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Just read Strategy’s Q2 2026 report. Everyone’s screaming about the $8.22B paper loss and Saylor selling BTC. That’s missing the point. The real story: BTC per share went up. From 201,170 sats to 210,824 sats. Accumulation efficiency actually improved, even with the headline losses. This marks a shift. The old playbook — borrow, buy, never sell — is over. What’s replacing it is Saylor’s “digital credit capital” model. That $218M BTC sale wasn’t panic. It was to support STRC and buy back discounted preferreds that shorts were holding. MSTR used to trade like a leveraged BTC ETF. Now it’s acting like a bitcoin hedge fund, arbitraging between BTC, cash, equity, and STRC. Saylor called circular digital credit a “killer app.” If 12% STRC gets tokenized and circulates, it dwarfs a 3% money market fund. If STRC re-pegs to $100 on Sept 8, this thesis is proven. BTC stops being just digital gold. It becomes the fuel for a new global credit system. #AMZNMissesButRallies #SoftPCEStrongDemand #MSFT450BInADay