MicroStrategy has pivoted from a pure Bitcoin accumulator to a recurring seller, recently offloading 3,588 Bitcoin for approximately $216 million to fund preferred dividends. This shift follows a breach in the company’s multi-year "no-sell" streak and coincides with the Market Net Asset Value (MNAV) premium falling below one for the first time in late June. While the company has authorized up to $1.25 billion in future sales, the market response remains divided. Bullish perspectives highlight Bitcoin’s price resiliency during these tranches and a potential short-covering rally in MSTR stock, whereas bearish views suggest the premium is dead and the firm is now a structural seller. Michael Saylor’s current strategy prioritizes defending the 12% preferred dividend to restore investor confidence, even as the broader crypto market struggles to decouple its own performance from MicroStrategy’s specific balance sheet mechanics.
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