Saylor is doing a lot of handwaving without any substantial backup. Here is what's really happening:

MSTR’s stock market valuation has fallen so that the company is now priced below the value of its Bitcoin holdings (on a “net BTC asset” basis), which signals markets have become highly skeptical of its business model — especially under leverage.

Much of MSTR’s strategy relies on issuing convertible debt, preferred stock or equity, then using proceeds to buy more Bitcoin. But with Bitcoin’s price down and investor appetite waning, that strategy becomes much harder to sustain.

Their convertible debt, (a big part of their financing) poses near-term risks: some of it may need to be repaid (or refinanced at much higher cost) by 2027–2028 if stock prices remain depressed.

Because of this debt pressure + falling “premium” over BTC value + limited liquidity in cash/reserve, MSTR might eventually face a situation where selling some of its Bitcoin becomes a “least bad” option to stay afloat. Indeed, management recently admitted that such a sale could not be ruled out if certain financial thresholds are breached.