Strategy creates a $1.44 billion reserve funded by selling over 8 million shares, providing 21 months of dividend visibility and aiming for 24 months or more.
Une réserve de 1,44 milliard de dollars pour rassurer les marchés
For the first time since the beginning of his Bitcoin crusade, Michael Saylor acknowledges that a BTC sale could become ‘mathematically justified’. A major tone shift as Strategy (MSTR) navigates turbulent times, weighed down by Bitcoin’s fall and uncertainties over financing its preferred dividends.
Le scénario du “Last Resort” : vendre du bitcoin si la mNAV passe sous 1
The hot topic revolves around the mNAV EV (market NAV). Phong Le detailed the ‘last resort’ policy on a podcast. If the mNAV drops below 1 and external funding dries up, Strategy may sell BTC to cover preferred dividend payments.
Cibles de profits et de rendement BTC sévèrement révisées
The abrupt market turnaround forced Strategy to revise its 2025 ambitions. The company aimed for a year-end Bitcoin price of $150,000. The reality is starkly different: Bitcoin hovers around $86,000, a 5% decline for the day.
Malgré la tempête, Strategy continue d’acheter du BTC
Paradoxically, Strategy hasn’t slowed down. The company acquired 130 additional BTC for $11.7 million at an average price of $89,860. In total, they now hold 650,000 BTC, purchased for $48.38 billion at an average price of $74,436.
Un signal psychologique qui ébranle toute la narration Saylor
For years, Michael Saylor’s message was clear: ‘Never sell.’ Acknowledging an extreme scenario that could force Strategy to sell Bitcoin breaks this sacred line. Although the short-term probability remains low, the psychological impact is immense.
The question now is: Can Strategy sustain its model without external funding in a market where volatility reshapes balance sheets within hours?
For now, the answer lies in one word: reserve. But the shadow of Strategy’s first Bitcoin sale in history now looms over the market.
