MicroStrategy Buys $250M in Bitcoin, Calling the Crypto ‘Superior to Cash’

[fillippone]

Big announcement from Strategy:



Shares and hybrid buyback, cash ringfencing alll financed trough Bitcoin selling.
BTC up and Strategy Up, on the news. 

[GhostOfBitcoin]

Big announcement from Strategy:



Shares and hybrid buyback, cash ringfencing alll financed trough Bitcoin selling.
BTC up and Strategy Up, on the news. 

Hey @fillippone As you mentioned, the most significant aspect of this announcement for me is that Strategy has once again demonstrated it is seeking new ways to manage capital without selling its Bitcoin. I believe this could be a positive signal for long-term BTC holders, as it alleviates selling pressure on the company's Bitcoin reserves.

Again... I feel that a rise in share or BTC prices driven solely by an announcement cannot be termed long-term success. The real factors here will be how this Digital Credit Capital Framework actually operates, what the financing costs are, and the extent to which it can strengthen the company's cash flow and balance sheet.

I would like to offer another perspective: if the strategy can indeed enhance liquidity while maintaining Bitcoin exposure, it could serve as a model for other companies holding Bitcoin in their treasuries to follow in the future. Therefore, beyond the initial market reaction, monitoring the actual results of its implementation is now of the utmost importance.

[nikola22]

Big announcement from Strategy:
Shares and hybrid buyback, cash ringfencing alll financed trough Bitcoin selling.
BTC up and Strategy Up, on the news. 

Saylor decided to do what he'd been advised to do for the past few weeks. so far, this has brought positive results. the question is how long this positive momentum will last for Strategy shares. also it will be interesting to see how will Bitcoin market behave without Strategy's large purchases. in March Strategy bought over 44 000 BTC, in April - over 56 000 BTC and in May - over 25 000 BTC. basically, there’s no one left to buy these kinds of volumes from the market anymore.

[Free Market Capitalist]

Big announcement from Strategy:

...

Shares and hybrid buyback, cash ringfencing alll financed trough Bitcoin selling.
BTC up and Strategy Up, on the news. 

I have to say that, all things considered, and given the company’s current situation, it’s not bad. I was afraid he was going to keep buying Bitcoin every week as if nothing were wrong.

If you think about it, it sounds a little silly, because he kept borrowing large amounts of money when the price was at its peak, and now that we’re in a bear market, he’s going to sell—but given the company’s situation, and the fact that no action seemed ideal in this context, it’s not bad.

[Gragebox]

Big announcement from Strategy:
Shares and hybrid buyback, cash ringfencing alll financed trough Bitcoin selling.
BTC up and Strategy Up, on the news. 

Saylor decided to do what he'd been advised to do for the past few weeks. so far, this has brought positive results. the question is how long this positive momentum will last for Strategy shares. also it will be interesting to see how will Bitcoin market behave without Strategy's large purchases. in March Strategy bought over 44 000 BTC, in April - over 56 000 BTC and in May - over 25 000 BTC. basically, there’s no one left to buy these kinds of volumes from the market anymore.

Strategy was certainly one of the major drivers of institutional Bitcoin demand over the last few months, and those amounts of purchases were large enough to positively affect the market sentiment. The consistent accumulation of tens of thousands of BTC by just one firm decreases the amount of tokens that are currently available on exchanges and boosts the positive market sentiment.

But in my opinion, the long-term Bitcoin path does not depend on Strategy. Once the firm will stop buying the tokens, another driver will be needed for the market to continue moving forward. It can be the spot Bitcoin ETF, public firms which accumulate Bitcoin in their treasuries, sovereign wealth funds, or even renewed retail demand if the market sentiment will continue improving.

The most important thing is that the fixed amount of Bitcoin supply does not change. With the growth of the number of institutions which adopt Bitcoin, the competition for limited amount of tokens might intensify. Strategy was certainly a driving force, but its success makes other firms to take it into account and consider a similar treasury strategy.

[avp2306]

Big announcement from Strategy:

...

Shares and hybrid buyback, cash ringfencing alll financed trough Bitcoin selling.
BTC up and Strategy Up, on the news. 

I have to say that, all things considered, and given the company’s current situation, it’s not bad. I was afraid he was going to keep buying Bitcoin every week as if nothing were wrong.

If you think about it, it sounds a little silly, because he kept borrowing large amounts of money when the price was at its peak, and now that we’re in a bear market, he’s going to sell—but given the company’s situation, and the fact that no action seemed ideal in this context, it’s not bad.

What they did is not the best action, but if we look at their company condition they are now in heavy pressure because their position is totally bad knowing that the market keeps dumping. Somehow those actions they made is reasonable, but those things they have done on which they heavily borrow money from their investor when market goes up then plan to sell when it goes dump is not really the best course of action to do. But at this point what good to see is they try to escalate their action to avoid committing same mistakes again.

Current situation happening right now is really tough for them and those options they think has downsides. So I thinking that they are currently picking the best option that can make their company goes stable for a while.

[JayJuanGee]

Big announcement from Strategy:
Shares and hybrid buyback, cash ringfencing alll financed trough Bitcoin selling.
BTC up and Strategy Up, on the news. 

Saylor decided to do what he'd been advised to do for the past few weeks. so far, this has brought positive results. the question is how long this positive momentum will last for Strategy shares. also it will be interesting to see how will Bitcoin market behave without Strategy's large purchases. in March Strategy bought over 44 000 BTC, in April - over 56 000 BTC and in May - over 25 000 BTC. basically, there’s no one left to buy these kinds of volumes from the market anymore.

What are you smoking?

Anyone wanting to buy quantities of 25k, 44k, 56k and probably any quantity of coins that are 100k or less, can find sellers, and if sellers run out of coins to sell, then the buyers just have to pay higher prices in order to generate willing sellers of such coins.

There aren't infinite sellers and/or infinite coins, but the quantities of coins that you are talking about is more than doable for someone to be able to buy who is willing to pay on or about the market rate or perhaps to offer more if the cannot find any sellers at our current market rate...and if they cannot find sellers OTC, then they can just go to exchanges and buy at the exchanges.  Do the exchanges have limits that are concerning?  I doubt it.  There are some that limit withdrawals for normies, yet you are not really pointing out any way that MSTR or anyone else is supposedly being limited from buying those quantities of coins, if they were to want to buy them.

Big announcement from Strategy:
...
Shares and hybrid buyback, cash ringfencing alll financed trough Bitcoin selling.
BTC up and Strategy Up, on the news. 

I have to say that, all things considered, and given the company’s current situation, it’s not bad. I was afraid he was going to keep buying Bitcoin every week as if nothing were wrong.

If you think about it, it sounds a little silly, because he kept borrowing large amounts of money when the price was at its peak, and now that we’re in a bear market, he’s going to sell—but given the company’s situation, and the fact that no action seemed ideal in this context, it’s not bad.

Yep.. a genius strategy to buy BIG at the top and then figure out how to sell at the bottom... or the bottom, so far.

Big announcement from Strategy:
Shares and hybrid buyback, cash ringfencing alll financed trough Bitcoin selling.
BTC up and Strategy Up, on the news. 

Saylor decided to do what he'd been advised to do for the past few weeks. so far, this has brought positive results. the question is how long this positive momentum will last for Strategy shares. also it will be interesting to see how will Bitcoin market behave without Strategy's large purchases. in March Strategy bought over 44 000 BTC, in April - over 56 000 BTC and in May - over 25 000 BTC. basically, there’s no one left to buy these kinds of volumes from the market anymore.

Strategy was certainly one of the major drivers of institutional Bitcoin demand over the last few months, and those amounts of purchases were large enough to positively affect the market sentiment. The consistent accumulation of tens of thousands of BTC by just one firm decreases the amount of tokens that are currently available on exchanges and boosts the positive market sentiment.

Oh?  Is that so?  You seem to presume that there is ONLY 1 bitcoin for every bitcoin that MSTR was supposedly buying.

But in my opinion, the long-term Bitcoin path does not depend on Strategy. Once the firm will stop buying the tokens, another driver will be needed for the market to continue moving forward. It can be the spot Bitcoin ETF, public firms which accumulate Bitcoin in their treasuries, sovereign wealth funds, or even renewed retail demand if the market sentiment will continue improving.

The most important thing is that the fixed amount of Bitcoin supply does not change.

The fixed supply does change.   Have you heard about paper bitcoin?  and rehypothecation?  Do you think that bitcoin spot ETFs really have as many coins as are represented by shares?  Do you think that the public firms are accounting 1 for 1 for each of the coins that they supposedly bought?  I have my doubts, and I think that it is problematic to presume (without evidence) that those various custodian twats are not inflating the bitcoin supply with paper bitcoin.

With the growth of the number of institutions which adopt Bitcoin, the competition for limited amount of tokens might intensify. Strategy was certainly a driving force, but its success makes other firms to take it into account and consider a similar treasury strategy.

I doubt that the bitcoin market appreciates the existence of so many paper bitcoin.

[Bluedrem]

BIG PROGRESS ON THE CLARITY ACT.

🇺🇸 The US Senate is expected to release the final text of the CLARITY Act over THIS WEEKEND.

IT'S HAPPENING!
X
In case the final version of the CLARITY Act comes out this weekend as expected, it would certainly be a major step for the crypto sector in the US. It is evident that clear regulations would make everything much clearer for all involved parties. It is true, however, that it all depends on the final bill.

Perhaps this discussion should have been in the Bitcoin discussion or Everything you wanted to know about Bitcoin Strategic Reserve thread. Because I've seen discussions on this type of topic there. And here we usually see discussions about MicroStrategy's Bitcoin purchases, types of MicroStrategy's Bitcoin purchases, positive and negative aspects of purchases and Micro Strategy's various shares, which is understandable by looking at the title.
Perhaps the moderators can move this to the appropriate place.

[Ambatman]

in March Strategy bought over 44 000 BTC, in April - over 56 000 BTC and in May - over 25 000 BTC. basically, there’s no one left to buy these kinds of volumes from the market anymore.

I would like to add to what JJG has already stated
Strategy bitcoin buying and announcement stopped having much effect on Bitcoin price
Around last year.
And not mention they buy in a way that wouldn't affect the market much especially through OTC.

If you think about it, it sounds a little silly, because he kept borrowing large amounts of money when the price was at its peak, and now that we’re in a bear market, he’s going to sell—but given the company’s situation, and the fact that no action seemed ideal in this context, it’s not bad.

Maybe it's because it's his first time running a treasury company.
And also it was easier for them to generate funds then when everything was good
And STRC was printing like a Fiat printer.

[nikola22]

But in my opinion, the long-term Bitcoin path does not depend on Strategy. Once the firm will stop buying the tokens, another driver will be needed for the market to continue moving forward. It can be the spot Bitcoin ETF, public firms which accumulate Bitcoin in their treasuries, sovereign wealth funds, or even renewed retail demand if the market sentiment will continue improving.

I agree that Bitcoin shouldn't be dependent on a single company but who can make regular Bitcoin purchases in similar volumes? if you look at other companies with Bitcoin treasuries their volumes aren't as large and their purchases are very irregular.

Anyone wanting to buy quantities of 25k, 44k, 56k and probably any quantity of coins that are 100k or less, can find sellers, and if sellers run out of coins to sell, then the buyers just have to pay higher prices in order to generate willing sellers of such coins.

There aren't infinite sellers and/or infinite coins, but the quantities of coins that you are talking about is more than doable for someone to be able to buy who is willing to pay on or about the market rate or perhaps to offer more if the cannot find any sellers at our current market rate...and if they cannot find sellers OTC, then they can just go to exchanges and buy at the exchanges.  Do the exchanges have limits that are concerning?  I doubt it.  There are some that limit withdrawals for normies, yet you are not really pointing out any way that MSTR or anyone else is supposedly being limited from buying those quantities of coins, if they were to want to buy them.

I think there's some misunderstanding here. of course, anyone wanting to buy large volumes can find sellers but what I meant was after Strategy's pause in buying will there be buyers who regularly purchase large volumes of Bitcoin? there are ETFs, asset managers and other companies with Bitcoin treasuries that periodically buy Bitcoin. but ETFs not only sell Bitcoin they also frequently sell it. other companies with Bitcoin treasuries are far smaller than Strategy's in terms of volume and their purchases are very irregular.

I understand that Strategy bought Bitcoin in OTC trades and this didn't put much pressure on the market. will sellers on the OTC markets now find a similar regular buyer? and if they don't, they could probably start selling large quantities of Bitcoin in parts on the open market.

I would like to add to what JJG has already stated
Strategy bitcoin buying and announcement stopped having much effect on Bitcoin price
Around last year.
And not mention they buy in a way that wouldn't affect the market much especially through OTC.

we've become so accustomed to Strategy's regular Bitcoin purchases that we began to take them for granted. I think they did have some influence. although Strategy purchased Bitcoin through OTC transactions, it prevented these volumes from entering the open markets. after all, without buyers on OTC markets like Strategy coins could have been sold in parts on exchanges.

[Powerjumboo]

Strategy has sold 3,588 $BTC for $216 million to fund dividends on our Digital Credit securities. As of 7/5/2026, we hodl ₿843,775 in our BTC Reserves and $2.55 billion in our USD Reserves.


https://x.com/i/status/2074101854875656316

[fillippone]

Good move.
They replenished their USD reserve and demonstrated they can sell.
They made clear they can use their stash in a comprehensive way.
Also, this explains why Bitcoin underperformed last week.

[ultrloa]

Good move.
They replenished their USD reserve and demonstrated they can sell.
They made clear they can use their stash in a comprehensive way.
Also, this explains why Bitcoin underperformed last week.

I have split feelings towards this matter but I also think that this is good move done by Strategy, Since it gives them some breathing room when they replenish their USD reserves, then that somehow removes those doubts if their stash is usable.

on some sense what they have done is practical steps to survive, not a situation on which they are seems like panicking. Timing also somehow fits and understandable that somehow those sells they made adds some pressure on the market for short term.

[Free Market Capitalist]

Good move.

Well, as I said in a previous post, I think it's the least bad of the options on the table, but I wouldn't call it a good move.

Also, this explains why Bitcoin underperformed last week.

Not really, they trade OTC so, since purchases don't affect the price in the market, I imagine it will be the same for sales. They are not going to be so stupid as to not affect the market with their purchases upwards but to affect it when they sell downwards.

[Alex077]

Good move.
They replenished their USD reserve and demonstrated they can sell.
They made clear they can use their stash in a comprehensive way...

I think we're looking at this mainly from the perspective of crypto and Bitcoin market cycles. Saylor, on the other hand, has a much broader job. He has to think in six or seven dimensions at once-Bitcoin and the crypto community, shareholders, dividends and investors, taxes, tax optimization, and everything else. As Saylor explained, this latest sale wasn't some kind of emergency move.

It was a strategically smart way to realize a tax loss and at the same time support the STRC program. For example, let's say Strategy bought those BTC at an average price of around $76,500 and sold them at $62,000. From a corporate finance perspective, that's actually a very smart move because, in many countries, including the U.S., realized losses can be used to: - reduce taxable income - offset gains from other asset sales - and in some cases, carry losses forward to future tax years. In other words, the company may end up paying less in taxes.

That might not make much sense from a hardcore Bitcoiner's point of view, but it fits perfectly into Saylor's broader corporate strategy. And finally, yes, Strategy now owns fewer Bitcoin. That's true. But this is where the second step usually comes in. Once the tax loss has been realized, the company can simply buy BTC back later. That means: - the tax loss has already been locked in - the Bitcoin position can be rebuilt - and the amount of BTC backing each share doesn't necessarily decrease-it can actually increase over time.
As Saylor himself put it: "We can sell 0.2% of our Bitcoin in a month. But we'll probably buy back five times that amount during the same month." .
That's basically the whole logic behind these Bitcoin sales.

[JayJuanGee]

Good move.
They replenished their USD reserve and demonstrated they can sell.
They made clear they can use their stash in a comprehensive way...

I think we're looking at this mainly from the perspective of crypto and Bitcoin market cycles. Saylor, on the other hand, has a much broader job. He has to think in six or seven dimensions at once-Bitcoin and the crypto community, shareholders, dividends and investors, taxes, tax optimization, and everything else. As Saylor explained, this latest sale wasn't some kind of emergency move.

Yes.  Saylor seems to have had made his own situation overly complex, whether that was on purpose or not might be difficult to dicipher.

It was a strategically smart way to realize a tax loss and at the same time support the STRC program.

Smart? right...      He seemed to have had unnecessarily painted himself into a corner, and sure he has the option to walk accross the paint and proclaim that was what he had intended to do.

For example, let's say Strategy bought those BTC at an average price of around $76,500 and sold them at $62,000. From a corporate finance perspective, that's actually a very smart move because, in many countries, including the U.S., realized losses can be used to: - reduce taxable income - offset gains from other asset sales - and in some cases, carry losses forward to future tax years. In other words, the company may end up paying less in taxes.

Yes.  In some circles, losing money is smart.  That is a great rationalization.

That might not make much sense from a hardcore Bitcoiner's point of view, but it fits perfectly into Saylor's broader corporate strategy.

Why are you sucking Saylor's dick so much?  There is  no reason to get so attached to how much you are seeming to love Saylor and MSTR and to proclaim (in your little fantasy world) that they can never do any wrong.

Why can't you admit that they fucked up a few things?

Maybe in the end, the fuck ups of MSTR don't really matter too much, if they have plenty of bitcoin and they are otherwise remaining solvent.

And finally, yes, Strategy now owns fewer Bitcoin. That's true. But this is where the second step usually comes in. Once the tax loss has been realized, the company can simply buy BTC back later. That means: - the tax loss has already been locked in - the Bitcoin position can be rebuilt - and the amount of BTC backing each share doesn't necessarily decrease-it can actually increase over time.
As Saylor himself put it: "We can sell 0.2% of our Bitcoin in a month. But we'll probably buy back five times that amount during the same month." .
That's basically the whole logic behind these Bitcoin sales.

Yes.  Anyone who has a lot of bitcoin and a lot of cash has options, even though from time to time they might fuck up, so when they bought back $1.4 Billion of their debt in the past couple of months, that seemed like a fuck up.  But now they are selling bitcoin low, even though they had bought high, and that seems like a fuck up too, even though they can "tax loss harvest" their dumbness and proclaim themselves as geniuses.

[ultrloa]

Good move.
They replenished their USD reserve and demonstrated they can sell.
They made clear they can use their stash in a comprehensive way...

I think we're looking at this mainly from the perspective of crypto and Bitcoin market cycles. Saylor, on the other hand, has a much broader job. He has to think in six or seven dimensions at once-Bitcoin and the crypto community, shareholders, dividends and investors, taxes, tax optimization, and everything else. As Saylor explained, this latest sale wasn't some kind of emergency move.

It was a strategically smart way to realize a tax loss and at the same time support the STRC program. For example, let's say Strategy bought those BTC at an average price of around $76,500 and sold them at $62,000. From a corporate finance perspective, that's actually a very smart move because, in many countries, including the U.S., realized losses can be used to: - reduce taxable income - offset gains from other asset sales - and in some cases, carry losses forward to future tax years. In other words, the company may end up paying less in taxes.

That might not make much sense from a hardcore Bitcoiner's point of view, but it fits perfectly into Saylor's broader corporate strategy. And finally, yes, Strategy now owns fewer Bitcoin. That's true. But this is where the second step usually comes in. Once the tax loss has been realized, the company can simply buy BTC back later. That means: - the tax loss has already been locked in - the Bitcoin position can be rebuilt - and the amount of BTC backing each share doesn't necessarily decrease-it can actually increase over time.
As Saylor himself put it: "We can sell 0.2% of our Bitcoin in a month. But we'll probably buy back five times that amount during the same month." .
That's basically the whole logic behind these Bitcoin sales.

Crazy part is Saylor always says that never sell your Bitcoin, but now they are here dumping their own shit and eat all those things they have said before https://www.marketwatch.com/story/michael-saylor-said-he-would-never-sell-bitcoin-now-he-says-he-might-f05776fc

So whatever reasons they said the sale still a sale, there's no excuse with the action they made. It seems that they are trying to trap those people believe on their past statement.

If they believe that their Strategy is truly strong they won't need to do that action which is to sell a portion of their holdings to pay their obligations. This is exactly opposite on their statement that never sell Bitcoin which they always say or preach for lots of years.

That dumping they made expose their company and they really struggle a lot when market is on long bearish trend. So maybe if BTC declines more we can expect more sales from them.

[Alex077]

Good move.
They replenished their USD reserve and demonstrated they can sell...

I think we're looking at this mainly from the perspective of crypto and Bitcoin market cycles. Saylor, on the other hand, has a much broader job...

Yes.  Saylor seems to have had made his own situation overly complex, whether that was on purpose or not might be difficult to dicipher.
 

It's good that you broke down every sentence in the post, but I still have to say that I'm not a Saylor fan. In fact, I don't really like this centralization of Bitcoin through Wall Street money. Still, whether we like it or not, a lot now depends on him, so we have to keep a close eye on what he's doing. If he collapses, Bitcoin would most likely react with a sharp drop.

To put it simply, Saylor is accomplishing several things with these Bitcoin sales at the same time. He's locking in tax losses, building up the company's cash reserves, strengthening confidence in STRC, keeping the option to buy back STRC or MSTR at a discount, and avoiding the need to issue new MSTR shares while mNAV remains below 1.

This whole combination of measures could help bring STRC closer to $100 and restore the mNAV premium. After that, he may be able to start selling shares again and buying more Bitcoin, possibly even at lower prices than the levels where he is selling now, especially if we take into account Bitcoin's seasonal weakness in August and September. So for now, the company still looks stable and resilient. It has just slightly changed its slogan from "never sell" to "sell when it makes sense."

[Wind_FURY]

Good move.
They replenished their USD reserve and demonstrated they can sell.
They made clear they can use their stash in a comprehensive way...

I think we're looking at this mainly from the perspective of crypto and Bitcoin market cycles. Saylor, on the other hand, has a much broader job. He has to think in six or seven dimensions at once-Bitcoin and the crypto community, shareholders, dividends and investors, taxes, tax optimization, and everything else. As Saylor explained, this latest sale wasn't some kind of emergency move.

It was a strategically smart way to realize a tax loss and at the same time support the STRC program. For example, let's say Strategy bought those BTC at an average price of around $76,500 and sold them at $62,000. From a corporate finance perspective, that's actually a very smart move because, in many countries, including the U.S., realized losses can be used to: - reduce taxable income - offset gains from other asset sales - and in some cases, carry losses forward to future tax years. In other words, the company may end up paying less in taxes.

That might not make much sense from a hardcore Bitcoiner's point of view, but it fits perfectly into Saylor's broader corporate strategy. And finally, yes, Strategy now owns fewer Bitcoin. That's true. But this is where the second step usually comes in. Once the tax loss has been realized, the company can simply buy BTC back later. That means: - the tax loss has already been locked in - the Bitcoin position can be rebuilt - and the amount of BTC backing each share doesn't necessarily decrease-it can actually increase over time.
As Saylor himself put it: "We can sell 0.2% of our Bitcoin in a month. But we'll probably buy back five times that amount during the same month." .
That's basically the whole logic behind these Bitcoin sales.

Crazy part is Saylor always says that never sell your Bitcoin, but now they are here dumping their own shit and eat all those things they have said before https://www.marketwatch.com/story/michael-saylor-said-he-would-never-sell-bitcoin-now-he-says-he-might-f05776fc

So whatever reasons they said the sale still a sale, there's no excuse with the action they made. It seems that they are trying to trap those people believe on their past statement.

If they believe that their Strategy is truly strong they won't need to do that action which is to sell a portion of their holdings to pay their obligations. This is exactly opposite on their statement that never sell Bitcoin which they always say or preach for lots of years.

That dumping they made expose their company and they really struggle a lot when market is on long bearish trend. So maybe if BTC declines more we can expect more sales from them.

Personally, if it means that Strategy, by selling today, will accumulate more Bitcoin tomorrow, then I believe that we should merely accept a temporary bad situation to have a more favorable situation in the future, no?

This saying is - "You can't have your cake, and eat it too". Although, Strategy could eat their cake too only AFTER fixing a bad situation.

[JayJuanGee]

Good move.
They replenished their USD reserve and demonstrated they can sell...

I think we're looking at this mainly from the perspective of crypto and Bitcoin market cycles. Saylor, on the other hand, has a much broader job...

Yes.  Saylor seems to have had made his own situation overly complex, whether that was on purpose or not might be difficult to dicipher.

It was a strategically smart way to realize a tax loss and at the same time support the STRC program.

It's good that you broke down every sentence in the post,

Holy shit Alex.  You misquoted me, yet I fixed it above since the second half of the quote that you attributed to me was from you and the first half was from me, but you quoted it as if I had said the second part that you had said in your earlier post.  You gotta be careful with these kinds of attribution mistakes since they can sometimes be hard to correct, especially in cases that they end up going a while without being noticed.

but I still have to say that I'm not a Saylor fan. In fact, I don't really like this centralization of Bitcoin through Wall Street money. Still, whether we like it or not, a lot now depends on him, so we have to keep a close eye on what he's doing. If he collapses, Bitcoin would most likely react with a sharp drop.

Some things that Saylor has done recently come off as a bit much, especially since he is contradicting his earlier approach without acknowledging it, and even making mistakes without apologizing and/or recognizing the mistakes (or at least the differing viewpoints on some of his tactics).  He might have had put himself in a worse position based on how public that he has become, so it might be more difficult to not contradict ourselves from time to time.

To put it simply, Saylor is accomplishing several things with these Bitcoin sales at the same time. He's locking in tax losses, building up the company's cash reserves, strengthening confidence in STRC, keeping the option to buy back STRC or MSTR at a discount, and avoiding the need to issue new MSTR shares while mNAV remains below 1.

This whole combination of measures could help bring STRC closer to $100 and restore the mNAV premium. After that, he may be able to start selling shares again and buying more Bitcoin, possibly even at lower prices than the levels where he is selling now, especially if we take into account Bitcoin's seasonal weakness in August and September. So for now, the company still looks stable and resilient. It has just slightly changed its slogan from "never sell" to "sell when it makes sense."

You might be correct that whatever Saylor/MSTR is doing is logical and/or even savvy, yet I had already stated what I believe would have had been a better move, which would have had been to sell several billion$ of bitcoin, perhaps somewhere in the 100k to 150k territory, and then to say that the proceeds from these sales are going to be to buy bitcoin on any dips and also to pay any dividend obligations that we have.  Accordingly, there would be no more need to sell anymore bitcoin as long as sufficient cash reserves are always maintained, which I think has been my ongoing criticism for Saylor ever since they started buying bitcoin in 2020, yet my criticism has gotten even stronger once they started issuing financial products that require ongoing payments (servicing of the financial products) in dollars.