MSTR has purchased 3459 BTC at an average price of $82618, and currently holds a total of 531644 BTC at a total cost of approximately $35.92 billion, with a total average price of $67556 MSTR's Bitcoin strategy began in 2020, when Saylor positioned it as the "digital gold" to combat inflation. By issuing convertible bonds, preferred stocks, and ATM issuances, the company purchased Bitcoin. However, due to the recent decline in Bitcoin prices and debt pressure, the company has failed to make a profit for three consecutive quarters. My friends have been asking, will selling lead to stampede? I actually had a big discussion with @ Phyrex-Ni Ni before. In fact, the selling risk mentioned in the SEC filing in April is not the first time. As early as the 8-K document on January 6th, there was a risk warning of "possible sale of Bitcoin"; However, the documents for February and March were not mentioned. Looking back on 22 years, MSTR once sold over 700 BTC to pay taxes, but later immediately bought it back, as shown in the picture. Then they did not sell Bitcoin again. There are two key factors: first, the debt maturity date is far away (as early as 2028, I remember it was already repaid in 2027), and second, founder Michael Saylor holds 48% of the voting rights, making it difficult to pass the liquidation proposal. So, even if Bitcoin falls below its cost price of 67556 (as of today), the possibility of triggering a "death spiral" of selling is relatively low. And it can also continue to raise funds. But inevitably, when BTC falls, the market will definitely FUD With the passage of FASB, the macro trend is also shifting from tightening to easing, BTC's long-term prospects are promising. For MSTR prices that are highly correlated with BTC price trends, their debt maturity is relatively long, and the stock price can still be expected in the future. Refer to the picture for reference For communication and learning purposes only, not as investment advice. Bitcoin Purchase Chart Record of Listed Companies in the US, Japan, and Hong Kong Stocks: https://docs. (google.com)/spreadsheets/d/1sP-w-eKAKSPYdghGz4QYx2KdIV8KIK6610EznaSHOGA/edit? pli=1&gid=0 gid=0