs’ tokens unlocked on Nov 29, 2025. Different team members have different vesting schedules and can choose what to do with their vested tokens. Today, 1.75 million tokens were distributed to different team members.”
The clarification came in response to fears that the token unlocks would spark a wave of selling pressure that would negatively impact the HYPE token price, which fell by about 4.6% on Saturday.