According to the latest 8-K filing, just last week, MicroStrategy sold another 1,638 BTC at an average price of $63,957, cashing out $105 million. The selling price is clearly below the company’s average holding cost of $75,419 per BTC, meaning this was a loss-making reduction. Of the proceeds, $52.4 million was used to pay preferred stock dividends, and $52.3 million was used to repurchase STRC. In my tweet on July 7, I speculated that MicroStrategy might be shifting its strategy toward 'liquidity management.' The arbitrage opportunity lies within its own capital structure. For example, when STRC, with a 12% annual yield, trades significantly below its face value (100), selling BTC to buy back these notes offers a much higher guaranteed return compared to holding BTC on the margin. Now, MicroStrategy is proving this speculation with its actions. Just a few days ago, during the earnings call, the company even stated that under its current capital management plan, it might sell up to $5 billion worth of BTC. This is four times the $1.25 billion mentioned in the board authorization plan announced on June 29. Whether intentional or not, Michael Saylor didn’t mention 'selling BTC' at all in his tweet yesterday. He only emphasized increasing dollar reserves and repurchasing STRC. Perhaps he’s feeling conflicted deep down. After all, he once vowed 'never to sell BTC.' Surely, he hasn’t forgotten that promise—maybe he’s just trying to play dumb now?