Saylor sold 3,588 BTC this morning and the "never sell" crowd needs a new mascot

in may it was 32 coins they said relax it’s symbolic.

this morning its 3,588 coins worth $216 million to fund dividends on preferred stock that compounds whether btc goes up or down.

five series of perpetual preferred stock carrying $750-800M in annual dividend obligations,
obligations that don’t pause for bear markets and dont care about average cost basis so dont respond to tweets about $21 million btc price targets.
strategy bought at an average of $75,699 per coin and btc is at $62K ,basically they are underwater on cost basis and selling into weakness to service debt.

Saylor's argument in may was that selling 32 coins kept credit market confidence intact which funded buying 175,000 new coins (clean logic in a bull market lol) but harder to run when you are trading below the NAV of your own holdings and the preferred dividend clock keeps ticking.

people who built the copycat treasury model like the korean media company that bought 10k btc now holds zero, the dozen other nasdaq listed companies that ran the saylor playbook with less runway are watching this morning's filing carefully.

owning btc directly and owning a leveraged company that owns btc are not the same and never were.