Saylor turns to 'selling BTC for dividends'? The first major turning point in the history of Strategy, affecting understanding once and for all! Michael Saylor publicly stated at the Q1 2026 earnings conference that Strategy may sell a small amount of Bitcoin in the future (such as around 0.18% or 2.3% per month) to pay the 11.5% dividend on STRC preferred stock, while continuing to issue new shares/bonds to raise funds to buy more BTC, maintaining a "net buy+positive BTC yield". First, let me answer everyone's biggest concern: Have you ever sold it before? Yes, but very rarely, very early. In December 2022, when BTC fell to $17000, MicroStrategy sold 704 BTC (approximately $11.8 million) once, which was the only time they had sold since hoarding in 2020. In the following three years, there were no sales at all, and I bought 818334 BTC now (with an average cost of about $75500). This is the second time, but it has changed from 'absolutely not selling' to 'strategic selling'. The possible impact of this operation (explain the positive and negative aspects at once): ✅ Positive impact (long-term bullish outlook) 1. Attract more institutional funds: Transform Strategy into a "BTC yield product", attract conservative funds with stable dividends, and make fundraising easier ->buy more BTC, forming a positive cycle. 2. BTC supply and demand are healthier: small selling → interest payment → attracting new money → big buying, actually using BTC as collateral to borrow future growth and pay cash, similar to perpetual bonds. 3. Market maturity: Saylor himself says it's "inocalculate the market" (giving the market a preventive shot), letting everyone know that BTC can also generate cash flow, no longer just pure HODL. Long term contribution to BTC becoming a mainstream reserve asset. 4. BTC per share continues to rise: As long as BTC's annualized increase is>2.05%, it can continue to pay interest without diluting shareholders, Saylor said, which is an "easy way to meet the standard". ❌ Negative impact (short-term risk) 1. Market sentiment shock: Breaking the iron rule of "never sell", the community has exploded ("never sell? Ponzi? "May trigger short-term selling pressure. After the news came out, MSTR fell by more than 4% after the market closed. 2. If BTC falls sharply: Debt+dividend pressure may force selling more, turning into a vicious cycle (although Saylor emphasizes that holdings are strong enough now). 3. Criticism: People like Peter Schiff will vigorously attack Saylor for bringing shame on himself, causing short-term damage to his reputation. @Saylor has evolved from 'religious style hoarding' to 'capital management style hoarding'. Still the most radical BTC believer, just upgrading the model to 'buy → rise → sell small and pay interest → buy more'. For BTC, it is bullish in the long term (with more institutions participating and more buying), but there will be fluctuations and FUD in the short term. What do you think? Is this Saylor's divine operation, or is the thesis starting to crack?