Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt.₿ Strategy Sells $105M in Bitcoin to Prop Up Its Own Preferred StockStrategy sold 1,638 BTC for $104.7 million last week, according to an 8-K filed Monday, cutting its stack to 842,138 coins from the 843,775 it had held since early July. The BTC was sold at an average of $63,957, roughly $11,500 below the company’s $75,419 cost basis, so Strategy is selling Bitcoin at a loss. It hasn’t bought any since June 22, its longest pause ever. They also sold $291M in MSTR shares.Of the proceeds, $52.4 million funded dividends on Strategy’s preferred stock, and $52.3 million went toward an $81 million buyback of its STRC preferred shares, the second such repurchase in two weeks under a $1 billion program. The rest of the funds went to cash reserves, now up to $4 billion and what the company calls 2.3 years of runway.Take a step back and realize what is happening. STRC has traded below its $100 par value since mid-May, so Strategy is now selling Bitcoin at a loss and diluting common shareholders through MSTR sales to prop up the preferred stock (STRC), whose slide has been weighing on the whole structure. It’s not great.Additionally, Saylor’s messaging has shifted completely from the “never sell” era. In fact, he even came out and said yesterday that “When I say ‘Never Sell Your Bitcoin,’ I speak as one saver to another. I have never sold mine.” That, of course, is a pivot from earlier messaging where he went as far to say, “Sell a kidney if you must. But keep the Bitcoin.” Again, not great.