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Why Strategy Dumped Its Biggest Bitcoin Tranche Yet
Description
For years, Michael Saylor's Strategy was the market's most dependable Bitcoin buyer. Recently, it has done the opposite.
Strategy just sold 3,588 Bitcoin for roughly $216 million, its largest single tranche yet, deepening the question of whether Michael Saylor has become a structural seller instead of a buyer.
Ram Ahluwalia, Austin Campbell, and Chris Perkins break down the STRC dividend mechanics behind the sale, the bull case for a catch-up trade, and the bear case if Bitcoin never rallies back.
Hosts:
Austin Campbell, Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern
Ram Ahluwalia, Co-host of Bits + Bips and CEO of Lumida
Chris Perkins, Co-host of Bits + Bips and Head of Franklin Crypto
This clip is from a longer conversation on Strategy's Bitcoin sale, the stablecoin wars, and the token versus equity debate. Full episode here: https://youtube.com/live/H3z68SYty0k
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Chapters:
💰 00:00 Strategy's record $216M Bitcoin sale: the numbers behind the disclosure
📉 01:14 mNAV falls below 1 for the first time, and the STRC dividend framework
🔁 02:31 Why Ram says selling Bitcoin beats issuing more MSTR shares
⚖️ 04:21 The bear case: what happens if Bitcoin doesn't rally from here
✈️ 05:24 Chris on Saylor's three-body problem after a week of conferences in London
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