Why Strategy Dumped Its Biggest Bitcoin Tranche Yet
Unchained | Jul 09 2026 | 00:08:55
For years, Michael Saylor's Strategy was the market's most dependable Bitcoin buyer. Recently, it has done the opposite.
Strategy just sold 3,588 Bitcoin for roughly $216 million, its largest single tranche yet, deepening the question of whether Michael Saylor has become a structural seller instead of a buyer.
Ram Ahluwalia, Austin Campbell, and Chris Perkins break down the STRC dividend mechanics behind the sale, the bull case for a catch-up trade, and the bear case if Bitcoin never rallies back.
Hosts:
Austin Campbell, Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern
Ram Ahluwalia, Co-host of Bits + Bips and CEO of Lumida
Chris Perkins, Co-host of Bits + Bips and Head of Franklin Crypto
This clip is from a longer conversation on Strategy's Bitcoin sale, the stablecoin wars, and the token versus equity debate. Full episode here: https://youtube.com/live/H3z68SYty0k ;
We go live every Monday at 4:30pm ET. Subscribe to catch it live.
Sponsor:
👉 Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at https://cape.co/unchained ; (use code: UNCHAINED).
Chapters:
💰 00:00 Strategy's record $216M Bitcoin sale: the numbers behind the disclosure
📉 01:14 mNAV falls below 1 for the first time, and the STRC dividend framework
🔁 02:31 Why Ram says selling Bitcoin beats issuing more MSTR shares
⚖️ 04:21 The bear case: what happens if Bitcoin doesn't rally from here
✈️ 05:24 Chris on Saylor's three-body problem after a week of conferences in London
Learn more about your ad choices. Visit megaphone.fm/adchoices
Strategy just sold 3,588 Bitcoin for roughly $216 million, its largest single tranche yet, deepening the question of whether Michael Saylor has become a structural seller instead of a buyer.
Ram Ahluwalia, Austin Campbell, and Chris Perkins break down the STRC dividend mechanics behind the sale, the bull case for a catch-up trade, and the bear case if Bitcoin never rallies back.
Hosts:
Austin Campbell, Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern
Ram Ahluwalia, Co-host of Bits + Bips and CEO of Lumida
Chris Perkins, Co-host of Bits + Bips and Head of Franklin Crypto
This clip is from a longer conversation on Strategy's Bitcoin sale, the stablecoin wars, and the token versus equity debate. Full episode here: https://youtube.com/live/H3z68SYty0k ;
We go live every Monday at 4:30pm ET. Subscribe to catch it live.
Sponsor:
👉 Cape: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at https://cape.co/unchained ; (use code: UNCHAINED).
Chapters:
💰 00:00 Strategy's record $216M Bitcoin sale: the numbers behind the disclosure
📉 01:14 mNAV falls below 1 for the first time, and the STRC dividend framework
🔁 02:31 Why Ram says selling Bitcoin beats issuing more MSTR shares
⚖️ 04:21 The bear case: what happens if Bitcoin doesn't rally from here
✈️ 05:24 Chris on Saylor's three-body problem after a week of conferences in London
Learn more about your ad choices. Visit megaphone.fm/adchoices