WSJ: Michael Saylor's Strategy Is 'Trapped by Its Own Broken Bitcoin Math' as EV Slips Below BTC Holdings
- The Wall Street Journal reports that Strategy (formerly MicroStrategy) has been forced to authorize Bitcoin sales to fund preferred dividends, debt interest and other obligations as BTC trades well below its peak.
- The company's enterprise value has fallen below the value of its Bitcoin hoard — the opposite of the premium it long enjoyed — and Saylor's long-standing 'never sell' stance has effectively ended.
- Saylor has separately argued that Bitcoin's historical four-year halving cycle is being supplanted by a new phase driven by institutional flows and macro factors, per the report.