Strategy does not need to “sell Bitcoin” to service the preferred stack.
They have $66.4B of Bitcoin and $1.489B of annual dividend obligations.
That means a 2.24% annual yield on the Bitcoin collateral fully covers the dividend.
Even a pathetic little 1% covered-call yield generates $664M, covering almost 45% of the obligation.
A 2% yield covers nearly 90%.
This is the part bears miss. Strategy is sitting on the most pristine collateral on earth, and the capital markets are slowly learning how to monetize it without selling it.
The Bitcoin is the battery.
The preferreds are the wiring.
The option market could be the exhaust vent where fiat income leaks out like a broken ATM.
Bears think the dividend is a burden.
Saylor sees a collateral engineering problem.
And the guy is excellent at engineering solutions.
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80.6K @AdamBLiv 
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Bitcoin (BTC) is a digital asset and a payment system invented by Satoshi Nakamoto who published a related paper in 2008 and released it as open-source software in 2009. The system featured as peer-to-peer; users can transact directly without an intermediary. Transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain. The ledger uses bitcoin as its unit of account. The system works without a central repository or single administrator, which has led the U.S. Treasury to categorize bitcoin as a decentralized virtual currency. Bitcoin is often called the first cryptocurrency, although prior systems existed. Bitcoin is more correctly described as the first decentralized digital currency. It is the largest of its kind in terms of total market value by now.