For years, Michael Saylor's Strategy was the market's most dependable Bitcoin buyer. Recently, it has done the opposite.
Strategy just sold 3,588 Bitcoin for roughly $216 million, its largest single tranche yet, deepening the question of whether Michael Saylor has become a structural seller instead of a buyer.
Ram Ahluwalia, Austin Campbell, and Chris Perkins break down the STRC dividend mechanics behind the sale, the bull case for a catch-up trade, and the bear case if Bitcoin never rallies back.

Hosts:
<ul>
 <li><a href="https://x.com/austincampbell">Austin Campbell</a>, Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern
</li>
 <li><a href="https://x.com/ramahluwalia">Ram Ahluwalia</a>, Co-host of Bits + Bips and CEO of Lumida
</li>
 <li><a href="https://x.com/perkinscr97">Chris Perkins</a>, Co-host of Bits + Bips and Head of Franklin Crypto
</li>
</ul>
This clip is from a longer conversation on Strategy's Bitcoin sale, the stablecoin wars, and the token versus equity debate. Full episode here: <a href="https://youtube.com/live/H3z68SYty0k">https://youtube.com/live/H3z68SYty0k</a>&nbsp;
We go live every Monday at 4:30pm ET. Subscribe to catch it live.
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Chapters:
💰 00:00 Strategy's record $216M Bitcoin sale: the numbers behind the disclosure
📉 01:14 mNAV falls below 1 for the first time, and the STRC dividend framework
🔁 02:31 Why Ram says selling Bitcoin beats issuing more MSTR shares
⚖️ 04:21 The bear case: what happens if Bitcoin doesn't rally from here
✈️ 05:24 Chris on Saylor's three-body problem after a week of conferences in London Learn more about your ad choices. Visit <a href="https://megaphone.fm/adchoices">megaphone.fm/adchoices</a>

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