#Strategy has not bought #Bitcoin in 6 weeks and has again sold Bitcoin at a loss. Why? This is what happened last week, Strategy ($MSTR): 👉 sold 1,638 BTC for approximately $105 million 👉 issued new common stock for $290.6 million 👉 repurchased $81.2 million in STRC preferred stock 👉 added $250 million to Strategy’s USD reserve The average sale price was roughly $64,000 per bitcoin:native , meaningfully below Strategy’s overall average acquisition cost of $75,419. With 842,138 BTC on the books at a total cost of $63.51 billion, Strategy now has an unrealised loss of approximately $10.9 billion at current prices, according to Arkham Research. So, why sell? It is all about the mechanics. When Strategy was still a large buyer, it worked like this: ✅ Sell the preferred stack 👉 Buy Bitcoin 👉 Increase Bitcoin per share 👉 Increase mNAV 👉 Repeat. We often referred to it as the flywheel. Now, this does not work. Why? Because it was dependent on an increasing BTC price. But why not then just wait? The problem is that the quarterly preferred dividend costs have surged from $49.1 million a year ago to $400.7 million today. And it must be settled in USD. So, Strategy needs cash, and the only viable cash generation possibility is now to either issue MSTR or sell Bitcoin. In many ways, the flywheel is now running in reverse. Strategy is raising capital to pay dividends to the preferred stack. And it is dressed up as the Digital Credit Capital Framework, introduced in late June 2026.