Strategy is heading toward bankruptcy and will have no way to pay dividends if bitcoin keeps falling. It sold 3,588 bitcoin worth $225 million, per Watcher Guru, while Michael Saylor keeps promoting bitcoin, like an influencer posting bullish videos while trimming the bag. This time it is out of money, and lenders will not extend more than it can repay. x.com  x.com  x.com 

Strategy sold some bitcoin after saying it never would, making it the biggest scam company ever. Director Jarrod Patten then sold 22,300 shares in the open market at an average $152.60. x.com  x.com 

Strategy might be undervalued because it holds far more Bitcoin than the first time its stock traded at the same price. At $140.51 today, it holds 848,517 BTC, versus 193,000 BTC the first time shares reached $140.51. x.com  x.com 

Strategy is cooked after mismanaging its balance sheet, per Jeff Dorman speaking with Laura Shin. It raised about $2 billion to cover dividends for 18 months, then a month later spent $1.4 billion of that cushion buying back 2029 convertible debt at 92 cents, debt not due for three years. That cut the cushion to about four months, and Michael Saylor now signals Strategy may sell bitcoin, which Dorman says is why both bitcoin and the stock are imploding. x.com 

Strategy's share price is a bet on the next buyer, not on anything that produces cash. It filed a $20.8B net loss for the first half of 2026, an accounting fact about bitcoin's price, yet the stock rose this month. Neither produces a dollar, so investors are pricing a chain of strangers. x.com 

Strategy is attracting some of the world's largest fund managers because they want Bitcoin exposure. Their buying supports the bullish case for MSTR as a listed vehicle for institutional Bitcoin demand. x.com 

Strategy's premium looks exposed now that its 'never sell Bitcoin' story is retired. Selling 32 of 843,706 BTC is a rounding error, but it reveals a structured, dividend-driven mechanism to liquidate BTC when preferred stock obligations require it. Strategy has five preferred series, some paying 10-11.5%, and those payments don't care what bitcoin does. Saylor's math that bitcoin need only grow 2.3% a year to cover dividends forever holds only if bitcoin cooperates. 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 

Daily STRC dividends advance Strategy's Bitcoin financing machine. Shareholders approved the payments, and Strategy's Bitcoin printer is unstoppable. 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