🔥Strategy officially breaks the rule: Announces Bitcoin selling plan for the first time

Saylor just did something that goes against the principle he established from the early days: Strategy announced a plan to potentially sell Bitcoin, under the name "Digital Credit Capital Framework."
A few weeks ago, Strategy's annual dividend obligation rose from $300M to $1.2B in just 6 months, due to continuous issuance of STRC to buy more BTC. Cash reserves fell from $2.2B to only $0.87B, causing the number of months of cash available to pay dividends to drop from 80 months to 14 months.
CryptoQuant officially recommends the company needs to increase reserves to $2.8B to reach a safe level of 24 months.
STRC fell to a low of $82.53, pushing the real yield above 14% — a yield distress level in traditional finance.
All BTC purchased by Strategy in 2024-2026 is currently showing an unrealized loss of approximately $16.5B, with an average cost basis of $75,646/BTC.
Currently, Strategy announces the BTC Monetization program, allowing BTC sales in 3 cases:
- Increase cash reserves (up to $1.25B)
- Pay dividends/loan interest, or use funds for stock buybacks.
- The company affirms it will not sell immediately but "depending on market conditions."
-> This is likely a test of market confidence, putting out information to gauge reactions. If the sale is successfully executed, total standby USD would reach $3.8B (~26 months of dividend obligations).
Strategy also raised the STRC dividend rate to 12%/year, aiming to push the price to $99-100, while announcing a buyback of $2B (split equally between preferred shares STRC and MSTR), with funding possibly coming from the BTC sale itself.
Strategy's core issue is not faith in Bitcoin, but a structural mismatch: BTC does not generate cash flow to pay quarterly dividends, while financial obligations (approximately $1.7B/year for all preferred shares) arise regularly and the core business cannot bear the burden.
Many compare this model to Terra/LUNA, although Strategy does not have a peg-keeping mechanism. And there is no reason for $BTC to fall so deep as to cause the entire model to collapse.
$1.25B is a fairly small selling limit compared to the $53B value $BTC Strategy holds. Now the legendary company that built its brand on "never sell" has lost too much credibility with the community.