MSTR coin sales have started! Last week, the repurchase plan for selling coins and buying stocks was just announced The result was executed directly last week. MSTR has just released last week's SEC 8-k filing. The file shows that they started selling coins: 6/29 – 6/30: Sold 1363 BTC. The average price is 59256, selling for $80.8 million. 7/1-7/5: Sell 2225 BTC. The average price of 60773 sold for 135.2 million US dollars. A total of 3588 BTC were sold, generating revenue of 216 million US dollars. The position has decreased to 843775. ------------ There are two key points: One is selling at a loss. Its average purchase cost is now 75.5k This week's selling price is only 59-60k, which is equivalent to shipping in a floating loss state. The document clearly states that the proceeds from selling coins are used to pay for preferred stock dividends and supplement US dollar reserves, so this is not considered speculative cash flow, but purely for cash flow. 2、 To break the long-standing image of only buying and not selling people. If the previous sale in early June was a trial run, last week was a clear shift towards actual sales. ------------ Meanwhile, the BTC Monetization Program mentioned last week allows for the sale of up to $1.25 billion worth of coins to replenish reserves. At present, this credit limit has not been used by one point The coins sold this week are authorized for dividends and reserve replenishment, and do not account for the 1.25 billion yuan authorization. ------------- There was no new financing or sale of common stocks this week. I also did not purchase BTC. At present, there is still a cash reserve of 2.55 billion US dollars. Most of the money from selling coins is used to pay dividends on preferred stocks. ----------- What do you think of this 8-k? [Positive points] Firstly, there were no ordinary stock ATM issuances this week. Michael Saylor did not break the can and continue to dilute the common stock when mNAV was close to 1. Secondly, not selling stocks, relying on selling coins to solve the weekly cash flow problem. At the same time, the cash reserve oil is 2.55 billion yuan. There is no short-term liquidity crisis. The risk of MSTR mine explosion is further reduced. [Negative Point] Firstly, buying without selling the faith premium is gone. Secondly, dividends need to be filled in by selling coins. The wave of STRC that erupted throughout May and the sustained high interest rate unanchoring have begun to exert cash flow pressure on MSTR Thirdly, the BTC Monetization Program quota of $1.25 billion (equivalent to 20000 BTC) is still fully available. Equivalent to a possible drop pressure of 20000 at any time. --------- What do you think of the market? The 1000 points just smashed are a reflection. Let's take a closer look at the performance of the ETF when the US stock market opens later. The net inflow last Thursday was a good thing. I don't know if it will be affected by MSTR today.