That man—the man who said, “Buy up all the Bitcoin”—his company is preparing to sell coins.

Not kidding.
On June 29, Strategy officially rolled out a “digital credit capital framework.”
The name sounds very high-end—translate it and it’s just six words: We’re preparing to sell coins.
The board approved a maximum $1.25 billion authorization to sell Bitcoin.
“What? Weren’t we supposed to say ‘never sell’?”
Yes.
That belief of “only buy, never sell,” the narrative that has propped up the mental backbone of countless Bitcoin holders—it has shattered.
First, take a look at how miserable this company is right now.
MSTR’s share price, from a July 2025 high of $457, has fallen to under $100 today—down more than 81%.
Preferred stock STRC, from a $100 par value, has dropped as low as $73.62—an over 26% discount.
847,363 Bitcoin holdings, with an unrealized loss exceeding $13 billion.
Its market cap has fallen below the value of its Bitcoin holdings for the first time—the “premium” that previously supported its continuous cycle of issuing equity and debt to buy more Bitcoin has disappeared.
Annual dividend obligations have spiked from $300 million at the start of the year to $1.2 billion—four times as much.
This is basically a sign of a systemic collapse.
Is selling $1.25 billion worth of Bitcoin a pragmatic move, or the start of a crisis of trust?
Now three-party institutions are bickering like a pot of boiling porridge.
Galaxy Research says: “Wise, but treats the symptoms, not the root cause.” The $6.7 billion convertible bonds maturing in 2027–2028 haven’t been resolved yet. Selling this amount of money only keeps it alive longer—not saves it.
JPMorgan says: “It increases bidirectional risk.” Previously, Strategy was the most stable buyer in the market; now it may become a seller. A role that can both buy and sell will only bring more volatility.
Bitwise says: “Close to the cycle’s bottom.” STRC’s selloff is a textbook example of deleveraging toward the end of the cycle—so who do you trust?
This is a pragmatic move, but the cost is the collapse of faith.
The reason Strategy has commanded a premium—why the market is willing to give it an even higher valuation than Bitcoin itself—is precisely because of that “never sell” narrative.
Now you tell me, “You can sell”—
Then what difference is there between you and me?
If there’s a “Bitcoin company” that can sell Bitcoin at any time, is it still worth that premium?
The most audacious move:
Strategy issued an additional $1.1 billion in common stock last week—without buying a single Bitcoin.
They put it all toward cash reserves.
“The coin-hoarders” have turned into “traders swinging between cycles.”
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