The key distinction here is that the BTC sale came from Strategy’s corporate treasury, while Saylor’s personal holdings stayed separate from the transaction. Strategy sold 1,690 $BTC for about $108.6M and used the proceeds to repurchase STRC preferred stock. At the same time, the company raised more than $650M through MSTR share sales and added most of that cash to its USD reserve. This looks like capital-structure management. Strategy is using part of its BTC treasury to manage preferred obligations, strengthen liquidity and support its Digital Credit instruments. Wall Street buyers have a different objective. They are mainly seeking direct Bitcoin exposure. For me, the key thing to watch is whether these sales stay small and tactical while Strategy continues building its long-term Bitcoin position.