Crypto Today: Strategy’s BTC Plan, Nasdaq Tokens, HYPE Unlock
Key developments in digital assets included comments from Strategy’s CEO on potential Bitcoin sales, Nasdaq’s timeline for tokenized equities, and a scheduled token unlock for HYPE on Hyperliquid.
Strategy would sell Bitcoin only if mNAV falls and capital access closes, CEO says
Strategy would consider selling Bitcoin only if its shares trade below the company’s net asset value multiple and new financing is unavailable, CEO Phong Le said in a recent interview. Speaking on the What Bitcoin Did podcast, Le noted that if the firm’s multiple to net asset value (mNAV) drops under one and funding options are exhausted, selling Bitcoin becomes a “mathematical” step to preserve what he described as Bitcoin yield per share.
Le emphasized that such a sale would be a last resort rather than a change in strategy, adding that financial discipline must guide decisions during adverse market conditions. Strategy’s approach relies on issuing equity when shares trade at a premium to NAV and deploying proceeds to acquire Bitcoin (BTC), thereby raising BTC per share. If the premium disappears, he said, selling a portion of holdings to meet obligations could be preferable to issuing more equity if additional issuance would be more dilutive.
Nasdaq aims to advance tokenized stock plan pending SEC review
Nasdaq is prioritizing regulatory approval for its proposal to list tokenized versions of stocks on the exchange and intends to proceed as quickly as possible, according to Matt Savarese, Nasdaq’s head of digital assets strategy. Asked by CNBC on Thursday whether the Securities and Exchange Commission could clear the plan this year, Savarese said the exchange will “move as fast as we can.”
He added that Nasdaq expects to evaluate public feedback and respond to SEC questions as they arise, stating the exchange hopes to work with the regulator expeditiously throughout the review process.
1.75 million HYPE tokens unlock on Hyperliquid anniversary
The team behind the Hyperliquid decentralized exchange clarified that 1.75 million HYPE tokens unlocked on Saturday, with a notional value of over $60.4 million at the time. The clarification followed concerns that the event could increase selling pressure on the token.
According to the pseudonymous Hyperliquid developer iliensinc, the unlock was disclosed a year ago as part of the project’s vesting plan. He noted that Hyperliquid Labs’ tokens unlocked on Nov 29, 2025, with team members subject to varying vesting schedules and free to decide how to handle their vested allocations. On Saturday, 1.75 million tokens were distributed to multiple team members.
Following the event, HYPE fell by about 4.6% on Saturday.
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