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Bitcoin held the $78,000 level as spot ETF outflows slowed and geopolitical risk faded, but the week's most consequential development had nothing to do with price. Michael Saylor just changed the rules. After a $2 billion Bitcoin purchase funded by aggressive share dilution, MicroStrategy's co-founder signaled it may now sell Bitcoin to cover dividends. That's a different company than the one Wall Street modeled.
Meanwhile, the Bitcoin miner-to-AI infrastructure trade is accelerating. One name surged nearly 30% on a single announcement. Morgan Stanley upgraded another with a price target implying significant upside. The divergence between miners repricing as power companies and those still trading as leveraged Bitcoin proxies is widening fast, and the gap is creating opportunities in both directions.
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