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Saylor has said countless times that he would not sell a single BTC for 100 years "".
Today WSJ reports: Strategy plans to sell up to $1.25B BTC, while repurchasing $2B stock.
This is not Grayscale making a suggestion on the side (that was yesterday's news), this is Saylor's own company writing it in the filing.
BTC fell from $64K to $60K, and MSTR stock fell even harder — preferred stock and convertible bond holders are starting to settle accounts.
Strategy holds 847,000 BTC, with a cost of $50.9 billion.
When the stock price falls below NAV, selling BTC to buy back stock becomes capital structure arbitrage: sell your overvalued assets, buy back your undervalued stock.
Sounds rational? Yes.
But 'rationality' and 'diamond hands' are mutually exclusive.
'Never sell' has a prerequisite: you can withstand it.
When creditors start knocking at the door, faith becomes just a line item on the balance sheet.
$1.25B BTC ≈ 20,800.
If actually executed, it would be more intense than any single-day ETF redemption.
Saylor has not betrayed BTC; he is simply acknowledging a fact: when your stock and your BTC both fall, you can only save one.