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Ran Neuner, founder of Crypto Banter, points out that Michael Saylor appears to be preparing markets and ratings agencies for the possibility that Strategy will sell Bitcoin holdings to pay dividends.
Neuner also notes that Strategy is no longer a definite net buyer of Bitcoin.
Neuner previously outlined a scenario where Michael Saylor could sell Bitcoin in order to buy STRC if its price remains below $100, raising speculation about potential asset shifts by the company (Possible Bitcoin sale to buy STRC if price stays low). He also noted that Bitcoin entered Kevin Warsh's first FOMC as Chair from a significant drawdown, emphasizing policy moments in the market context (Bitcoin enters Warsh's first FOMC from deeper drawdown).