2383: $100T Bitcoin Twist - Strategy Can Now Sell Bitcoin

**Justin Verrengia** (0:00)
Did Saylor just break his own rule? He said never sell your Bitcoin. So what changed? Check this out. Strategy is now a Bitcoin seller. For years, the company became famous for buying Bitcoin. Today, that officially changed, and almost nobody understands what actually happened. Strategy just authorized a Bitcoin monetization program. For the first time, the company approved selling Bitcoin to strengthen its balance sheet up to $1.25 billion.
Now, it can be raised by monetizing Bitcoin. The proceeds can strengthen its US dollar reserve, pay preferred dividends, cover debt obligations, and support up to $2 billion of stock buybacks. Peter Schiff wasted absolutely no time. He tweeted, MSTR is now a Bitcoin seller. One sentence changed the entire conversation. Except, that's not really what happened, because almost everyone stopped reading after the headline. Strategy didn't announce it was abandoning Bitcoin. It didn't announce that buying was over. In fact, the company reaffirmed that Bitcoin remains its primary treasury reserve asset. That part barely made the headlines. Instead, everyone focused on one word, sell.
But here's the question. What happens when a company owns nearly 1 million Bitcoin? Today's strategy holds 847,363 Bitcoin, more than 4% of the entire supply. That's more Bitcoin than every nation, every corporation and every institution on earth. At today's prices, that's roughly $50 billion Bitcoin position. And obviously at all time highs, that'd be 100 billion. That changes how a company has to think about capital. The conversation changes. It stops becoming, should we buy Bitcoin? And becomes, how should we manage? One of the largest Bitcoin treasuries on earth. That's a very different discussion. Five years ago, strategy owned zero Bitcoin. Today, it controls 847,363 BTC. That's one of the fastest corporate treasury transformations in financial history. That's where Bitcoin is today. No longer a curiosity, no longer an experiment, but an asset large enough to require capital allocation decisions. That's an enormous shift. Think about it. Nobody debates how to manage something they believe is going to zero. Nobody builds multi-billion dollar strategies around an asset they expect to disappear. Those conversations only happen after an asset had already won credibility. Bitcoin is entering that stage. Authorization doesn't mean immediate selling. It simply gives management another capital allocation tool. Just like companies issue debt, buy back stock or refinance real estate, Bitcoin has now entered the same world and strategy isn't the only one anymore. Public companies now hold more than 1.26 million Bitcoin. That's roughly 6% of the entire Bitcoin supply.
US spot Bitcoin ETFs control another 1.3 million Bitcoin. BlackRock alone holds 769,000 Bitcoin, nearly 4% of the entire supply held by a single ETF. Add it together and those two groups alone control more than 2.5 million Bitcoin. More than one out of every eight Bitcoin that will ever exist. Let that sink in. And that's exactly why the debate is changing. Nobody asked how to manage a worthless asset. They asked how to manage assets that became systemically important. Because Bitcoin became too valuable to ignore capital management. Five years ago, people laughed at the idea of a public company buying Bitcoin. Today the market debates how one of the largest Bitcoin holders should manage its balance sheet. That's progress, not failure. The biggest twist isn't that strategy can sell Bitcoin. The biggest twist is that strategy owns enough Bitcoin for the entire market to actually care what it does. That's how you know Bitcoin has entered an entirely new era. The debate is no longer whether institutions will own Bitcoin. The debate is how they'll manage it. That's a conversation nobody imagined five years ago. Now let's zoom out because this gets even bigger. You can see the break in news which flooded social media. Saylor Strategy launches a Bitcoin monetization program that allows the company to sell Bitcoin, the fund operations. And that's where the FUD was born out of. Of course, they only read the headline. They're not actually reading the story. Take it a little deeper. Strategy authorizes up to one and a quarter billion in Bitcoin sales. Strategy has authorized the Bitcoin monetization program that allows it to sell Bitcoin to fund its $2.55 billion USD reserve and cover preferred stock dividends. The company also authorized $1 billion buyback program for both its preferred securities and MSTR common stock. Saylor says Strategy remains committed to Bitcoin as its primary Treasury reserve asset. In fact, here's the official tweet from the man himself, Michael Saylor, who wrote, Strategy announces a digital credit capital framework designed to strengthen digital credit, enhance liquidity, preserve long-term Bitcoin exposure, and support long-term value creation. And in fact, they even released the press release. You're looking at it right here. Now, what's very fascinating to me is back in June, the company sold just 32 bits coin. Tiny in size, but symbolic. It broke the never-sell stance for the first time since 2022 And as a result, Bitcoin crashed 20%.