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Strategy’s sale of 1,690 BTC for about $108.6M, alongside reported preferred-share buybacks and higher dollar reserves, points to a broader shift in corporate crypto treasury behavior. Strive adding 6,236 BTC in Q2 and BitMine expanding ETH holdings while repurchasing shares in July reinforce the same theme: these balance sheets are becoming actively managed portfolios, not one-way accumulation vehicles. My read is that structural demand can persist, but it will be less predictable and more sensitive to funding needs. NFA — do your own work. #StrategySellsBTCAgain