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If even the world's largest Bitcoin die-hard bears are selling at a loss, can you still hold onto your BTC? On August 10, Strategy submitted a filing to the SEC. The data is painful: From August 3 to 9, 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 is not the first time. In six weeks, they sold a total of 6,916 BTC, worth $429 million. They realized a cumulative loss of about $93.12 million. What was their cost basis? $75,385 per BTC. Now BTC is hovering around $65,000. They lose $11,000 on every coin sold. The man who once said "never sell" is now cutting losses. But the other side of the story is— Some are selling off heavily, while others are frantically buying. Strive increased its BTC holdings by 6,236 coins in Q2. They bought a total of 12,237 BTC in the first half of the year. Their total holdings rose to 20,167 BTC. BitMine continued to expand its ETH holdings in July while also repurchasing shares. One company is selling, two are buying. The corporate treasury logic is shifting from a single narrative of "only buying, never selling" to a new phase of "increasing holdings, selling, repurchasing, and cash management coexisting." So why is Strategy selling? Because they ran out of money. They posted a net loss of $8.2 billion in Q2. STRC preferred shares have been trading below the $100 par value, making new debt financing impossible. Dollar reserves need to be replenished to $4.65 billion. Preferred stock dividends must be paid, and debt interest must be serviced. They used to buy BTC by issuing stock; now they sell BTC to pay bills. At the end of June, the board authorized the sale of up to $1.25 billion in Bitcoin. So far, only $430 million has been sold. There is still over $820 million left to sell slowly. What’s really worth pondering is not how much Strategy lost. It’s that the narrative of "corporate Bitcoin treasury" itself is being redefined. What did the market believe before? "Company buys BTC = bullish on BTC = BTC will rise." The logic was simple and crude, but effective. Now? Companies can buy, sell, repurchase shares, and replenish cash simultaneously. Buying is a tool, selling is also a tool. BTC on corporate balance sheets has shifted from a "faith asset" to a "liquidity tool." This isn’t necessarily bad, but it’s definitely different from before. To be honest— Corporate treasuries are evolving from "one-way pumps" to "two-way regulators." What does this mean for the market? The good news: 840,447 BTC are still held by Strategy, accounting for 4% of total BTC supply. The bulk remains untouched. The bad news: If the financing environment continues to deteriorate, part of that 4% will slowly turn into sell pressure in the market. More importantly: Will other BTC-holding companies follow suit? Strive is buying, BitMine is buying, but Hyperscale Data is selling, and Trump media is reducing holdings. The divergence among companies is turning into a long-short game in the market. Finally, three questions for you: First, if Strategy keeps selling, will you panic and follow? Second, if Strive and BitMine keep buying, will you follow to bottom-fish? Third, when "never sell" turns into "sell when needed," how much faith do you still have in Bitcoin? $BTC $ETH $SOL #Strategy再卖1690枚BTC，企业财库出现分化