🚨 BREAKING: Michael Saylor can sale $1.25 billion worth of $BTC anytime now.

Michael Saylor built an empire on one promise. Strategy never sells Bitcoin.
Today he formalized a program to sell Bitcoin.
Here is what actually happened and why it matters more than the press release makes it sound.
STRC, the preferred stock sold to retail investors as a safe 11.5% yield near $100, hit a record low of $82.53 last week. That is 17.5% below par. The dividend coverage was collapsing, the cash reserve looked thin, and the market was starting to price in a real risk that Strategy could not meet its obligations.
So today Saylor announced the BTC Monetization Program. The board has authorized selling up to $1.25 billion in Bitcoin to rebuild the USD reserve, pay preferred dividends and interest, and fund buybacks. The USD reserve now sits at $2.55 billion, covering roughly 17 months of obligations.
Saylor called it "active capital management." What it actually is, is the machine that was never supposed to sell Bitcoin now having a board-authorized framework to sell Bitcoin on a recurring basis.
It started in late May with 32 BTC sold for $2.5 million to cover a dividend payment. Now it is a formalized program with a $1.25 billion ceiling and board approval.
Strategy still holds 847,363 BTC purchased at an average of $75,651. Bitcoin is at $60,000. The unrealized loss is over $13 billion.
The preferred stock that needed rescuing gets a dividend raise to 12%. The common stock gets a $1 billion buyback authorization. And the Bitcoin that was never supposed to be touched is now the funding source for all of it.
The narrative held for six years. Today it became something else.