Strategy Inc. (NASDAQ:MSTR) is up 5% on Friday as the stock makes its third attempt at the $105 resistance level that has rejected every prior rally since July.

Why Strategy Stopped Buying Bitcoin And Started Selling It

Options analytics firm SpotGamma broke down the shift in a Thursday report on X.

Strategy’s model was simple for years. The company raised cheap money from Wall Street by offering investors a chance to profit if MSTR stock shot up. 

It used that money to buy Bitcoin (CRYPTO: BTC), Bitcoin pushed MSTR higher, and the cycle kept feeding itself.

That cycle stopped because Wall Street no longer believes MSTR will shoot up again.

Without that belief, Strategy cannot raise cheap money the same way, and the billions it raised earlier now carry roughly $1.76 billion in annual dividend payments that need to be funded.

Hence why Strategy sold Bitcoin for the first time ever, 3,588 coins at $60,197 each, taking a loss against its $75,476 average purchase price, and built a $4 billion cash reserve to cover those bills. 

SpotGamma put it plainly: Strategy went from “sell paper, buy Bitcoin” to “sell Bitcoin, buy back paper.”

What This Means For Bitcoin?

SpotGamma flagged a bigger question the market is now asking.

Strategy was at times the single largest buyer of Bitcoin in the world, and dozens of copycat companies ran the same playbook behind it. 

That entire wave of buying is now gone, with most of those companies facing the same math problem Strategy does.

Nobody knows who steps in as the next consistent buyer, and that uncertainty is one reason Bitcoin keeps struggling to break higher even when the news around it improves.

MSTR Price Analysis: Can Strategy Stock Break Above $105?

MSTR makes its third attempt at $105 Friday, a level that has rejected two prior rallies inside the channel that has contained price since July. 

RSI at 53.16 sits above 50 and climbing, the most constructive momentum reading since May. The 20-day EMA at $98.01 has been reclaimed and is holding as support for the first time in months.

A daily close above $105 opens a move toward $136. Two rejections already make this third attempt the one that matters most. Without strong volume behind it, history says sellers are waiting right there.

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