NINE AND A HALF BILLION UNDER TO FOUR AND SEVEN TENTHS AHEAD — IN ONE WEEK, AND NOBODY SOLD

Strategy’s 840,447 BTC crossed its $75,385 average cost on August 21 and swung from a $9.5 billion unrealized loss to a $4.7 billion gain inside a week. The cost base is roughly $63 billion; every $1,000 Bitcoin move swings the book about $840 million. Saylor has said the company will not sell — and has trimmed four times in 60 days to fund dividends. The Capitalist read: a balance sheet that moves $840 million on a single $1,000 candle is not a stock, it is conviction on margin. The loss was never real, and neither, yet, is the profit. Only the coins are.