Strategy just sold $216 million in Bitcoin to pay dividends and the model is showing its limits

fling dropped this morning and they sold 3,588 btc for $216 million,purpose being funding dividends on strategy's digital credit securities ,which are five series of perpetual preferred stock with combined annual obligations of $750-800 million. In may the 32 BTC sale was framed as inoculation meaning to sell a symbolic amount to prove the mechanism works, maintain capital market confidence and keep issuing equity and debt to buy more btc. The logic held when MSTR traded at a premium to its btc