How will MSTR turning a net seller impact the BTC price?
Strategy holds ~845k BTC. The thing keeping it off the market is their access to financing. Those channels have now dried up.
- mNAV under 1. Issuing common now destroy BTC per share. Flywheel is broken.
- STRC trading $75. ATM issuance stopped. Market has completely rejected the product.
- Converts deep out of the money (conversion prices $150 - $670, stock in $80s).
The bills don't stop. The dividends run 1.7B per year + 6.7B of converts due 2027 / 2028 / 2029.
MSTR is pretty much out of options the way I see it. Their cash reserves are shredded and all their funding sources are closed or deeply problematic.
The biggest net buyer of Bitcoin will become a net seller. How will this affect the Bitcoin price?
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