Here's what really matters.

Strategy (formerly MicroStrategy), which always repeated "we will never sell BTC," has changed its tune.

For the first time, the CEO stated that they may sell Bitcoin if the stock falls below the mNAV and if the market closes to new issuances.

The official "never sell" narrative has been broken.

The real numbers for Strategy: • Market cap: ~$50 billion USD • BTC in portfolio: ~650,000 BTC • BTC value: ~$55 billion USD • Debt: ~$8.2 billion USD. Preferred shares: ~$7 billion USD

The correct NAV is not $55 billion.

It's ~$40 billion USD after deducting debt and preferred shares.

Many people calculate the mNAV incorrectly.

Furthermore: • Strategy has raised over $15 billion USD since 2024 • Created a reserve of $1.44 billion USD to pay dividends to preferred shareholders for up to 24 months • Made issuances that diluted shareholders • In the last fundraising: $54 million USD raised only yielded $46 million USD of BTC

The model penalizes the shareholder.

The worst risk could come from MSCI. MSCI said it is evaluating removing so-called Digital Asset Linked Companies from its global indices.

If this happens with Strategy, ETFs may be forced to sell another USD 2.8 billion of MSTR.

Forced selling would further pressure the share price.

This raises a red flag because the company's business model relies on a simple movement:

A high share price means the ability to issue shares, which means buying more BTC.

If the price falls and the market closes, the cycle stalls.

This opens the door for a potential sale of BTC.

Regarding Tether. It has been suggested that the company issuing USDT does not have 100% liquid and secure collateral to guarantee its liabilities, and could become insolvent.

Here are the real numbers, not narratives:

• Total assets: USD 181.22 billion • Liabilities (USDT issued): USD 174.44 billion • Excess reserves: USD 6.77 billion

Nothing indicates insolvency.

Official composition of reserves: • USD 139.95 billion in cash and equivalents • USD 12.92 billion in gold • USD 9.85 billion in BTC • USD 14.6 billion in secured loans • USD 3.87 billion in other investments More than 77 percent of reserves are in immediately liquid assets.

And there's more: Paolo Ardoino revealed that the Tether Group has approximately an additional $23 billion USD in retained earnings.

That is, the group's total assets reach approximately $30 billion USD. Furthermore, Tether profits around $500 million USD per month from treasuries alone.

It is one of the most profitable companies in the world per employee.

My view: Strategy isn't a Ponzi scheme and shouldn't fail (although it's a terrible product), but the narrative has changed and the market needs to recalculate the risk.

Tether should have a full audit, but there's no evidence of collapse; the FUD is old.

Bitcoin remains intact and sovereign.

Those who understand these nuances stay years ahead of the market.