The promised “never sell” is now written into policy—where it can be sold every day. Has Strategy truly matured, or did it overplay its hand?
On June 29, Strategy released a document.
It has a long name: “Digital Credit Capital Framework.”
The core is just one sentence: authorize the board to sell Bitcoin, up to $1.25 billion.
Five uses: replenish U.S. dollar reserves, pay preferred stock dividends, pay interest, repurchase preferred stock, and repurchase common stock.
After the news came out, MSTR was up nearly 7% before the market opened. The preferred stock STRC jumped 12%.
A company built on the faith of “never buy”—yet it disclosed a plan to sell coins, but the market treated it as good news.
Let’s roll back one month.
In late May, Strategy quietly sold 32 Bitcoins for $2.5 million.
That was the first time it actively sold coins since 2022. How did the market react then?
At one point, the spot price of Bitcoin fell below $60,000. Investors felt the faith of “never sell” had shattered.
Then, one month later, they increased the sell authorization by 500 times.
32 Bitcoins became a $1.25 billion selling authorization—about 20,800 Bitcoins—accounting for 2.5% of total holdings.
From “ad-hoc” (temporary and occasional) to a “standardized pipeline,” it only took one month.
CEO Phong Le’s exact words were: the company is “shifting from one-way capital issuance to active capital management.”
Previously, it only took capital in; now it has both in and out.
The truth is: it wasn’t that it didn’t want to keep playing the “never sell” saint—it’s that it genuinely couldn’t carry it anymore.
The pressure is hidden in a pair of scissors.
That pair of scissors is STRC—Strategy’s largest preferred stock, with a par value of $100 and a size of about $8.5 billion.
Its interest rate isn’t fixed; it resets monthly.
Within a year, the rate was raised from 9% to 12%—adjusted 8 times, an average of once every six weeks.
But the rate hikes couldn’t keep the price stable. STRC fell from $100 to $74, losing its anchor by more than 25%.
STRC’s annualized dividends alone exceed $1 billion. Add STRK, STRF, and STRD—the three other preferred stocks—and about $6.7 billion in convertible bonds, and the entire capital structure’s annualized fixed obligations reach $1.76 billion.
It burns $4.8 million per day.
With $2.55 billion in dollar reserves, it can last 17.4 months. Add the $1.25 billion sell authorization, and it can last 25.9 months.
But what happens after 25.9 months?
JPMorgan and Grayscale have completely opposite views.
JPMorgan said: Strategy is shifting from a pure buyer to a potential seller, introducing “avoidable two-way risk” into the market. Analysts said that if the company had instead reissued stock to replenish reserves, this risk could have been avoided.
Grayscale said: Strategy’s selling of coins is eliminating forced liquidation pressure, and could actually help Bitcoin find a more durable bottom. The rebound in STRC shows investors are reacting positively.
One event—one side calls it risk, the other calls it a bottom.
Who do you believe?
What’s even crazier is that the market itself is voting—
On July 9, MSTR’s average daily trading volume surpassed Goldman Sachs, returning to the top 50 in U.S. stock trading volume, ranking 27th.
Its daily trading value exceeded $2 billion, nearing the level of large technology stocks.
One company—simply by holding Bitcoin—managed to out-trade Wall Street’s giants on trading volume.
MSTR’s stock price is currently about $86.87, with a market cap of about $30.5 billion. Its Bitcoin holdings are about $52.0 billion.
Its market cap is nearly $21.5 billion lower than its Bitcoin holdings.
The market’s valuation for MSTR is: “sell Bitcoin holdings at 60% of the holdings”—a 40% discount.
Do you think that means it’s undervalued? Or is the market telling you—this leverage model has pitfalls you can’t see?
“Never sell” is a belief; writing it into policy so it can be sold is a business.
Belief makes you willing to back it. Business makes it have to back itself.
On July 30, Strategy will release its Q2 earnings report—this will be the first scoreboard after the “never sell” promise was broken.
By then, we’ll be able to see clearly whether this is “the model moving toward maturity,” or a sign that the “leverage flywheel” is starting to get out of control.
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