People used to think the strategy for buying BTC was super simple: Buy when you have money, buy more when it dips, and never sell. But now the market is reminding everyone of one thing—companies can have faith, but bills don’t. Preferred shares need dividends, cash reserves need replenishing, and when the stock price falls below the net value of their BTC holdings, fundraising isn’t as easy as it used to be. At this point, whether to sell BTC or not isn’t just about being bullish or bearish—it’s about whether the cash flow can hold up. In a bull market, BTC-holding companies are like 'BTC accelerators.' But when the market isn’t doing well, they can turn into just another regular company holding a ton of BTC while carrying a bunch of fixed expenses. So lately, what’s really worth watching isn’t just whether BTC is going up or not, but whether these BTC-holding companies can keep their story going. After all, faith can be held long-term, but dividends usually can’t be delayed forever.