Strategy founder Michael Saylor @ Saylor first stated, "We may sell some Bitcoin to pay dividends and desensitize the market I looked at it and 'desensitization' is not Saylor's original words, it should be the interpretation in the Chinese section. I feel like this is the standard risk disclosure for the company, there's no need to panic too much! As the world's largest corporate holder, Strategy currently holds 818334 BTC (3.9% of the entire network) at a cost of approximately $61.81 billion, with an average cost of $75537; Since the beginning of this year, it has raised $11.68 billion in financing, of which STRC has raised $5.58 billion, and the cumulative dividends of preferred stock have been paid $692.5 million. Cash reserves of 2.2 billion US dollars, assuming an annual appreciation of 0% for BTC and a dividend coverage period of up to 43 years. The company's leverage ratio is 9.3% (net debt of $6 billion), and stress tests show that BTC has fallen to $7300, still covering debt. So according to my interpretation, Saylor's words really affect three layers—— one ⃣ For BTC spot: There is no major short-term sell-off, but the narrative of permanent buying is loose, which has a significant impact on market psychology. two ⃣ For MSTR premium: The impact is greater than BTC because MSTR's premium model comes from financing ability, not solely from BTC holdings. As long as MSTR can issue stocks, preferred stocks, and convertible bonds at a high premium and exchange the money for BTC, it can achieve the so-called BTC Yield. The Q1 financial report revealed that it has achieved a 9.4% BTC Yield this year. That's also why Strategy CEO Phong Le previously said that if mNAV is below 1 and no other capital is available, the company will sell Bitcoin: native. three ⃣ For preferred stocks and credit investors, the interests of those who buy instruments such as STRC, STRK, and STRD are not completely aligned with those of those who buy BTC, so this will actually make products like STRC easier to sell.