#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