It's actually a smart move to avoid having to sell bitcoin and violate the self-imposed mandate to never sell and avoid panic and to just have cuckbucks on hand in lieu of bitcoin.

They’re panicking in the background

For sure.. it would be smarter doing this starting year ago, instead of stacking at the highs, buying the lows. But Strategy's strategy can't allow that, instead they can issue more debt and easier when stock rises because bitcoin is raising, so they can never basically accumulate at fair prices or discounted. You are correct, they have to avoid selling bitcoin, as if they'll do it it's GAME OVER for them, as they sell the first sat. All credibility and game their are playing would vanish. It's a time clicking bomb.. they can stay solvent not forever. It's true bitcoin would need to go lower than 15k to push them so sell, and very likely we would never seen those prices again (i hope we do, need more sats, sorry, not sorry), but if we stay in consolidation between 80/125k for a couple or years or more, Strategy will suffer and not sure could make it untill then. But I know nothing.

Game over meaning they'll be bought for pennies on dollar by JP Morgan or such.

I hear some crying.. not screaming yet.

The trigger will be dropping below their cost basis at $76K then the real panic while kick in. Mnav goes negative bitcoin is sold, shareholders panic more and head for exit, no bids so share price gaps down. Rinse and repeat.

Uhmm.. mnav going under 1 will create a little pump like cat bounce IMHO. What can and would destroy their modus operandi is a lot of time under 90k.. like months, or more than a year.. than you'll starting really things go shit.. losing trust.

Explained myself better here.. View quoted note →

View quoted note → Bounce will be small and short lived.