# Strategy Sold More Bitcoin. Is This a Betrayal of the Bitcoin Ethos?

Page: https://stenobird.com/podcast/unchained-728975/strategy-sold-more-bitcoin-is-this-a-betrayal-of-the-bitcoin-ethos
Text version: https://stenobird.com/podcast/unchained-728975/strategy-sold-more-bitcoin-is-this-a-betrayal-of-the-bitcoin-ethos.md
Podcast: [Unchained](https://stenobird.com/podcast/unchained-728975)
Published: 2026-07-08T19:44:00+00:00
Episode link: https://pdrl.fm/98e0b1/traffic.megaphone.fm/LSHML9593506557.mp3
Audio file: https://pdrl.fm/98e0b1/traffic.megaphone.fm/LSHML9593506557.mp3
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JSON: https://stenobird.com/v1/public/podcasts/unchained-728975/episodes/strategy-sold-more-bitcoin-is-this-a-betrayal-of-the-bitcoin-ethos
Duration seconds: 3126

## Resource

Strategy sold $260M of Bitcoin at a loss to fund dividends. Parker White of Apyx makes the case that it is smarter than it sounds. ======================================================== Thank you to our sponsor! ⁠⁠⁠⁠⁠⁠⁠⁠Fidelity⁠⁠⁠⁠⁠⁠⁠⁠: Fidelity has been building in crypto and DeFi since 2014 — now they're hiring. Explore career opportunities at one of the most forward-thinking names in finance here: ⁠⁠⁠⁠⁠⁠⁠⁠crypto.fidelitycareers.com⁠⁠⁠⁠⁠⁠⁠⁠. ⁠⁠⁠⁠⁠⁠⁠⁠Cape⁠⁠⁠⁠⁠⁠⁠⁠: Your biggest crypto vulnerability isn't your wallet, it's your phone number. Cape is America's privacy-first mobile carrier that rotates your SIM identity daily and blocks SIM swaps before they happen. Get 33% off your first six months at cape.co/unchained (use code: UNCHAINED). ======================================================== Strategy just made its largest Bitcoin sale ever, offloading 3,588 BTC for $260 million at a loss to fund preferred dividends. Days earlier it unveiled a digital capital framework: a 12-month coverage rule, a hiked STRC dividend, and a $10 billion buyback plan. Markets calmed, but the moves raise a question: has Strategy stopped being a Bitcoin company? Parker White, CFA, founding contributor and chief investment/operating officer at Apyx, pushes back on claims that funding dollar dividends with Bitcoin sales betrays Bitcoin's ethos, framing it as smart capital management. Shin presses him on whether investors now bet on Strategy's team, not Bitcoin. They unpack short sellers' calculus, the 2027-2029 convertible cliff Matt Walsh pegs near $6.7 billion, and Apyx's apxUSD, a tokenized yield wrapper around STRC and SATA that depegged to 72 cents in the turmoil. White defends Apyx 2.0's redemption model against 'free put option' critics and responds to critic’s contention that S…

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