Everyone keeps saying the market brushed off the idea of Saylor potentially selling BTC, but I think people are missing why that comment mattered.

Strategy reporting a $12.54B loss from unrealized BTC losses isn’t the real story. Unrealized losses alone don’t force liquidation.

What stood out was Saylor openly acknowledging that selling BTC is at least possible now because of the structure behind STRC preferred shares and the roughly $1.5B/year dividend obligations tied to them.

The whole setup works like this:

Strategy issues STRC

Uses the capital to buy more BTC

Rising BTC price makes more issuance possible

Repeat

As long as investors keep absorbing new STRC issuance, the flywheel keeps spinning. But if demand slows down, those dividend obligations don’t disappear. Suddenly the company has massive recurring obligations without fresh capital offsetting them.

That changes the conversation around the 818k+ BTC they hold. For years the assumption was those coins were basically untouchable no matter what. Now there’s at least a scenario where they aren’t.

I still don’t think an actual sale is likely anytime soon, but the fact that it’s no longer being treated as impossible feels important.

Do you think the market is underestimating this risk or is it getting blown out of proportion?