In essence, MicroStrategy's Bitcoin strategy appears to be genuinely long-term, with selling as an absolute last resort that they would strenuously avoid through alternative financing options.

In essence, MicroStrategy's Bitcoin strategy appears to be genuinely long-term, with selling as an absolute last resort that they would strenuously avoid through alternative financing options.

MicroStrategy's 8-K disclosure states: "We may sell bitcoin to meet financial obligations, and such sales could occur at prices below our cost basis or at otherwise unfavorable prices." (This is standard language in all their 8-K reports)
However, it's unlikely MicroStrategy would sell even a single satoshi.

On December 28, 2022, MicroStrategy Incorporated (“MicroStrategy”) announced the following:
    •       During the period between November 1, 2022 and December 21, 2022, MicroStrategy, through its wholly-owned subsidiary MacroStrategy LLC (“MacroStrategy”), acquired approximately 2,395 bitcoins for approximately $42.8 million in cash, at an average price of approximately $17,871 per bitcoin, inclusive of fees and expenses.
    •       On December 22, 2022, MacroStrategy sold approximately 704 bitcoins for cash proceeds of approximately $11.8 million, at an average price of approximately $16,776 per bitcoin, net of fees and expenses. MicroStrategy plans to carry back the capital losses resulting from this transaction against previous capital gains, to the extent such carrybacks are available under the federal income tax laws currently in effect, which may generate a tax benefit.
    •       On December 24, 2022, MacroStrategy acquired approximately 810 bitcoins for approximately $13.6 million in cash, at an average price of approximately $16,845 per bitcoin, inclusive of fees and expenses.

Anyway, Strategy's existence is dependent on Bitcoin. So, I don't think they'd just sell their Bitcoin. They might when the situation badly calls for it, but I don't think it would trigger a market collapse. In the first place, Strategy's option isn't just either hodling them or selling them all at once. They could sell a tiny portion if they badly need to. They don't have to sell everything. That would be suicide.

In the absence of such urgent reason to sell, I don't think Strategy will do it. So far, it appears Saylor is meant to carry his coins with him to the grave.