Did Saylor finally figure it out? Sell Bitcoin?

$12.5 billion in losses, 818,000 BTC holdings, with an average cost of $75,537.

Then Saylor said a line that shattered all Bitcoin believers’ hearts:

“I might sell a little Bitcoin to pay dividends.”

After-hours, the stock price fell 3%, and BTC broke below 81,000.

Do you also think: It’s over— even the last “pixiu” has collapsed?

In the past, Saylor’s take was: Bitcoin is his only “exit strategy.”

In the past few years, Saylor has turned himself into a meme:

“Buy and hold only. Never sell. Even if you die.”

MSTR is a leveraged coin-hoarding machine: borrow money → buy coins → the stock price rises along with BTC → borrow again → buy more coins.

This logic is unbeatable in a bull market.

But the problem is: the money you owe accrues interest every second.

Saylor used to be able to pretend he didn’t see it.

But this time, the financial report tells him a cold, hard number:

- Just interest + preferred stock dividends every year = $1.5 billion

- The company’s cash + reserves can only cover 18 months

What happens after 18 months?

Either BTC goes to the sky, or… you’ll have to learn to “sell.”

- 18-month dividend coverage period

- $1.5 billion in annual obligations

- 818,000 BTC holdings

Even if BTC drops to $50,000, he can still hold for a year and a half.

If BTC rises back to $100,000?

He can cover three to five years.

Saylor isn’t dancing on the edge of a cliff.

He’s fastening a safety belt for himself.

A 3% drop in the stock price isn’t because MSTR is about to die.

It’s because the faith-fuelled crowd can’t take it:

“You’re no longer that ‘never-sell’ Saylor.”

But they forgot:

The condition for never selling is that you don’t have to pay back the money.

In the short term, the market is punishing the “narrative collapse.”

In the long run, if Saylor can prove that:

“If I sell 1 BTC, I can generate value worth 1.5 BTC,”

then MSTR is no longer a leveraged ETF—

but a real Bitcoin bank.

By then, it won’t be a 3% decline—

but a 300% revaluation.#美国寻求战略比特币储备 $BTC