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The most noteworthy topic in the crypto circle recently is Saylor's rare public face-slapping moment. Over the weekend, there was a viral rumor online that Strategy had newly approved a $5 billion $BTC selling quota. The news spread rapidly, and Saylor himself came out to put out the fire, saying this was not new information; it had already been disclosed in the capital management framework on June 29 and was just being recycled as news. This explanation itself is not a lie, but what’s more intriguing is the next part, where he immediately emphasized that the company has never had a policy of never selling, and he specifically separated his personal holdings from the company’s treasury operations, saying he has never sold a single satoshi, but Strategy is a publicly listed company, not his personal wallet. This statement, when compared with his past classic declaration of never selling Bitcoin, is quite a contrast. No wonder someone quickly dug up his old video where he said "we only buy, never sell" for comparison. In terms of facts, the SEC filing on August 3 shows that Strategy did indeed sell 1,638 $BTC last week at an average price of $63,957, reducing its holdings to 842,138 coins. This is the second substantial reduction after selling 2,225 coins in early July, and there have been no new purchases for over five consecutive weeks. What’s even more painful is the cost structure: the company’s current average cost per coin is $75,419, while the current price is just over $63,000. This means that unrealized losses on the books have become the norm rather than an exception. Coupled with a poor Q2 earnings report showing a net loss of $8.22 billion, earnings per share of negative $24.45 far below the market expectation of $3.07, and revenue slightly missing expectations. My own view is that buying and selling $BTC itself is not the problem; any institution has the right to manage capital flexibly. The real issue is the gap between the narrative and the actions being magnified in the public market. For a company whose stock price premium is driven by faith, once holders start to question whether the founder’s statements are consistent, this trust cost is harder to repair than the unrealized losses on the books themselves. #MSTR再卖1638枚比特币，规模腰斩 #MSTR再卖1638枚比特币，规模腰斩 #MSTR再卖1638枚比特币，规模腰斩