Bluechip
--
Bullish
THE CONFESSION
For five years, Michael Saylor preached one gospel: “You do not sell your Bitcoin.”
650,000 coins. $56 billion. The largest corporate holder on Earth.
Yesterday, both Saylor and CEO Phong Le admitted they will sell.
Saylor’s words: “We will do that because that’s in the best interest of shareholders.”
The religion has a liquidation clause.
THE MATH THAT BREAKS THE FAITH
Market cap today: $49.26 billion.
Bitcoin holdings today: $55.9 billion.
Strategy is already worth less than the coins it holds.
The first trigger condition for forced sales has been met.
$8.2 billion in debt.
$800 million in annual preferred dividends.
A software business hemorrhaging cash.
Their emergency response: $1.44 billion in reserves from stock sales.
That buys 21 months.
What happens month 22?
THE COUNTDOWN NOBODY IS WATCHING
January 15, 2026: MSCI decides whether to expel Strategy from global indices.
JPMorgan estimates forced institutional selling between $2.8 billion and $8.8 billion if removal proceeds.
44 days until verdict.
THE SMART MONEY ALREADY LEFT
Q3 2025 SEC filings: BlackRock, Vanguard, JPMorgan, and Capital International liquidated $5.38 billion in Strategy shares.
They did not wait for the announcement.
They read the covenant documents.
THE REVELATION
Conviction was never the product.
Leverage was.
When the architect of “never sell” publicly prices the conditions under which he will sell, the architecture was always temporary.
The temple had an exit door the entire time.
It was simply never shown to the congregation.
Bitcoin does not need Strategy to survive.
The question is whether Strategy can survive Bitcoin.
44 days.
$BTC
For five years, Michael Saylor preached one gospel: “You do not sell your Bitcoin.”
650,000 coins. $56 billion. The largest corporate holder on Earth.
Yesterday, both Saylor and CEO Phong Le admitted they will sell.
Saylor’s words: “We will do that because that’s in the best interest of shareholders.”
The religion has a liquidation clause.
THE MATH THAT BREAKS THE FAITH
Market cap today: $49.26 billion.
Bitcoin holdings today: $55.9 billion.
Strategy is already worth less than the coins it holds.
The first trigger condition for forced sales has been met.
$8.2 billion in debt.
$800 million in annual preferred dividends.
A software business hemorrhaging cash.
Their emergency response: $1.44 billion in reserves from stock sales.
That buys 21 months.
What happens month 22?
THE COUNTDOWN NOBODY IS WATCHING
January 15, 2026: MSCI decides whether to expel Strategy from global indices.
JPMorgan estimates forced institutional selling between $2.8 billion and $8.8 billion if removal proceeds.
44 days until verdict.
THE SMART MONEY ALREADY LEFT
Q3 2025 SEC filings: BlackRock, Vanguard, JPMorgan, and Capital International liquidated $5.38 billion in Strategy shares.
They did not wait for the announcement.
They read the covenant documents.
THE REVELATION
Conviction was never the product.
Leverage was.
When the architect of “never sell” publicly prices the conditions under which he will sell, the architecture was always temporary.
The temple had an exit door the entire time.
It was simply never shown to the congregation.
Bitcoin does not need Strategy to survive.
The question is whether Strategy can survive Bitcoin.
44 days.
$BTC
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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