Strategy (formerly MicroStrategy), the publicly listed company that holds the most Bitcoin globally, filed its latest Form 8-K with the U.S. Securities and Exchange Commission (SEC) on August 17, U.S. time.

In the file, the Bitcoin record only has one line of conclusion: during the week from August 10 to August 16, it bought or sold not a single Bitcoin. However, since its last purchase of 520 Bitcoins on 6/21 up to now, it has been a full eight weeks.

Strategy currently holds 840,447 Bitcoins, with an average cost of $75,385 per coin.

And Bitcoin’s current price is about $64,100. In other words, the company in the world that buys the most Bitcoin is also the one that’s in the deepest loss…

According to the filing submitted to the SEC by Strategy, between the end of June and August 9, it was divided into four batches and sold a total of 6,916 Bitcoin, receiving about $429 million in return—equivalent to more than NT$13.6 billion.

And each document’s notes clearly state that these funds are used to pay dividends on the preferred shares, and to buy back STRC shares.

The four batches’ average trade prices are $59,256, $60,773, $63,957, and $64,262, all below its own holding cost of $75,385.

That means Strategy has been losing money by selling Bitcoin all along, just to pay out dividends. And by the week of August 10, it even didn’t sell any Bitcoin—it instead sold its own stock.

Strategy sold 3.46 million shares of common stock on the market, netting about $333.7 million—roughly NT$10.6 billion. Of that, $52.4 million was used to pay STRC dividends; the rest was used to buy back its own preferred shares and to hold in the company’s USD reserves.

The key point is… not a single Bitcoin was bought…

Based on my observations, Michael Saylor has repeatedly said over the past few years, “Don’t sell your Bitcoin.” But recently he changed his tune, saying that remark was made in his capacity as a “personal holder”…

I think this statement is actually honest—it’s just that many people misunderstand who it’s aimed at when they hear it.

He personally can never sell, because he doesn’t have to answer to anyone. But the company he runs promised others a 12% dividend—once the month’s time is up, that money must be generated.

When the core business can’t generate profits, they sell assets. If they don’t want to sell assets anymore, they dilute shareholders by issuing more shares. The order is almost always like that. So what makes the Strategy stop is actually its own financial structure, not so much whether it believes in Bitcoin.

Perhaps you’ll say: even the company that buys the most can’t hold up—so what gives retail investors the ability to hold on?

But Strategy has monthly dividend obligations that are due, preferred shares it’s actively buying back, and a group of shareholders who are watching the quarterly reports. And you have none of those things.

You don’t have to sell your coins at $59,256 just because a month’s dividend needs to be paid. So the real “backing” comes from retail investors—not the company that buys the most.

The premise is that the money you used to buy coins is money you won’t need to touch in the short term. Because the money that forces you to sell at the lowest point is usually the money you shouldn’t have used in the first place.

So please do this now: open your position and calculate whether, if Bitcoin drops another half, your life would be affected. If the answer is yes, what needs adjusting isn’t your confidence—it’s the size of your position.

The coins you hold—how long’s your plan for not using the money they were bought with?

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⚠️ The content above is for reference only and does not constitute investment advice.