Growing concerns that Strategy Inc. may soon be forced to sell part of its roughly $56 billion Bitcoin holdings if prices continue to decline have weighed on the company's shares, which fell in pre-market trading on Monday.

According to data from its website, Strategy's mNAV—a key valuation metric comparing its enterprise value to its Bitcoin holdings—stood at approximately 1.2 on Monday, sparking fears among investors that it could soon turn negative.

CEO Phong Le stated in a Friday podcast, "We could sell Bitcoin if needed to fund dividend payments when mNAV falls below 1x." He emphasized that such a move would only be implemented as a last resort.

Shares of the Tysons Corner, Virginia-based company dropped over 5% in pre-market trading, while Bitcoin declined about 6% to $85,766.

"From a purely rational standpoint, that would absolutely be the right move. But emotionally, based on my sense of the market, we don’t really want to be the company selling Bitcoin," Le added. "Generally, for me, the rational side tends to prevail."

Formerly known as MicroStrategy, the company has shifted its primary business from software development to holding Bitcoin. To finance its cryptocurrency purchases, it has been issuing both common and preferred shares.

Historically, investors have viewed Strategy's steady Bitcoin accumulation as a sign of confidence in the crypto market, while sales could signal concern. After a week without adding to its Bitcoin holdings, Chairman Michael Saylor suggested in a Sunday post on X that the company might soon make further purchases.