**Michael Saylor** built his fortune and reputation on a single promise: never sell bitcoin. Yet **Strategy** (NASDAQ:MSTR) has now broken that promise multiple times in quick succession. But one specific number buried in its preferred stock data reveals exactly when the selling stops.

## From Bitcoin Treasury to Digital Credit

Saylor no longer describes Strategy as a “bitcoin treasury company.” He’s rebranded the model as a **Digital Credit Framework** — an operating and capital structure built to support debt and preferred-stock obligations using **Bitcoin** (CRYPTO:BTC) as the underlying collateral, rather than simply stockpiling it for shareholders. That distinction matters, because it explains behavior that looks contradictory on the surface: a company famous for buying bitcoin is now selling it to keep other financial obligations current.

The clearest example is Strategy’s preferred stock. The **Variable Rate Series A Perpetual Stretch Preferred Stock** (NASDAQ:STRC) dividends are funded through the company’s USD Reserve, and maintaining that reserve has become priority one. Last week, Strategy sold 1,638 bitcoin to raise $104.7 million specifically to bolster that reserve. Building long-term value for Strategy’s common shareholders — once the entire pitch — now reads as secondary to keeping the preferred stock’s dividend obligations funded.

![Infographic: From 'buy and hold forever' to a $11,000 loss per coin—here is the hidden math driving Michael Saylor’s massive strategic pivot.](https://247wallst.com/cdn-cgi/imagedelivery/XaQqGmJkNE7OzU_SNXiB6g/247walls-infographic-msm13a9m-0-j4k6/medium)

## The Selling Spree, By the Numbers

On-chain tracker Lookonchain reported that wallets believed to belong to Strategy transferred 1,030 BTC — worth roughly $66.14 million — on Wednesday. Strategy hasn’t confirmed that specific transaction, but the company routinely discloses weekly transactions in Monday filings, so official confirmation is still pending as of this writing.

Here’s what’s rattling crypto markets: Saylor has said publicly that Strategy’s buying pressure is a meaningful reason bitcoin trades as high as it does. Regular selling flips that dynamic, and investors are reasonably asking whether sustained outflows from the market’s largest corporate holder could weigh on price further.

The sales themselves aren’t flattering, either:

| Metric | Figure |
|--------|--------|
| Last week’s average sale price | $63,957 |
| Strategy’s average acquisition cost | $75,419 |
| Implied loss per BTC sold | ~$11,462 (15.2%) |

**Selling below cost basis isn’t a sign of confidence. It’s a sign of necessity.**

## What It Would Take for the Selling to Stop

Here’s the more encouraging data point. The preferred stock’s par value — the benchmark Strategy has tied to resuming bitcoin purchases — bottomed near $70 in June. It closed Friday at $95.18, up 35% from that low, and climbing steadily back toward its $100 par value.

Strategy has indicated it wants STRC back at par before bitcoin buying resumes. Reaching $100 probably won’t flip the switch immediately — the company will likely want to see price stability well above that threshold before committing new capital to Bitcoin again. Granted, that means another disclosed sale next Monday wouldn’t necessarily contradict this thesis. But the trajectory itself — a 35% recovery in roughly two months — is the strongest signal yet that Strategy’s selling pressure has a defined off-ramp, not an open-ended mandate.

## Key Takeaway

Strategy’s bitcoin sales aren’t random — they’re funding a specific obligation (STRC dividends) with a specific resolution condition (STRC returning to par value). That condition is 35% closer to being met than it was in June. Investors watching Strategy for signs the selling has run its course should treat the preferred stock’s climb toward $100 — not any single week’s transaction — as the number that actually matters.

Michael Saylor built his fortune and his reputation on a single promise: never sell bitcoin. Strategy has now broken that promise multiple times in quick succession, but one specific number buried in its preferred stock data reveals exactly when the selling stops.

The Hidden Number That Signals Michael Saylor's Bitcoin Selling Spree Is Almost Over

## Bitcoin and Ether ETFs See $1.1B Inflows: Is the Coldcard Hack Fueling the Rally?

U.S. spot bitcoin and ether ETFs saw a combined **$1.1 billion in inflows** last week, marking the strongest week for either category since April, according to The Block's analysis of SoSoValue data.

### Bitcoin ETFs Lead the Charge

Spot bitcoin ETFs took in about **$853.5 million**, their largest weekly total since the week ending April 17, which saw $996.4 million in inflows. Notably, bitcoin ETFs recorded inflows in all five trading sessions, led by $244.4 million on Wednesday and $211.5 million on Tuesday.

**BlackRock's IBIT** accounted for a whopping **$693.7 million** of the total BTC fund inflows, representing over 80% of the total. Fidelity's FBTC followed with $116.4 million, making the two largest bitcoin funds the primary beneficiaries.

### The Coldcard Exploit Connection

Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, pointed out that **IBIT, FBTC, and several other funds have drawn inflows every day since the Coldcard hack**, making it "hard not to see causation in the correlation." He mused that it would be "ironic, but somehow on brand, if the hack of btc in cold storage (seemingly worst [possible] situation) marked the beginning of next run."

The exploit, which surfaced July 30, has led to at least **$111 million in thefts**, with estimated losses potentially exceeding $130 million. The hack drove record inflows to centralized exchanges and triggered a panic onchain, with about **890,000 BTC moving** over seven days, a 2026 high.

However, the Coldcard narrative is complicated by the fact that **ether ETFs also posted their best week since April**, despite ether holders having no exposure to a Bitcoin-only hardware wallet vulnerability. The inflow run for ether ETFs began on Aug. 3, several days after the vulnerability was disclosed.

Bitcoin rose about 3% on the week, touching an August high above $65,300 on Friday following a massive U.S. jobs miss, which traders interpreted as reducing the likelihood of a September rate hike.

### Ether Funds Extend Positive Run to Five Weeks

Spot ether ETFs have now logged **five consecutive positive weeks**, their longest run of 2026. Thursday produced the largest daily gain at $92.2 million, while Monday's $11.4 million outflow was the only negative session.

The funds held **$10.74 billion in net assets** Friday against $11.46 billion in cumulative net inflows, leaving them about $711 million underwater on a mark-to-market basis. That gap has narrowed from roughly $2.0 billion in mid-June.

Meanwhile, **whales are aggressively accumulating ETH**, with wallets holding between 10,000 and 100,000 ETH increasing their balances to a record **19.6 million ETH** from about 14 million ETH in mid-2025, according to CryptoQuant.

### Volume Remains Near Multi-Year Lows

Despite the inflows, trading volume remains subdued. Bitcoin ETF trading volume totaled about **$8.19 billion** on the week, down 9% from the previous week's $9.02 billion. That's the second-lowest full trading week since October 2024. Ether ETF volume came to roughly $2.38 billion, down about 21% from the prior week.

![ETF volumes over time](https://www.tbstat.com/cdn-cgi/image/f=avif,q=50/wp/uploads/2026/08/theblock-spot-bitcoin-etf-volumes-1920x1080-1.png)

### 2026 Losses Persist

The rebound has not erased the funds' overall losses for 2026. Bitcoin ETFs remain at approximately **$4.44 billion in net outflows** since the start of the year, while ether ETFs are down roughly $873 million.

Bitcoin traded near $65,100 on Saturday morning, while ether changed hands around $1,920.

Bloomberg analyst Eric Balchunas tied the run to the Coldcard wallet exploit, noting several Bitcoin funds have drawn inflows daily since the hack. 

Bitcoin and Ether ETFs See $1.1B Inflows: Is the Coldcard Hack Fueling the Rally?

Bitcoin holders risk losing real BTC this weekend by trying to sell coins from a fork that may not even be worth anything.

Here is how it goes. Bitcoin may split into two chains in the next few days. If it does, everyone who holds bitcoin ends up holding the same balance twice, once on each chain. Then someone offers to buy the *new* coins at an unusually good price. They look like free money, so selling them can seem like an easy win.

But take the deal and the buyer can take the seller's bitcoin too. Both chains initially accept identical transactions — so a transaction signed to send the fork coins can also be broadcast on bitcoin. The buyer receives the same amount in actual BTC at the same destination.

This is called a **replay attack**. The safest move for anyone who does not know how to separate the two balances is to leave the coins alone.

![How selling a fork coin can cost a holder real bitcoin. (Shaurya Malwa/CoinDesk)](https://www.coindesk.com/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2Fs3y3vcno%2Fproduction%2F2da89199523334d514ab6e45b1160524bf778557-1600x790.png%3Fauto%3Dformat&w=1920&q=75)

A replay does not drain the wallet. Only the coins put up for sale move, and they leave as real bitcoin rather than the fork version, with a transaction fee paid on both chains.

Bitcoin developer **Kevin Loaec**, who flagged the risk on X this week, said large holders could be targeted first. Doing nothing will be a safer option, he stated, as coins that never move cannot be replayed because there is no signed transaction to copy.

## How BIP-110 Makes This Possible

The reason any of this is happening is a proposal called **BIP-110**, which would keep pictures, text and other non-payment data out of bitcoin transactions for a year.

Changing bitcoin's rules requires miners to agree, and they register that agreement by marking the blocks they produce. BIP-110 needs 1,109 marked blocks out of a 2,016-block stretch, or 55%. (A block is the batch of transactions miners add to the ledger roughly every ten minutes.)

That route is closed but the proposal has a second one written into it. From block 961,632, expected this weekend, computers running BIP-110 software will reject any block that does not carry the mark, whether miners agreed or not.

Almost every block being mined right now does not carry it. So those computers will start rejecting the chain that nearly all of bitcoin's mining power is building.

If some miners continue building a BIP-110-compatible branch while the rest keep mining bitcoin as usual, two competing versions of the transaction history could emerge. It stalls if nobody keeps extending the minority branch, it stalls.

Such an imbalance makes a split possible rather than certain. **Miner signalling is running near 2.6%** as on Friday, trackers show. That node share does not translate into mining power, however, as with signalling this low, a minority branch could produce blocks very slowly or stop advancing altogether.

As such, if one does emerge, every bitcoin holder initially has the same balance on both chains. The second copy may be worth little or nothing, and somebody may still offer to buy it.

Separating the two balances is harder at first because the fork provides no automatic replay protection. BIP-110's actual restrictions on transaction data do not switch on until block 965,664, expected around the start of September.

Before then, holders would need to deliberately create coins that exist on only one branch before spending safely.

Timing depends on how quickly blocks are found, so the mandatory-signalling window could begin a day earlier or later than current estimates.

If a minority chain appears this weekend, buyers could replay signed fork-coin sales on bitcoin itself, making doing nothing the safest move until the chains can be separated.

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