If even the world's largest Bitcoin dead bulls are selling at a loss, can you still hold onto the BTC you hold?
On August 10, Strategy submitted a document to the SEC.
The data is heartbreaking:
From August 3 to 9, 1,690 Bitcoins were sold at an average price of $64,262, cashing out $108.6 million.
All of it will be used to repurchase STRC preferred shares.
This is not the first time. In six weeks, a total of 6,916 BTC were sold, worth a total of $429 million.
The cumulative loss was approximately $93.12 million.
And what is their holding cost?
$75,385 per coin.
BTC is now oscillating around $65,000.
For every coin sold, you lose $11,000.
The man who once said "never sell" is now cutting his flesh.
But the other side of the story is—
Some are selling on a big scale, while others are buying up goods like crazy.
Strive, Q2 increased holdings by 6,236 BTC.
In the first half of the year, a total of 12,237 tokens were bought.
Total holdings rose to 20,167 coins.
BitMine continued to expand its ETH holdings in July while repurchasing shares.
One company is selling, two companies are buying.
The logic of corporate treasuries is shifting from a single narrative of "buy only, not sell" to a new stage where "increasing holdings, selling, buybacks, and cash management coexist."
So why is Strategy selling?
Because they ran out of money.
Net loss of $8.2 billion in the second quarter.
The STRC preferred stock has been trading below $100 par value, making the path to new bond financing blocked.
Dollar reserves need to be replenished to $4.65 billion.
Preferred stock dividends must be paid, and debt interest must be repaid.
Previously, they bought BTC by issuing stocks; now, they pay bills by selling BTC.
At the end of June, the board authorized the sale of up to $1.25 billion worth of Bitcoin.
So far, only 430 million has been sold.
There are still over 800 million yuan left, waiting to be sold slowly.
What is truly worth pondering about is not how much Strategy lost.
It is the very narrative of the "corporate Bitcoin treasury" itself that is being redefined.
What did the market believe in before?
"Companies buying BTC = bullish on BTC = BTC will rise."
The logic is simple and brutal, but effective.
And now?
Companies can buy, sell, buy back stocks, and replenish cash at the same time.
Buying is a tool, and selling is a tool too.
BTC has transformed from a "faith asset" on a company's balance sheet into a "liquidity tool."
This may not be a bad thing, but it must be different from before.
To be honest—
Corporate treasuries are shifting from a "one-way pump" to a "two-way control valve."
What does this mean for the market?
The good news is: 840,447 BTC are still held by Strategy, accounting for 4% of the total BTC supply. The bulk remains untouched.
The bad news is: if the financing environment continues to deteriorate, part of that 4% will slowly become selling in the market.
What's even more worth watching is: Will other BTC-holding companies follow suit?
Strive is buying, BitMine is buying, but Hyperscale Data is also selling, and Trump Media is reducing its position.
Divisions among companies are turning into bullish and bearish battles in the market.
Finally, I ask you three questions:
First, if Strategy keeps selling, will you panic along with it?
Second, if Strive and BitMine continue to buy, will you follow suit and buy the dip?
Third, when "never sell" becomes "sell when needed," how much of your faith in Bitcoin remains?
$BTC$ETH$SOL #Strategy再卖1690枚BTC, corporate financial reserves have diverged
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