Strategy is choosing to sell its expensive shares rather than its bitcoin to fund itself. From August 17-23, 2026, it sold 18.26 million MSTR shares for $2.01B, using part of the cash to repurchase STRC, replenish its USD Reserve and set up a new USD cash reserve. x.com  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 

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 structure forces it to sell bitcoin into its own drawdown. It needs dollars for preferred obligations and can either sell equity or sell bitcoin. With MSTR down 83% from its high, issuing stock costs far more shares, and since the stock falls with bitcoin, the equity route gets expensive exactly when bitcoin is weak. This week it did both, selling 1,638 BTC at $63,957 against a $75,419 cost basis and issuing $290.6M of stock. x.com 

Strategy is now selling Bitcoin at a loss to manage liquidity, and has signaled far larger sales may follow. Its latest 8-K shows 1,638 BTC sold at an average $63,957, below its $75,419 cost, raising $105M, split between preferred dividends and STRC buybacks. When the 12% STRC trades well below par, buying it back beats holding marginal BTC. On its earnings call Strategy said it could sell up to about $5B of BTC, four times its $1.25B authorization, while Michael Saylor's posts skip the sales. … Show more

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

Bitcoin and Strategy offer an unparalleled and underappreciated setup now that the issue around Strategy's STRC preferred is largely resolved. x.com 

Strategy may be forced to sell bitcoin because its STRC preferred has hit a record low of $83, well under its $100 par. That discount says the dividend is too low, and raising it means more cash out the door. Strategy has funded that cash by selling MSTR shares, but the premium that made dilution easy is almost gone, leaving bitcoin sales as the remaining option. x.com 

Strategy is building kinetic energy by using its STRC preferred as gunpowder to corner the marginal demand for scarce bitcoin, and it seems to be working. The divergence between MSTR and bitcoin since STRC launched on July 30, 2025, highlighted in a post the author replies to, is no surprise: the two securities will never move linearly or in tandem. x.com 

Strategy's STRC preferred was never as safe as a money market fund, and if both STRC and MSTR share dilution fail, the only way left to pay dividends is selling bitcoin. Believing STRC would stay at par forever while paying a junk-like 12% was financial illiteracy; per @betirement, it has now fallen below $90. Strategy says its bitcoin reserve gives it 32 years of dividend coverage. x.com  x.com