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Saylor Sold Bitcoin. A Third Of Readers Say Nothing Changed. So Who Blinked?
- Strategy sold 3,588 BTC for roughly $216 million in early July to cover dividends across five preferred share lines, with the costly 12% STRC payout the main pressure point since the underlying software business can’t service it. The move broke the “never sell” doctrine that turned the firm into a Bitcoin vehicle and seeded a treasury asset class now spanning 181 companies.
- Our newsletter poll asked whether Saylor offloading Bitcoin genuinely changes how readers view Strategy, or whether it’s minor bookkeeping inside a still-intact thesis.
- The results came back genuinely fractured, with no answer clearing 34%. A third of readers still consider it the most disciplined treasury going, while the rest split between not being invested at all, feeling the core promise was broken, and rotating toward leaner names like Strive or ABTC.
- Taken together, 43% signalled the sale shifted their conviction or where they’d allocate, and two-thirds have pulled back from the enthusiasm they’d have shown a year ago.
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