#StrategySells334MStock

I think we are getting closer to the end of this heavy MSTR-selling phase. Like I said, Saylor selling MSTR to build the USD Reserve and defend STRC around $95 was the right move. It is painful for MSTR holders, but it became inevitable once the weakness in STRC’s original design was exposed. The variable dividend was supposed to keep STRC trading near $100. But when Bitcoin fell and credit confidence weakened, adjusting the yield alone was not enough. Once STRC dropped below $90, Strategy had to prove that the product was more than a high yield promise backed by a volatile asset. That required three things: 1/ A large cash reserve to remove doubts about dividend coverage 2/ STRC buybacks to create demand and reduce future dividend obligations 3/ A willingness to prioritize the stability of its capital structure over buying more Bitcoin This hurts MSTR in the short term because common shareholders absorb the dilution while none of that capital adds to the Bitcoin reserve. But allowing STRC to keep falling would have been worse. It could have destroyed confidence in Strategy’s entire preferred-stock platform and closed an important source of future capital. The good news is that I think we are getting closer to the end of this heavy MSTR-selling phase. Strategy now has a $4.8B USD Reserve, covering roughly 2.8 years of dividends and interest. That is already beyond its original goal of at least 24 months. STRC has also recovered to around $95, and Strategy has said its buybacks should taper as the price approaches $100. MSTR may take a few months to come alive again, but the path is still there. First stabilize STRC. Then rebuild MSTR. Then return to growing Bitcoin per share.