Bitcoin’s biggest believer has caved — Strategy sells 3,588 BTC at a 20% loss

Michael Saylor's “never sell” pledge hasn't even gone cold yet.

Strategy just disclosed: from June 29 to July 5, it sold a total of 3,588 BTC, cashing out $216 million. The problem — average selling price $60,200, cost basis $75,476, a 20% loss worth $55 million.

From “only buy, never sell” in 2020 to “institutionalized reduction” in 2026, from an initial trial of 32 BTC to now dumping 3,588 in one go. The official explanation is “paying preferred stock dividends,” but in plain English: interest payments can't be covered — sales are necessary.

$22.2 billion in debt, $1.7 billion in annual interest payments, while the core software business generates $500 million a year. The funding flywheel has stopped, BTC has fallen, mNAV has broken below 1, and the only way out is to sell what you believe in most.

840k BTC shifting from “permanent lockup” to “potential sell pressure” — that’s the truly terrifying part.

Do you still believe in “faith”?

#BTC #Strategy #MicroStrategy #比特币 #加密货币