8.2 billion in losses, 70% stock price drop, selling at a loss—has Strategy's "Bitcoin faith" collapsed? 》
A company that calls itself a "Bitcoin super bull"—
Sold at a loss when the token price was above 60,000.
Net loss of $8.2 billion in the second quarter.
The stock price has fallen 70% in one year.
Tell me, is this a success or a failure?
First, look at the facts—don't rush to take sides.
On August 3, Strategy submitted documents to the SEC—
From July 27 to August 2, 1,638 Bitcoins were sold, cashing out $104.7 million.
The average price is $63,957.
Holding cost $75,419.
Each coin lost $11,462.
Where did the money from the sale go? Half of the dividends are paid for preferred stock, and the other half is repurchased.
A company that "never sells" is selling at a loss.
And that's not even the most outrageous part.
The company has bought 174,895 BTC year-to-date—while only 3,620 have been sold.
The proportion of sells is so low it's almost negligible.
But the question is—why sell?
To pay dividends. STRC preferred shares have an annualized 12% dividend, so you have to pay it.
Net loss for the second quarter was $8.22 billion, with a loss per share of $24.45.
What's the difference between a company that pays dividends by selling Bitcoin and someone who pays back Huabei by using a credit card?
Ran Neuner spoke even more harshly.
The host of CNBC CryptoTrader publicly called on Strategy to pause its purchases—
"Continuing to buy is eroding shareholder value."
He also pointed out that when MSTR's stock price falls below net asset value, issuing shares to buy Bitcoin can actually dilute the Bitcoin content per share, directly harming existing shareholders.
The logical contradiction is here—
The company is selling coins at below cost to support a preferred stock product with a 12% dividend.
Yet they hope to buy back at a higher price in the future.
The lower you sell, the more you lose. The more you lose, the more you need to sell.
But things are not that simple.
The positive side will say: 842,000 BTC still remain, and it remains the world's largest corporate holder.
$4 billion in cash reserves, enough to pay dividends for more than two years.
Year-to-date buys are 48 times sold.
"It's just a strategic rebalancing, not a collapse of faith."
The opponent will say: "Never sell" has become a joke.
From 32 probing sales, to 3,588 pieces, then to 1,638 pieces.
The token sales quota has expanded from 1.25 billion to 5 billion USD.
Saylor came out to draw a clear line—
"I say 'never sell' when I say it to individuals. Strategy is a publicly listed company, not my wallet. ”
Translated into plain language: My personal beliefs and the company's survival are two different things.
What is truly frightening?
Not Strategy, which sold 1,638 BTC.
Once the market realizes that the company holding 4% of global Bitcoin is shifting from net buying to net selling—panic itself creates more selling pressure.
MSTR's stock price has fallen from a high of $402 last August to $94 today.
It fell 76.7%.
This is not "faith." This is reality.
$BTC$MSTR #MSTR再卖1638枚比特币, scale halved
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