On Strategy's May 5 earnings call, Strategy CEO Phong Le said plainly that “we will sell Bitcoin when it is advantageous to the company,” with Saylor adding that Strategy would “probably sell some Bitcoin to fund a dividend just to inoculate the market.”

Strategy held 818,334 BTC as of May 3, up 22% year-to-date, with a market value of $64.14 billion.

What the May 5 call established was the public normalization of BTC sales as a corporate finance lever and the quantitative framework now sitting behind it

Below roughly 1.22x mNAV, management said selling BTC and paying dividends can be more accretive than issuing common equity. Saylor argued that if Bitcoin appreciates by just 2.3% annually, Strategy's current reserve can fund dividends “forever,” and if Bitcoin appreciates at zero, the reserve can still support dividends for 43 years.

The absolutist slogan gave way to a model in which companies that buy when accretive, issue equity when accretive, issue preferreds when accretive, and sell BTC when accretive are leveraged treasury-and-credit vehicles.

Investors originally bought these companies as Bitcoin proxies built on scarcity and permanence. The 1.22x mNAV threshold and the 2.3% breakeven rate are a more honest version of that pitch, and a more complicated one#GateSquareMayTradingShare