The “never sell” Bitcoin treasury trade is seriously starting to crack

On Strategy’s May 5 earnings call, Strategy CEO Phong Le said plainly that “we will sell Bitcoin when it is advantageous to the company,” with Saylor adding that Strategy would “probably sell some Bitcoin to fund a dividend just to inoculate the market.” Strategy held 818,334 BTC as of May 3, up 22% year-to-date, with a market value of $64.14 billion. What the May 5 call established was the pu…