8.2 billion loss, stock price down 70%, selling coins at a loss—has Strategy's “Bitcoin faith” collapsed?
A company that calls itself a “Bitcoin super bull” —
sold at a loss when the coin price was over 60,000.
A net loss of 8.2 billion USD in Q2.
Stock price down 70% in one year.
Tell me, is this success or failure?
Let's look at the facts first, don't rush to take sides.
On August 3, Strategy filed documents with the SEC —
from July 27 to August 2, sold 1,638 bitcoins, cashing out 104.7 million USD.
Average selling price 63,957 USD.
Holding cost 75,419 USD.
Loss of 11,462 USD per coin.
Where did the money from the sale go? Half paid preferred stock dividends, half repurchased preferred stock.
A company that “never sells” is selling coins at a loss.
And this is not even the most outrageous.
The company bought 174,895 BTC from the beginning of the year to now—only sold 3,620.
The proportion sold is so low it can be ignored.
But the question is—why sell?
To pay dividends. STRC preferred stock has a 12% annual dividend, which must be paid.
Q2 net loss of 8.22 billion USD, loss per share 24.45 USD.
A company that pays dividends by selling Bitcoin is no different from someone paying off Huabei with credit card debt.
Ran Neuner said it even more harshly.
The host of CNBC CryptoTrader publicly called on Strategy to pause buying coins—
“Continuing to buy is eroding shareholder value.”
He also pointed out: when MSTR stock price is below net asset value, issuing stock to buy Bitcoin actually dilutes the Bitcoin per share, directly harming existing shareholders.
The logical contradiction is here—
The company is selling coins below cost to support a 12% dividend preferred stock product.
Yet hopes to buy back at a higher price in the future.
The lower the selling price, the bigger the loss. The bigger the loss, the more selling is needed.
But it's not that simple.
The positive side says: 842,000 BTC still held, still the world's largest corporate holder.
4 billion USD cash reserve, enough to pay dividends for more than 2 years.
Year-to-date purchases are 48 times the sales.
“Just strategic rebalancing, not a collapse of faith.”
The opposing side says: “Never sell” has become a joke.
From 32 coins tentatively sold, to 3,588, to 1,638.
From a 1.25 billion USD selling limit expanded to 5 billion USD.
Saylor himself came out to clarify—
“When I said ‘never sell’ it was for individuals. Strategy is a public company, not my wallet.”
In plain language: my personal faith and the company's survival are two different things.
What is truly scary?
Not that Strategy sold 1,638 BTC.
But once the market realizes this company holding 4% of the world's Bitcoin is shifting from net buying to net selling—panic itself will create more selling pressure.
MSTR stock price fell from last August's high of 402 USD to today's 94 USD.
Down 76.7%.
This is not “faith.” This is reality.
$BTC $MSTR #MSTR再卖1638枚比特币，规模腰斩
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