Two days ago, I said: For a holder like Strategy at this level, the most important thing isn’t whether they have 'selling permissions,' but rather 'what cash needs would make them sell.' The answer is here. From July 27 to August 2, Strategy sold 1,638 BTC: Average price: $63,957 Net proceeds: $104.73M Breakdown: - $52.4M used to pay preferred stock dividends - $52.3M used to buy back STRC During the same period, they also sold 3.01M shares of MSTR, netting $290.6M; $250M of which was used to replenish USD reserves. So this isn’t just a simple 'bearish on BTC' move. The real shift is: Strategy’s BTC is now being used to provide cash for the high-yield preferred stock it issued. I was half wrong in my earlier judgment. 'Having permission doesn’t mean they’ll sell' still holds true; but I underestimated their cash needs to maintain dividends, preferred stock prices, and capital structure. From now on, I’ll be watching three numbers closely: - STRC’s current 12% dividend yield - $4B in USD reserves - Whether they continue selling BTC to pay dividends or buybacks If the selling continues, Strategy will no longer just be a company that buys BTC one-way. It will become a leveraged structure that constantly reallocates funds between BTC, common stock, preferred stock, and cash.