FittingRoom69

#saylorhintsstrategybitcoinbuy 😂 Saylor: "Bitcoin Drive engaged." Everyone: "HE'S BUYING BTC AGAIN! 🚀" Then the SEC filing dropped. Plot twist: Strategy actually SOLD 1,638 BTC last week for about $104.7M. 😳 And the numbers tell a much more interesting story: 📊 842,138 BTC still in the treasury 📊 Average cost: $75,419/BTC 📊 Sold at: $63,957/BTC 📊 Proceeds: $104.7M 📊 STRC dividend: 12%/year So why sell? About $52.4M went toward preferred dividends, while another $52.3M was used to buy back STRC. Here's the paradox: Strategy owns an enormous Bitcoin stack — yet when BTC trades well below its average cost, the company's capital-raising flywheel becomes harder to operate. That's where the real pressure appears. 👉 Strategy's mNAV (market cap vs BTC held) has dropped to ~0.68x–0.70x — meaning issuing new shares to buy more BTC now dilutes shareholders instead of helping them. That's the real bottleneck. BUT HERE'S WHAT MANY PEOPLE MISS 👀 The biggest risk may not be whether Saylor buys the next dip. It may be whether Strategy can keep funding a 12% preferred dividend burden while its mNAV stays compressed. In other words, this isn't simply a "Saylor sold Bitcoin" story. It's a capital structure story. 🧠 Square Insight: When the BTC treasury grows faster than the financing machine can support it, even a Bitcoin maximalist may have to become a capital manager. So what matters more from here: BTC price — or Strategy's ability to keep the flywheel running? 👀 #Bitcoin #Strategy #Crypto #SquareInsight $BTC $MSTR