Michael Saylor's Strategy sold 1,638 bitcoin for ~$104.7M, reducing its holdings to 842,138, or ~4% of total supply, with a $10.9B paper loss at current prices
THE SO WHAT
When a major corporate holder trims BTC while still sitting on a $10.9B paper loss, it underlines how volatile treasury-as-crypto remains as a strategy. If you're even considering BTC on balance sheet, your board needs explicit guardrails on sizing, liquidity, and unwind triggers.
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