Michael @saylor Message: “Never Sell Bitcoin” = Never Be a Net Seller Quick & sharp breakdown from his latest podcast: 🧵 1/ Core Rule“Never sell bitcoin:native ” was simplified. Real version: End every year with MORE Bitcoin than you started. Sell 1 → Buy 10-20. Always net buyer. 2/ STRC DividendsWill be paid mostly from BTC appreciation, not endless MSTR dilution. Tiny sales only if needed — but they’ll buy way more. 3/ The ModelLike a real estate developer: Raise capital → Buy BTC → Let it grow → Monetize small part of upside. $5 BTC backs $1 credit. Deeply over-collateralized. 4/ Why It Wins BTC market is ultra-liquid Macro tailwinds stacking (wars, debasement, Fed) AI turns BTC “energy” into smart yield products Bottom line: Stack more sats every year. Use growth wisely