Strategy's BTC average price is $75k.[0] BTC Is $58k at this moment. They're underwater.

They're also returning capital to preferred shareholders through a few tickers.

Problem for Strategy and BTC in general is that it doesn't generate cash since it's a non productive asset. You can only hope that it goes up in value, which is partly supported by Strategy's bullishness and its never sell BTC strategy. But if they're signaling to bag holders that they're selling BTC, then why should bag holders provide the exit liquidity? Why not sell first?

Hence, a potential death spiral awaits.

[0]https://www.strategy.com/purchases

We already have a Bitcoin discount. But another discount on top of this one with Strategy wanting to sell at a loss?

Yes please and what a great deal.