That man — the one who said he’d “buy up all the Bitcoin” — his company is preparing to sell its coins.

No joke.

On June 29, Strategy officially rolled out a “Digital Credit Capital Framework.”

Sounds high-end, but translated into six plain words, it means: We’re preparing to sell coins.

The board approved the highest authorization to sell Bitcoin of up to $1.25 billion.

“What? Weren’t we supposed to agree on ‘never selling’?”

Yeah. That “buy-only, never-sell” belief — the narrative that supported countless Bitcoin holders’ spiritual pillar — has shattered.

First, just look at how bad this company is doing now.

MSTR’s stock price, from a high of $457 in July 2025, has fallen to now under $100 — a plunge of more than 81%.

Preferred stock STRC, from a $100 par value, has dropped as low as $73.62 — a discount of more than 26%.

847,363 Bitcoin in holdings are sitting on a floating loss of over $13 billion (over 13 billion dollars).

Market cap fell below the value of its Bitcoin holdings for the first time — and that “premium” that had kept it issuing stocks and bonds over and over to buy Bitcoin is gone.

Annual dividend obligations jumped from $300 million at the start of the year to $1.2 billion — four times.

This is basically the prelude to a systemic collapse.

Selling $1.25 billion worth of Bitcoin — is it a pragmatic move, or the start of a crisis of trust?

Now three-party institutions are arguing in a big, chaotic mess.

Galaxy Research says: “Smart, but treating the symptoms, not the root cause.” The $6.7 billion in convertible bonds maturing in 2027–2028 still hasn’t been resolved. Selling this amount is just extending life, not saving it.

JPMorgan says: “It adds two-way risk.” Strategy used to be the most stable buyer in the market; now it could turn into a seller. A role that can both buy and sell only increases volatility.

Bitwise says: “Close to the cycle bottom.” The dumping of STRC is a typical end-of-cycle deleveraging move — the classic move when the cycle is ending. Who do you trust?

This is pragmatic, but the cost is the collapse of faith.

The reason Strategy could command a premium — and why the market was willing to give it a valuation higher than Bitcoin itself — was that “never sell” narrative.

Now you tell me: “You can sell now” —

Then what’s the difference between you and me?

A “Bitcoin company” that can sell its Bitcoin at any time — does it still deserve that premium?

The messiest move:

Last week, Strategy issued $1.1 billion in additional common stock — and bought not a single Bitcoin.

It all went into cash reserves.

The “coin-storing party” turned into a “swing-trading party.”

The old belief: Sell stocks, buy Bitcoin.

The new reality: Sell stocks, keep cash, and prepare to sell Bitcoin.

The direction has completely reversed.

But to be fair — it had no choice.

It has to pay $1.2 billion in dividends every year. Its dollar reserves are down to only $2.55 billion.

If it doesn’t sell Bitcoin, it defaults.

If it sells Bitcoin, it’s a slap in the face.

Two cups of poison — it chose the one that kills more slowly.

What does this mean for retail investors?

First, the market loses one of its most steadfast buyers. Strategy used to buy Bitcoin every Monday, giving the market a “calming medicine.” Now that medicine is gone.

Second, there’s now a potential massive whale seller. $1.25 billion — at today’s prices, roughly 20,000 Bitcoin. It’s not that much, but the psychological impact is huge.

Third, the end of the faith narrative. The story “Buy Bitcoin and get rich” has lost one of its most famous preachers.

“When faith starts being cashed out, faith is already dead.”

Strategy is no longer that fanatic who lives and dies with Bitcoin.

It has turned into an ordinary company struggling to survive in a bear market.

That’s all. #gStocks代币化股票上线 #非农爆冷打压加息预期 #Meta卖算力引发存储股大跌 $BTC $ETH $STRC