Strategy sells 1,638 bitcoins at a $105 million loss

Strategy books $105 million loss in its latest bitcoin move

Michael Saylor's company has sold 1,638 bitcoins, taking a $105 million loss. The move is no accident: it needs cash for dividends and to buy back its preferred shares, and it has already warned it may sell thousands more. Up to 23,400 additional bitcoins could be sold to replenish its dollar reserves.

The eternal HODL had an expiry date

For years, the promise was "we will never sell Bitcoin." Accounting reality has caught up with it. Saylor now clarifies that this was a personal opinion, but the sustancia ilegal in the narrative is clear. For some, the sale is sound business: the loss is small compared with an average purchase price of around $75,000. For others, it is the end of the eternal HODL myth. The chairman has also argued at the White House that the state and banks should end up controlling access to bitcoin, a shift not everyone sees as consistent.

The abyss at $60,000

With bitcoin between $64,000 and $65,000, MSTR is holding at around $100 per share. The threat is if the price breaks decisively below $60,000: the most pessimistic projections point to $45,000 or even $30,000, a scenario that would leave the company on the ropes. The nearly one million bitcoins it holds are both its biggest asset and its biggest liability.

As long as the $60,000 support holds, the market applauds the management. If it falls, the whole castle wobbles. The question of who will absorb those bitcoins remains unanswered.