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🚨 Strategy has sold more $BTC again. The company has now reportedly reduced roughly 5,000 BTC, including coins acquired at an average cost above $70K, while Bitcoin has been trading closer to the $60K range. At the same time, its preferred shares continue to carry over $100M in monthly dividend obligations, keeping financing costs in focus. The premium investors once assigned to $MSTR was built on a simple belief: "Michael Saylor and Strategy won't sell Bitcoin." If that narrative weakens, the market may begin asking a different question: Is $MSTR still a leveraged Bitcoin proxy, or is it becoming a Bitcoin holding company with significant financing costs? If the stock ever shifts from trading at a premium to a discount relative to its Bitcoin holdings, that could mark a major change in how investors value the company. Markets often change when conviction starts needing explanations instead of speaking for itself. $BTC $ETH $BICO #30YrYieldTopOrStart #USJapanYenIntervention #EarningsWeekAhead