Strategy (formerly MicroStrategy) recently announced plans to sell approximately $1.2 billion of its Bitcoin holdings, a move widely seen as a potential pivot from its long-standing accumulation strategy. However, the company emphasized that this sale is not a betrayal of its Bitcoin conviction, but a necessary response to balance sheet management. With debt maturities approaching and changes in accounting standards, Strategy needs to free up liquidity to maintain financial health. This development has sparked intense debate in the crypto community about whether the “flywheel effect” that drove endless BTC purchases is finally breaking down.
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