The biggest Bitcoin believer has now opened the door to selling BTC. Since August 2020, MicroStrategy (now Strategy) has been synonymous with the phrase “buy only, never sell.” Michael Saylor has repeatedly stated on countless occasions, “We will never sell Bitcoin.” But now, the company has officially authorized a BTC monetization plan. Although the authorized amount is currently $1.25 billion (roughly 2.5% of their holdings), once this door is opened, how will the market interpret it? Previously, when pricing MSTR, the market implicitly assumed that their BTC position would “never be sold.” That assumption is no longer a certainty. Another critical point: this year, the company’s stock has dropped 34%, and it reported an $8.3 billion loss in the first half of the year. While Saylor appeared confident publicly discussing BIP-110, actions on the capital plan side reveal that the company’s financial pressures are forcing it to make choices it once swore it would never make. In one sentence: Faith doesn’t require cash flow—but companies do. As financing costs rise, stock prices fall, and losses widen, the choice between the “buy only, never sell” principle and shareholder interests has become unmistakably clear. #DesertTeaHouse