MicroStrategy Is Dependent on Refinancing Capacity, Not Bitcoin Price
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MSTR won't have to sell Bitcoin if BTC price goes down, they'll have to sell Bitcoin if they're unable to acquire funding along the maturity of their debt wall.
MicroStrategy is essentially a leveraged trade on Bitcoin, based on the following cycle:
1. Acquire funding via debt or equity
2. Buy Bitcoin
3. Repeat
This cycle works for as long as MSTR is able to obtain funding. Once funding becomes unavailable (i.e. market isn't willing to lend at favorable interest rates), funding must come from asset liquidation (i.e. the sale of Bitcoin).