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🚨 Strategy Has Updated Its Bitcoin Playbook For years, Strategy's approach was simple: accumulate Bitcoin and never sell. That changed on June 29, when the company approved a framework that allows conditional Bitcoin sales for the first time. The move appears to address a structural challenge rather than signal a shift in long-term conviction. The key issue has been $MSTR 's mNAV—the ratio of its market value to the value of its Bitcoin holdings—which has remained below 1.0x for several months. Trading below asset value limits the company's ability to issue shares efficiently to fund additional $BTC purchases, reducing the effectiveness of its previous accumulation strategy. To strengthen liquidity, Strategy introduced its Digital Credit Capital Framework, which includes: • A $2.55B USD reserve • A $1.25B Bitcoin monetization program with strictly defined conditions • A $1B Digital Credit Securities repurchase program • A $1B $MSTR share buyback authorization • An increase in the $STRC dividend to 12% Bitcoin sales are permitted only under specific circumstances: - Building the USD reserve - Covering preferred dividends and interest obligations - Funding securities repurchases This is not an open-ended selling plan, but a structured liquidity framework designed to improve financial flexibility. The company's recent decision to raise $1.15B without purchasing additional $BTC suggests that preserving liquidity has become the immediate priority. Markets responded positively, with $MSTR shares rising sharply, while $BTC saw only a brief rally before pulling back. The strategy has evolved—from "never sell" to "sell only when necessary." 💬 Do you see this as prudent risk management, or a development that Bitcoin investors should watch closely? #SoftPCEStrongDemand #AMZNMissesButRallies