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For years, Strategy's message was simple: "Never sell Bitcoin." That just changed. 👀 Strategy has reported an $8.3B Q2 loss, largely driven by a non-cash mark-to-market adjustment under fair-value accounting. On its own, that's not the headline. The bigger story is that the company sold around 3,588 BTC—its first meaningful Bitcoin sale after years of holding the line. This isn't a reason to panic. Most of the reported loss is an accounting effect, not cash leaving the business. The same accounting rules boosted earnings when Bitcoin rallied. But the sale itself matters. It shows what can happen when a leveraged Bitcoin treasury company has to balance its obligations during a weaker market. This doesn't invalidate the Bitcoin treasury strategy. It simply marks its first real stress test in public. The key takeaway? Owning Bitcoin and owning a company leveraged to Bitcoin are two very different investments. The next question isn't what happened yesterday. It's whether this becomes a one-off move—or the start of a larger trend. Not financial advice. Just market analysis. #DailyOrbit