Quoth the Raven
· QTR’s Fringe Finance
· 03 августа 2026, 12:35
· ⏱ 10 мин чтения
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Strategy's repeated bitcoin sales, though small in absolute terms, mark a structural break from its 'untouchable treasury' narrative and mean the remaining ~842k BTC is now potentially available liquidity. The bearish implication is that if bitcoin falls 20-50%, selling could accelerate and expose the leverage underneath the company's capital structure — a risk for MSTR and a potential supply overhang for bitcoin.
•Strategy sold another 1,637 BTC over the past week, reducing its holdings to 842,138 BTC.
•Strategy has now sold over 5,000 BTC over the last couple months, approaching 1% of its total treasury, and has sold BTC every month since June.
•Management had previously indicated it expected to remain a net buyer every quarter, but is now selling bitcoin around $62,000 after years of buying at higher prices.
•The sales are being used to raise dollars and support Strategy's preferred stock, making bitcoin a source of working capital rather than a permanent reserve asset.
•The author argues the key issue is not the amount sold so far but the fact that investors now know the remaining 842,138 BTC could eventually become a source of liquidity.
•If bitcoin falls another 20-50%, the demonstrated willingness to sell under benign conditions raises the risk of much larger sales during a genuine drawdown.
Article directly critiques Strategy's shift from permanent buyer to seller: 'Strategy is now a bitcoin seller, period.' Management is monetizing a previously untouchable bitcoin treasury at lower pric
Article directly critiques Strategy's shift from permanent buyer to seller: 'Strategy is now a bitcoin seller, period.' Management is monetizing a previously untouchable bitcoin treasury at lower prices to support preferred stock, which the author calls mission-creep and a reversal of the narrative Saylor and Phong Le spent years building.
Risk: The capital structure is built on bitcoin's volatility; if BTC declines further, larger treasury sales could pressure common equity and reveal hidden leverage.
The article argues that after crossing the 'untouchable' psychological barrier, Strategy's remaining 842,138 BTC could become a liquidity source. It specifically asks what happens if bitcoin falls ano
The article argues that after crossing the 'untouchable' psychological barrier, Strategy's remaining 842,138 BTC could become a liquidity source. It specifically asks what happens if bitcoin falls another 20% or 50%, raising the possibility of much larger supply overhang from Strategy selling.
Risk: Current weekly sales are still modest and the market has absorbed them without disruption, so there is no immediate liquidation catalyst.
This newsletter, published August 03, 2026,
features Quoth the Raven
discussing MSTR, BTC.
2 trade ideas extracted by AI with direction and confidence scoring.