#Strategy上周减持3588枚BTC Strategy has started selling coins—cashing out 3,588 BTC for $216 million. The “only buy, never sell” narrative is broken.

Strategy sold 3,588 BTC last week, cashing out approximately $216 million to pay preferred stock dividends. This is the largest Bitcoin sale in the company’s history—112 times the 32-coin exploratory sell-off at the end of May.

As of July 5, Strategy still holds 843,775 BTC, with cash reserves of $2.55 billion. But there are a few details worth thinking about:

First, the “only buy, never sell” narrative has been rewritten. The market has long treated Strategy as a “never-sells” bull flag, and that label is starting to loosen. Although this round of selling is to pay dividends, once you open the door—what about next time?

Second, mNAV briefly fell below 1.0. This means the company’s market value is already lower than the value of its Bitcoin holdings. The market is unwilling to pay a premium for its Bitcoin holdings—and it’s even trading at a discount. This is a classic signal of an institutional narrative losing steam.

Third, Q2 digital asset impairment losses totaled $8.32 billion. This is an accounting loss that doesn’t affect cash flow, but it does impact market confidence. If Bitcoin continues to drag, the Q3 impairment figure will only get larger.

In short, Strategy is still the largest publicly listed company Bitcoin holder—but the glow of “only buy, never sell” has faded. The market is beginning to look at it more realistically: a company holding a large amount of Bitcoin, not a faith symbol that never sells.