🚨Strategy founder Michael Saylor @saylor first stated: "We may sell some Bitcoin to pay dividends and desensitize the market."

I looked it up, "desensitize" is not Saylor's original wording; it should be an interpretation from the Chinese area. It feels like this is the company's regular risk disclosure, no need to panic!

As the largest corporate holder globally, Strategy currently holds 818,334 BTC (accounting for 3.9% of the total network), with a cost of approximately $61.81 billion, an average cost of $75,537;

They have raised $11.68 billion this year, with STRC raising $5.58 billion, and cumulative dividends on preferred shares have already paid out $692.5 million.

The cash reserve is $2.2 billion, assuming BTC appreciates by 0% annually, the dividend coverage period extends to 43 years.

The company's leverage ratio is 9.3% (net debt $6 billion), stress tests show that even if BTC drops to $7,300, it can still cover the debt.

So according to my interpretation, Saylor's statement truly impacts on three levels—

1⃣ For BTC spot: there is no major crash in the short term, but the narrative of permanent buying pressure loosens, which affects market psychology significantly.

2⃣ For MSTR premium: it impacts more than BTC because MSTR's premium model comes from financing capability, not merely from BTC holdings.

As long as MSTR can issue stocks, preferred shares, convertible bonds at a high premium, and then convert the money into BTC, it can create so-called BTC Yield, which revealed in the Q1 financial report that it has achieved a 9.4% BTC Yield this year.

This is also why the previous Strategy CEO Phong Le mentioned that if mNAV falls below 1 and cannot acquire other capital, the company will sell bitcoin:native.

3⃣ For preferred shareholders and credit investors: the interests of those buying tools like STRC, STRK, STRD, and those buying BTC are not entirely aligned, so this might actually make products like STRC easier to sell.

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