Just saw some pretty shocking news: Strategy is changing its tune.

Everyone knows that Strategy is the publicly traded company holding the most Bitcoin worldwide, and Michael Saylor has been shouting the slogan "Never sell Bitcoin" before. But this week, during the Q1 earnings call, he suddenly shifted gears, saying the company might have to sell some Bitcoin in the future to pay dividends. Saylor's exact words were that they are very likely to sell Bitcoin to meet dividend demands, which is not just a precaution but also a clear signal to the market — we will indeed do this.

This actually reflects the financial dilemma Strategy is facing. The company is currently under about $1.5 billion in unpaid dividend pressure, including preferred stock dividends and debt interest. Based on current cash reserves, they can only sustain for about 18 more months. And Strategy does have some chips — holding 818,334 Bitcoin, with an average cost of $75,537.

Strategy's new approach is actually quite interesting. Saylor outlined a capital operation logic: borrow money to buy Bitcoin, wait for appreciation, then sell some when needed to pay dividends. Simple and straightforward, but under current financial pressure, it seems to be the only option.

Once the news broke, the market reaction was immediate. Strategy's stock price dropped over 4% in after-hours trading, and Bitcoin also weakened, briefly falling below $81,000. Investors' concerns are obvious — if Strategy really starts selling Bitcoin on a large scale, what impact will that have on the entire market? This policy shift, to some extent, breaks the market's long-term bullish expectation for Bitcoin regarding Strategy.