For six years, one rule anchored the most influential trade in crypto: Strategy buys Bitcoin and never sells it. On July 6 the company disclosed it sold 3,588 coins at a loss to pay dividends on the securities it issued to buy them. The amount is a rounding error. The direction changes everything, for Strategy and for the dozens of companies built in its image.
Summary
- Strategy’s Bitcoin sale ended the market’s assumption that its holdings only move one way.
- The sale was small relative to Strategy’s total BTC stack, but it changed the regime around the company’s treasury model.
- Preferred dividends have turned Bitcoin from a permanent reserve asset into a potential…
