Post

The world's largest Bitcoin corporate treasury has started selling at a loss—are you still mindlessly hoarding? If you were managing a company's treasury with 840,000 BTC on the books—accounting for 4% of the total supply—how would you operate? Hold tight and never sell, or adjust flexibly based on the situation? There was once someone who gave you a firm answer: never sell. Now that person has changed their mind. On August 10, Strategy filed with the SEC: last week they sold 1,690 BTC at an average price of $64,262, cashing out $108.6 million. All proceeds were used to repurchase STRC preferred shares. This transaction resulted in a loss of $18.8 million. What’s even more painful is—this isn’t the first time. Over the past six weeks, Strategy has sold a total of 6,916 BTC, cashing out $429 million. Six weeks ago, their holdings were 847,363 BTC. Now, 840,447 BTC. The world's largest Bitcoin corporate treasury is continuously reducing its position at a loss. Some might say: it’s just 1,690 BTC, less than 0.2% of total holdings, no big deal. But the issue isn’t here. The issue is—the phrase "never sell" has been removed from the company’s dictionary. In June this year, Strategy announced a financing model reform: the board authorized Bitcoin sales for USD reserves, preferred stock dividends, and share buybacks, with a cap of $1.25 billion. CEO Phong Le’s exact words: "We now position ourselves as the central bank of Bitcoin." In plain terms: I used to be a hardcore bull, now I’m a market maker. From "only buy, never sell" to "dynamic management"—this pivot is ten thousand times more important than Bitcoin’s price fluctuations. But interestingly—while Strategy is selling, others are buying. Strive increased holdings by 6,236 BTC in Q2, buying a total of 12,237 BTC in the first half of the year. Total holdings surpassed 20,000 BTC, ranking seventh among corporate Bitcoin holders. BitMine is pushing a $4 billion stock buyback plan while continuing to buy ETH. Last week, they bought another 7,430 ETH. In the same market, some are selling, some are buying. Corporate treasuries are shifting from "everyone hoards" to "each going their own way." So the question is—if you managed this treasury, what would you choose? Long-term holders would say: BTC is bullish long-term; short-term volatility doesn’t matter. Strategy’s current average cost is $75,385, with an unrealized loss of $8.6 billion. But if you believe BTC will hit $1 million in ten years, this unrealized loss is nothing. Flexible managers would say: a company isn’t a personal wallet; there are salaries to pay, debts to settle, shareholders to answer to. With over $40 billion unrealized loss and $4.65 billion cash reserves—what if another bear market hits? What will you use to withstand it? Both sides have valid points. But the real answer is much more complex. To be honest— The premise of long-term holding is: you can afford it. Strategy can continue operating despite an $8.6 billion unrealized loss because it has financing capabilities, brand premium, and market trust. An ordinary company would have gone bankrupt long ago with such losses. Long-term holding is not a strategy; it’s a privilege. Do you have that privilege? If not, don’t blindly imitate the whales holding tight. Their positions are 1,000 times yours, but their margin for error is 10,000 times yours. This round of corporate treasury divergence actually reveals a deeper truth— BTC as a "corporate reserve asset" is shifting from faith to mathematics. It used to be "just buy and that’s it." Now you have to calculate: opportunity cost, liquidity needs, balance sheet matching, shareholder return expectations. BTC is no longer Saylor’s personal religion; it has become a business. Business means accounting. Accounting means you might sell. Finally, here are three judgments for you— First: Strategy will not stop selling. Only a small portion of the $1.25 billion authorization has been used; more is coming. Second: But they won’t liquidate entirely. Holding 840,447 BTC, accounting for 4% of total supply, is itself a moat. Third: The era of "net buying" by corporate treasuries is over. The future will be a diversified pattern of accumulation, reduction, buybacks, and dividends. What does this mean for retail investors? It means you can no longer use "even Strategy is buying" as your reason for mindless hoarding. Because even Strategy itself no longer uses that reason. $BTC $ETH $SOL #Strategy再卖1690枚BTC，企业财库出现分化