When the biggest buyer of the BTC became a seller, Strategy sold 3588 bitcoins

Collapse & Compiled: Deep tide TechFlow

Moderator / Guest:& nbsp; Austin Campbell, Zero Knowledge Group; Ram Ahluwalia, Lumida Wealth CEO; Chris Perkins, Franklin Crypto

Podcast source:& nbsp; Bits + Bips (Unchained)

Original title:& nbsp; Strategy Sells Bitcoin Again to Cover Dividends

Date broadcast:  7 july 2026

Summary of highlights

The background to this issue of Bits + Bips round table is Michael Saylor's Strategy's second sale of bitcoin — 3,588 BTCs in one month — with an estimated $216 million to cover priority dividends. Austin Campbell, Ram Ahluwalia and Chris Perkins, the three permanent guests (also co-facilitators), broke this structural transition from their professional perspective: when the BTC's biggest buyer turned into a regular seller, the MNAV premium disappeared, the preferred share fell to face value, and Strategy's card was broken after the "Strategic Stock Buys Bitcoin" cycle broke

Austin, in the words of a hedge fund friend -- "Saylor holds 5% of the bitcoin, and maybe it'll go up when he explodes." - The cruel logic of the encrypted market: when someone becomes the leading actor, his collapse may be a catalyst. Ram analysed the dilemma from a macrobroker's perspective: selling BTC sabotage narratives, diluting MSTR. He also mentioned that Saylor had heard two speeches in London and that Sailor was trying hard to defend priority dividends to rebuild confidence. Chris, from the background of the investment bank, pointed out that the foundations of financial engineering had been shaken by the disappearance of mNAV。

But the discussion goes far beyond Strategy. The three people went into the question of the capital structure of the tokens and the equity -- why the case of the "coexistence of the tokens with equity" was unsuccessful, the Pokémon card analogy, and the judgment that 99% of the tokens would end up zero. The Stable Currency War is another priority: Tether abandons Europe's MiCA market, the utility of the Stable Currency. The latter part extends even further to the strategic significance of bank currency stabilization – Scott Bessent’s "European dollar market return" theory, JP Morgan could become the first trillion-dollar market bank, non-United States bank dollar deposit will be phased out – and the valuation of Securitize IPO will be dismantled. The last three people also touched on the iris effect of AI/semiconductors on capital and the fundamentals of the encrypted market。

Summary of outstanding views

About Strategy selling BTC and the Triple Problem

• "A friend doing the global macro told me it's hard to see the next wave of institutions using a pension, a sovereign fund, a central bank, because Saylor holds 5% of the bitcoin there. He said, "Maybe the best thing is for that guy to blow up, and then this thing really goes up." "'"
• "When someone becomes the main actor in the encrypted market, his demise is imminent. Strategy's been doing the lead for a while now."
• "The encrypted narrative is now stuck in this MicroStrategy. Strategy is not crypto, crypto is not Strategy, but we're all stuck here. Just like Bloomberg was talking about PIGs every day, the market would end up coming out."
• "His behavior today is clear -- he's protecting the dividends, hoping it will bring back confidence."

About mNAV disappearance and financial engineering

• "THEY HAVE TWO PATHS: ORDINARY SHARES DILUTING MSTR OR SELLING BITCOIN TO SUFFER FROM NARRATIVE DAMAGE."
• "When the mNAV premium disappears, the cycle of 'indicated shares for bitcoin' is broken. You can't increase it any more because the market doesn't give you a premium."
• "BTC went up during the week of sale -- Josh Mandel and Pete Rizzo noticed. It acts like buyback. But the bear side would say, "The premium is dead, the BTC is not really up, it's a seller."

about currency vs shares

• "We already have Delaware Company Law and hundreds of years of capital structure. You can cut cash flows into different levels of debt, and the rest is called equity. There's no third kind of thing called "coin" that can fit into this inn."
• " If you have an ordinary interest, the token probably needs to operate as a preferred share or debt in order to be independent. If it's just another equity, why don't you just monetize your equity."
• "Pokémon card is a good analogy -- the company that issues cards is different from the card itself. You can monetize products, not necessarily monetize equity."
• "if we look at the next decade, 90% of the current top 500 tokens will disappear. i think it'll be 99 percent."
• "Drackenmiller said at the Internet bubble: 'I already know this lesson, I don't need to learn again. "'"

The Stable Currency War

• " Stable currency is the new net interest income. Everyone wants the interest. Tether made so much money and made the most basic product -- how do I do it?"
• " The greatest challenge for all stable currencies is now to be effective. You can transfer it, but what can you really do with a stabilizer? Can you buy coffee with it?"
• "Tether's attitude is clear: It's not football. They don't play with Europeans. BNP Paribas can't be bad country business, but Tether can just give up a market."
• "OUSD IS A 'PLANNED PLAN'. 140 MEMBERS, WITH COMPLETELY DIFFERENT ECONOMIC OBJECTIVES, HAVE NOT YET COMPLETED THE DETAILS. THE HARDEST PART -- GOVERNANCE -- HAS BEEN BYPASSED, AND TECHNOLOGY HAS BEEN ROLLED OUT."

On bank stabilization and market patterns

• "STABLE CURRENCY IS ESSENTIALLY A RETURN TO THE EUROPEAN DOLLAR MARKET. IF MORGAN CHASE OR THE BANK OF THE UNITED STATES ISSUED STABILIZATION COINS, THEY WOULD BE ABLE TO EARN NIM FROM THAI BUSINESSMEN OR CHINESE SUPPLIERS."
• "JP Morgan could be the first trillion-dollar bank. They're now over $90 billion, spending $13-16 billion a year on technology."
• " The biggest losers may be non-United States banks that provide dollar deposit accounts. If I can buy stables directly, why go through local banks, endure bad exchange rates and costs?"
• "Securitize now deals more like an increase in options -- you bet 10% of the probability it's worth 18 billion, 90% of the probability it's worthless."
• "PERFORMANCE 500 IN THE LAST QUARTER, EACH PLATE RUNS OUT OF LARGE PLATES EXCEPT FOR SEMICONDUCTORS. CAPITAL IS BEING SUCKED BY AI RAINBOW."

"Maybe it'll really go up when he explodes."

Austin Campbell:  I would like to share a dialogue before the official start. I'm talking to a friend who's doing the global macro, and he's one of my best traders. I asked him how he looked at bitcoin, and he said it was hard to see the next wave of institutions using -- pensions, sovereign funds, central banks -- where Saylor held 5 per cent bitcoin, and he was so attached as a human being. And he said, "Maybe the best thing is that guy explodes, and then this thing really goes up, and then somebody else comes in. " Whenever someone becomes the main actor in the encrypted market, his demise is imminent. Strategy's been doing the lead for a while now. I cannot help but imagine that, in a sense, this has made them obstacles to the rise of bitcoin — and this in itself creates their own problems。

National security, export control and encryption

Austin Campbell:  i would like to ask a more ambitious question before entering the main topic. now the government is trying to use a new angle to control encryption — not to stop code release, but to control who can use it. they wanted to use export control laws to control access to what had been issued under the first amendment. this is essentially a choice of winners and losers without a genuine applicable law and due process。

National security is of course important, but we cannot just say "national security" and close our eyes without asking why. We can't just say, "Stabilize money, use encrypted orbits to build your financial life" while cutting it off for one second because of national security or export controls。The encryption industry is not angry about this. This is our fight。

Strategy re-sold: $3,588 BTC, $216 million

Austin Campbell:  to the point. Strategy sold 3,588 bitcoin, cashed about $216 million. This was the largest sale at present, after a small sale of 32 items to cover priority dividends. The question is clear: will selling bitcoin to cover dividends become routine after the MSTR premium disappears? Strategy, the builder, or has become a regular seller

Let's start with the facts. They broke the record of not selling for years, selling 32 first and 3,588 again a month later. As of 5 July, Strategy held 843,775 bitcoins in United States dollar reserves of 25.5 billion at cost of $75,700 each - much higher than the current transaction price of 60,000. MSTR fell to 99 cents for the first time on June 27, and then recovered. STRC's down to 74.57, and I saw it back around 90 before the show started. 50 basis points to 12 per cent. The new delegation of authority framework allows for the sale of up to $1.25 billion in bitcoin plus the STRC priority buy-back plan。

Chris, you're the investment bank background; Ram, you made a lot of investments. Saylor has moved to sell bitcoin from the balance sheet instead of continuing to issue MTR shares. What does that tell you

Choose one: selling bitcoin or diluting stocks

Ram Ahluwalia:  Two ways. General shares - dilute MSTR, stock prices fall. Or selling bitcoin -- sabotage narratives. Last week we mentioned that there might be a forced rebound in MSTR, as we saw on the news. More constructively, the StRC and STRF have been moving towards face value for the last few days. They need to push back the face value. It's a matter of breathing. I still see this as a trading asset, vulnerable to violent and violent rebounds, which may now be in the middle. And I'd like to see them sell bitcoin on a date compared to the announcement date -- if the BTC actually held up or even went up during the sale, that's quite encouraging。

Last week in London, I went first to Goldman Sachs' activities — overcrowding, high sales, and undeniable amounts of institution-building. And then went to Robinhood's campaign, and they did DeFi, and that set was amazing. Before that I heard Saylor's speech twice。When he came on the stage, he focused very much on defending and protecting priority dividends, trying to convince listeners of his commitment to bitcoin。  is trying to manage this triad。

Austin Campbell:& nbsp; also cut the differences between the two. The cow would say: mNAV goes back to 1.09, STRC goes up, BTC goes up the week of the sale -- Josh Mandel and Pete Rizzo notice, it acts like buyback. The bear side would say, "The premium is dead, the BTC is not really up, it's a seller now. And Roland and Peter Schiff both pointed out that. My question is, even though priority shares have recovered, Saylor can sit still for a while now, but if the BTC doesn't go up, are we back to square one year later

Ram Ahluwalia:  my guess is that last week there were fast-trading scramblers who went to the bottom when they could collapse. that's fast money, not long-term. they'll probably end up selling。

Chris Perkins:  from the point of view of the boardWhen the MNAV premium disappears, the cycle of "indicated stocks for bitcoin" breaks。  you can't increase at will because the market no longer gives you a premium. so there's only one way out of the asset. the sale of bitcoin is accountingly viable - cost 75,700, market value more than 60,000, book losses but cash returns. the problem is that the move itself is telling the market that you no longer believe your arguments unconditionally。

Question Three: Strategy-Bitcoin-Crypto Narrative Locked

Chris Perkins:  Unfortunately, we're stuck. Encrypted narrative is now stuck on this MicroStrategy. Strategy is not crypto, crypto is not Strateggy, but we're stuck here, and it feels like we have to get rid of this before we go. This reminds me of the opening of Bloomberg, where PIGs — Portugal, Italy, Greece, Spain — are, and eventually the market is coming out every day。

I'm ready to get us over this page. And what I'm encouraged by is that the BTC showed considerable resilience today. And there are some positive tail factors -- for example, Trump said that he liked encryption on the day that the Trump account went online。I expect that we will no longer focus on this triad and return to the details of the basics and other items。& nbsp; Cripto is Bitcoin, Bitcoin is crypto, so Strategy is crypto -- I want to break this equation。

There is also a related debate that is emerging: whether value goes to currency or equity? You saw it on the private and open market. "All values are in equity, everything else is bullshit." I feel much more complicated than that。

currency vs equity: no third capital

Austin Campbell:  i think both work, but it's hard to have both -- unless you very carefully define your respective rights. we already have delaware company law and hundreds of years of capital structure. you can cut the cash flow into different levels of debt and call the rest of the equity when you pay the employees and creditors。There's no third kind of "coin" that can fit into this inn。  you can give tokens the role of equity or debt, but make it a new concept alongside debt and equity - difficult。

If you have an ordinary equity interest, the token probably needs to operate as a preferred share or debt to be independent. If it's just another equity, why don't you just monetize your equity. You can also currency products, services, goods -- the Pokémon card is a good analogy. The company that issues the card is a different thing than the card itself, and you can monetize the product without monetizing the equity。

Ram Ahluwalia:& nbsp; this needs to be seen. from the point of view of decentrization techniques, it may be different — you can pop up at the front end of the spectrum, and the logic of governance of equity and currency can be separated. in some cases, the value is clearly flowing to tokens and the equity becomes empty. the approach is to throw both sides — both tokens and shares, regardless of where the value ultimately flows. but to be honest, both tokens and shares exist and are stable in value — i cannot think of a clear success story。

Chris Perkins:& nbsp; will this whole token experiment turn back to the 3 trillion billion-dollar stimulus and zero interest rate era? We have made 20,000 tokens, and we do not know what it is to think of governance and economic power and finally return to traditional capitalism

I don't see it that way. You can’t deny that real effects are emerging: stable currencies are approaching historical heights, markets for sustainable contracts are innovation, markets are projected to grow, RWAs and tokenized equity are landing. Goldman Sachs' activity is overcrowded, and Robinhod has done DeFi app store -- 12 partners, many more -- endorsement with Lloyd's insurance, abstracting risks in the backstage. The market is ripe。

Austin Campbell:  if you look at the next decade, 90% of the current top 500 tokens will disappear. is this a failure or a success

Ram Ahluwalia:  if you invest money in it, it's a failure。I don't think 90%, 99% will be zero。  lessons remain the same. Druckenmiller said at the Internet bubble that he already knew the lesson, that he didn't need to learn again. These tokens have no value, the founding team has too early to be mobile and have no incentive to stay in the project。

Stable currency war: Tether, Robinwood, OUSD

Austin Campbell:& nbsp; This set of developments - Circe was questioned by securities regulators, Robinhood entered the government money market, Tether's moves, OUSD - what do you think

Chris Perkins:  i saw this coming. the desire of institutions for profit is endless. if you are an exchange, you make money in several ways: data, transaction costs, net interest income。The stabilization currency is the new net interest income。& nbsp; everyone's watching Tether say these people make so much money doing the most basic product -- how can I do that

BUT THE BIGGEST CHALLENGE IS EFFECTIVENESS. YOU CAN TRANSFER IT, BUT WHAT CAN YOU REALLY DO WITH A STABILIZER? CAN YOU BUY COFFEE WITH IT? AND NOW IT'S THE DRUM PASS -- I'D LIKE TO EXCHANGE YOUR STABILITY COIN FOR MINE, AND THEN YOU TAKE MY STABILITY COIN AND I MAKE INTEREST. THE STABILIZATION CURRENCY WAR HAS ALREADY STRUCK AND WILL WORSEN BEFORE IT IMPROVES. EVENTUALLY, WE SEE INTEGRATION. LOOK AT THE CLARITY BILL, THE BANK SHOULD PUSH IT OVER。

Austin Campbell:  stabilization currency is often discussed as a single product, but they are not the same thing. Robinhood tried to attract deposits and deploy to DeFi — an investment and retail product strategy. Europe is more like a regulated payment strategy. Tether's reaction is direct -- they're going to USAT, interested in the US economy, but Europe's "No Bid."。Tether thinks it's not football. They don't play with Europeans according to their rules。  they completely exited a market. You saw them being marginalized in some exchanges, and Revolut got laid off. Tether responded: as expected. BNP Paribas can't be a bad country business, but Tether can。

OUSD is a "planned plan". 140 Member coalitions, with completely different economic objectives, did not fill out the details. You said the issuer kept the money, but how? Who forged it? What platform is the token on? What about DeFi? If it's by who, can I immediately set up a trading team to redeem someone else's OUSD and send it myselfThe hardest part — governance — has been bypassed by the introduction of technology。

Coinbase was also involved in OSD, but smart enough not to put all the eggs in the Circe basket. If this is a serious business alliance that requires you to take OUSD as the main product, Coinbase probably won't be involved. So they have both sides。

Ram Ahluwalia:  "move fast and break things" is the winning rule in the technology industry. Elon Musk blew up countless rockets to SpaceX today's level. But isn't that a crime? OUSD was launched like a torpedo, but some of its partners were attacked before they got on board — the bad side of the technological-financial-cultural collision。

Bank stabilization currency: return of European dollar markets

Austin Campbell:  will the bank produce a stable currency? i think so. in an ideal world, banks reserve deposits for domestic purposes — loans are real. interest rates on deposits may rise, but interest rates on buybacks fall and net financing costs are equal. but you'll want to stabilize the currency, because the deposit and the money do something different. like stocks are not bonds. clients have deposits that they wish to transfer to international recipients outside the banking system — in stable currency but not in deposits。

Ironically -- Bank of America can issue a stable currency, and the reserve is the BofA deposit。  Then you get the benefits of both worlds. If Clarity didn't limit earnings, they'd be glad。

Ram Ahluwalia:  they will rush in and work with customers with distribution channels. Look at Zelle's success -- Zelle gave the big bank an advantage。The stabilization currency framework also gives large banks an advantage over regional banks。  regional banks have not yet responded competitively。

More importantly, Scott Bessent made several comments:The stabilization currency is essentially a return to the European dollar market。& nbsp; if Morgan Chase or US banks issue stabilization currency, they can now earn NIM from Thai businessmen or Chinese suppliers. Four major United States banks — Morgan Chase, rich countries, Citibank, American banks — have only Citigroups with a real international distribution network. The other three did not make money from their clients. The stabilization coin changed that。

Chris Perkins:  do not underestimate JP Morgan. Their electrical operations are considerable and there are distribution channels connected to these electrical platforms. And they can do what Meta was trying to do with Dim and Libra -- but with their own framework, the Lados. If the Democrats take the House, they have a friendly ear there, Elizabeth Warren。JP Morgan could be the first trillion-dollar bank。& nbsp; they are now more than $90 billion and spend $13-16 billion a year on technology. they are sensitive to subversion — they see the impact of small-digitized transactions, of zero commission transactions on their profitability。

The bank now has a "stabilized coin" -- a deposit. People give you dollars, you leave most of the interest, and occasionally pay back. But the problem is that bank deposits are valid only in their networks. Stabilized coins allow JP Morgan to make money from clients around the world, not just his own clients。

Non-American banks: the biggest losers

Austin Campbell:  ZUSD is already a registration code -- they're working on a stable currency. But more directly:The largest loser of dollar stability is probably non-United States banks that provide dollar deposit accounts。  if i can open a dollar account through a local bank — usually with bad exchange rates and high costs — and now i can buy a stable currency directly, the business will be out of date. and they no longer only serve ultra-net-value customers。

IF YOU WANT TO SAY LOSERS, DOLLAR STABILITY IS GOOD FOR FOUR MAJOR AMERICAN BUSINESSES, LIKE UBS。

Chris Perkins:  any product "you give me the dollar, i pay you the dollar, but i keep the interest forever" is a good product。

Securitize IPO: The deal looks like an increase in options

Austin Campbell:  about the recent listing of Securitize. The Q1 battalion received an increase of 39 per cent over the same year, but suffered a shortfall of 7 million. Market value 1.8 billion. What do you think

Chris Perkins: Securitize now deals more like an increase in options。  you're not saying, "i think it's worth $1.8 billion now," you're saying, "i think there's a 10% probability that it's worth $18 billion in the future, 90% of the probability that it's worth nothing to buy or die at a low price. " this high volatility is evidence。

Ram Ahluwalia:& nbsp; From the general trend of IPO, over 1 billion IPOs have almost 50% retreated in the first year. If you want to hold Securitize, it's probably the right thing to do. Circle is near the lower point, but they have a real moat. At the same time, Ripple got the MiCA license plate -- Luxembourg has access -- but in the short term it doesn't help XRP or RLUSD。

MARKET PATTERNS: AI IRIS AND FUNDAMENTAL RETURN

Ram Ahluwalia:  Standard 500 in the last quarter, each plate runs away with a large disk except for semiconductor. Capital is being absorbed by a lot of rainbows. But in the last two weeks you've seen the quality unit rebounding, Progressive, Allstate, Berkshire Hathaway, S& P Global, Moody's. World-class firms are making discounts。

Austin Campbell: ; This should be good for encryption. Back to basics. There's something going on. BTC back to 64K, Hyperliquid at 71.35. Everything will eventually return to basics and cash flows。