Méliuz is cited as a Brazilian company with cash flow that accumulates Bitcoin with cash flow, making it fundamentally different from cashless Bitcoin-treasury companies that collapsed 90-99%; this cash-flow backing supports its Bitcoin accumulation model.
Strategy's Bitcoin sales are natural treasury management, not a death spiral: it has already built a colossal Bitcoin reserve, has/had cash flow, covers preferred dividend obligations such as STRC, and built Bitcoin-collateralized financial products; the market may be overreacting to the broken 'never sell' narrative.