# Why Strategy Dumped Its Biggest Bitcoin Tranche Yet

Page: https://stenobird.com/podcast/unchained-728975/why-strategy-dumped-its-biggest-bitcoin-tranche-yet
Text version: https://stenobird.com/podcast/unchained-728975/why-strategy-dumped-its-biggest-bitcoin-tranche-yet.md
Podcast: [Unchained](https://stenobird.com/podcast/unchained-728975)
Published: 2026-07-09T05:10:00+00:00
Episode link: https://pdrl.fm/98e0b1/traffic.megaphone.fm/LSHML7080425480.mp3
Audio file: https://pdrl.fm/98e0b1/traffic.megaphone.fm/LSHML7080425480.mp3
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JSON: https://stenobird.com/v1/public/podcasts/unchained-728975/episodes/why-strategy-dumped-its-biggest-bitcoin-tranche-yet
Duration seconds: 535

## Resource

For years, Michael Saylor's Strategy was the market's most dependable Bitcoin buyer. Recently, it has done the opposite. Strategy just sold 3,588 Bitcoin for roughly $216 million, its largest single tranche yet, deepening the question of whether Michael Saylor has become a structural seller instead of a buyer. Ram Ahluwalia, Austin Campbell, and Chris Perkins break down the STRC dividend mechanics behind the sale, the bull case for a catch-up trade, and the bear case if Bitcoin never rallies back. Hosts: Austin Campbell, Host of Bits + Bips, Founder of Zero Knowledge Group, and Adjunct Professor at NYU Stern Ram Ahluwalia, Co-host of Bits + Bips and CEO of Lumida Chris Perkins, Co-host of Bits + Bips and Head of Franklin Crypto This clip is from a longer conversation on Strategy's Bitcoin sale, the stablecoin wars, and the token versus equity debate. Full episode here: https://youtube.com/live/H3z68SYty0k  We go live every Monday at 4:30pm ET. Subscribe to catch it live. Sponsor: 👉 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 https://cape.co/unchained  (use code: UNCHAINED). Chapters: 💰 00:00 Strategy's record $216M Bitcoin sale: the numbers behind the disclosure 📉 01:14 mNAV falls below 1 for the first time, and the STRC dividend framework 🔁 02:31 Why Ram says selling Bitcoin beats issuing more MSTR shares ⚖️ 04:21 The bear case: what happens if Bitcoin doesn't rally from here ✈️ 05:24 Chris on Saylor's three-body problem after a week of conferences in London Learn more about your ad choices. Visit megaphone.fm/adchoices

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