The myth of the microstrategy's "never sell Bitcoin" approach comes to an end?
The narrative of the Bitcoin perpetual motion machine for the past $MSTR has been simple:
just buy, don’t sell, issue bonds, issue shares, keep buying BTC, wait for Bitcoin to pump, then push the stock price up, creating a cycle.
Saylor mentioned on the conference call: "We won't just sit there saying 'we will never sell Bitcoin' anymore. We want to be net accumulators of Bitcoin, not only increasing our total Bitcoin holdings but more importantly, enhancing each Bitcoin per share, because we believe that’s the most valuable thing for MSTR shareholders in the long term."
He also added: "If selling Bitcoin can buy dollars, reduce debt, or provide gains per Bitcoin share, we will consider doing that in the future."
This is the first official shift in Strategy since Saylor established the 'never sell' approach, moving towards actively managing the balance sheet, with the core goal shifting from pure hoarding to "maximizing the value of each Bitcoin per share," and even suggesting that they might sell some Bitcoin to pay dividends.
Crazy market inoculation to make the market 'immune'
Currently, Strategy has enough cash to cover dividends for over 18 months, and now indicates the potential to sell Bitcoin in the future, which somewhat reduces concerns about a Ponzi bubble. This represents a shift into a selling phase, and whether they will buy back later is another story.
The narrative of the Bitcoin perpetual motion machine for the past $MSTR has been simple:
just buy, don’t sell, issue bonds, issue shares, keep buying BTC, wait for Bitcoin to pump, then push the stock price up, creating a cycle.
Saylor mentioned on the conference call: "We won't just sit there saying 'we will never sell Bitcoin' anymore. We want to be net accumulators of Bitcoin, not only increasing our total Bitcoin holdings but more importantly, enhancing each Bitcoin per share, because we believe that’s the most valuable thing for MSTR shareholders in the long term."
He also added: "If selling Bitcoin can buy dollars, reduce debt, or provide gains per Bitcoin share, we will consider doing that in the future."
This is the first official shift in Strategy since Saylor established the 'never sell' approach, moving towards actively managing the balance sheet, with the core goal shifting from pure hoarding to "maximizing the value of each Bitcoin per share," and even suggesting that they might sell some Bitcoin to pay dividends.
Crazy market inoculation to make the market 'immune'
Currently, Strategy has enough cash to cover dividends for over 18 months, and now indicates the potential to sell Bitcoin in the future, which somewhat reduces concerns about a Ponzi bubble. This represents a shift into a selling phase, and whether they will buy back later is another story.