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Do the folks at crypto holding firm Strategy know the old adage that one should buy low and sell high? Strategy revealed today a plan to sell some of its vast stock of bitcoin, even as the cryptocurrency is hovering around its lowest point in two years.
The current price of around $60,000 is 20% below the average price Strategy has paid for its pile of bitcoin, now worth about $51 billion in total. Strategy has accumulated its crypto since pivoting in 2020 from the boring world of enterprise software. Since then it has raised more than $59 billion by selling stock and borrowing money to fund its purchases. Along the way, the man behind this approach, Strategy’s executive chair, Michael Saylor, made it clear that Strategy was not going to sell bitcoin.
Here’s a memorable X post from 2025, where Saylor urged people: “Sell a kidney if you must, but keep the Bitcoin.” (Hat tip to my colleague Yueqi Yang for pointing that post out to me.) But Saylor appears to have rediscovered his appreciation for kidneys. Perhaps that’s because Strategy’s stock price has fallen 76% since September, even worse than bitcoin’s 48% price drop over the same period. Or perhaps it’s because Strategy is now carrying an unrealized loss of about $13 billion on its bitcoin.
The story doesn’t end there. While Strategy stock rallied 12.6% on Monday, the company’s willingness to liquidate bitcoin “from time to time”—initially to raise up to $1.25 billion, to help raise cash for dividends and interest payments, among other things—is likely to put downward pressure on bitcoin’s price. So as Strategy sells bitcoin, it’s likely to realize even greater losses.
Comcast’s Change of Heart
Media folks do love shuffling the puzzle pieces around. Comcast on Monday said it would split into two companies, reversing two big acquisitions it has done in the past 15 years and once more becoming a pure-play cable firm. NBCUniversal and European TV firm Sky will form a separate company. It’s the second part of Comcast the company has spun off since January, when it carved off its cable channel operation as Versant.
To gauge how this breakup will benefit shareholders, consider that if the two separate companies trade in line with their peers (Charter and Walt Disney, respectively) on a 2025 sales multiple, their combined enterprise value would be $266 billion. Before today, Comcast had an enterprise value of $168 billion. The entertainment arm was essentially valued at zero, which is nuts. It’s little wonder Comcast shares, which have lately been trading at where they were in 2014, bounced up 4.5% on Monday.
Shareholders have reason to think this was an avoidable situation. Even before Comcast completed its purchase of NBCU in 2011, fattening itself with a film studio and a bunch of TV channels, signs were growing that the cable TV world was starting to erode. For that reason, it’s hard to agree with Comcast co-CEO Brian Roberts’ statement on an investor call today that at the time of the NBCU purchase, “the cable networks were widely viewed as the center of value creation.” The fact that Comcast spun out the cable channels first is testament to what a drag that business had become.
Still, what’s done is done. The question now is what’s next. Neither side of the company is growing much. It’s notable that Roberts is stepping down from an executive role at Comcast, although the company said he would still be “actively involved” with both businesses. While he ruled out the idea that the breakup was a “step towards potential strategic transactions” for either company, it seems almost certain that is what will happen, for one or both. Charter, for instance, could expand its footprint by buying Comcast, while anyone from Netflix to Disney could snap up NBCU. This story is far from over.
In Other News
• South Korea’s government on Monday announced an 1,350 trillion won ($880 billion) investment plan in semiconductors, robotics and AI over the next decade, in response to the surging demand for memory chips and the AI infrastructure boom.
• Rocket Lab is acquiring satellite company Iridium Communications for $8 billion in cash and stock, a deal that will make it easier for the space launch company to compete with SpaceX and its Starlink satellite network.
• China’s ChangXin Memory Technologies has signed a long-term deal to supply Tencent Holdings with more than 20 billion yuan ($2.94 billion) of server DRAM chips, Reuters reported.
Today on The Information’s TITV
Check out today’s episode of TITV in which we unpack the popularity of open-source models with the CEO of DigitalOcean.
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