Strategy sold 1,638 BTC last week for about $105M. According to the filing, roughly half went to preferred stock dividends and the other half went to buying back STRC shares. They still hold 842,138 BTC, so this wasn’t some huge dump.

But I think the reason matters more than the size. Once BTC starts being used to support the company’s capital structure, Strategy looks a little less like a permanent Bitcoin vault and more like a leveraged company with bills to pay.

Not necessarily bearish. Just more complicated than “they never sell.”

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