Strategy selling bitcoin breaks the story and the brand of Michael Saylor and his company, whatever the reason. Saylor attributes the sales to capital management, but for a company built on continuously buying bitcoin and never selling, the move undercuts its core identity. x.com 

Strategy isn't a buy even at about 0.8x the value of its bitcoin holdings. The discount reflects market skepticism about management, liquidity and governance, as investors price in execution risk and potential structural issues beyond the BTC exposure. x.com  x.com 

Heavy inflows could lift Strive's mNAV above Strategy's for periods because they have more impact on the smaller company. Strive could do even better than 6x versus Strategy's 4x, as investors seek the faster Bitcoin treasury stock. x.com  x.com  x.com 

Strategy runs a Ponzi-like loop: new capital buys bitcoin, which lifts the stock and attracts more capital, while the business makes almost no organic cash flow and collapses without constant raising. It trades at a big premium to NAV, effectively selling $1 of bitcoin for $1.50, lost $12.5B in Q1 2026, and has now sold bitcoin for the first time since 2022 despite Michael Saylor's vow never to sell. Owning bitcoin itself makes more sense than owning Strategy. x.com  x.com 

Crypto proxies like Strategy are trash investments. Per The Kobeissi Letter, Strategy faces its largest unrealized loss ever, -$10.8 billion or -17% on its bitcoin after six years of buying, while the S&P 500 rose 116% over the same span and Strategy's stock is down 77% from its record high. x.com 

Strive should outperform Strategy because it is far smaller and carries no convertible debt. Strive's market cap is $2.8B against Strategy's $62B, and Strategy has substantial convertible debt. x.com 

Strategy is early below 1.5x its bitcoin net asset value, and the crowded short-Strategy, long-bitcoin trade is about to blow up, setting off short covering. Upcoming catalysts include STRC trading back at par, an Iran resolution with no rate hikes, and a momentum rotation into crypto after its underperformance relative to overpriced and crowded AI and software stocks. x.com 

Strategy's STRC resembles FTX backing its books with its own tokens, and big Wall Street players are likely shorting STRC knowing Saylor will eventually have to sell bitcoin to fund the debts. That would ultimately ruin MSTR holders' trust. x.com 

Strategy and Strive are absorbing money flows from bond markets worldwide, savings accounts, dividend stocks and every other form of passive income. Strive's SATA preferred took in $21 million of bitcoin-related flows in a single day, a shift whose gravity investors should not underestimate. x.com 

Strategy is in the worst possible position, with Michael Saylor now down $13.7 billion, about 20%, on its bitcoin bet. STRC needs money to be rescued, and selling bitcoin to fund it would hurt both bitcoin and Strategy badly. Only a sudden sharp bitcoin rally looks able to save it. x.com