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.

With:

• • Austin Campbell, Founder, Zero Knowledge Consulting; Adjunct Professor, NYU Stern
  • Ram Ahluwalia, Co-Host, CEO of Lumida
  • Chris Perkins, Co-Host, CEO of 250 Digital Asset Management

This clip is from a longer conversation on Strategy’s Bitcoin sale, the stablecoin wars, and the token versus equity debate. Full episode here.

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