Michael Saylor Hints at Strategy Offloading More Bitcoin After 32 BTC Sale

Strategy founder Michael Saylor has explained the logic behind the company's recent sale of 32 BTC. The executive chairman disclosed that Strategy will sell its Bitcoin holdings if the circumstances require a sale, while clarifying his previous rhetoric of “never selling” BTC.

“Strategy will sell BTC if it has to,” says Michael Saylor

Saylor told attendees in a panel session at BTC Prague that Strategy is prepared to sell off its Bitcoin holdings to fulfill corporate expectations. 

He noted that the policy is public knowledge and has been clearly stated in its earnings calls and disclosures over the last five years.“We’ve been very clear that of course we sell Bitcoin if we have to,” said Saylor to attendees at BTC Prague.Saylor’s comments were a direct response to the uproar triggered by Strategy’s decision to sell 32 BTC. 

The move marked the first time Strategy sold BTC outside of tax-loss harvesting purposes since it began accumulating the asset in 2020.

Strategy’s BTC purchase since 2020. Source: BitcoinTreasuries

While the move raised eyebrows among investors and critics poked holes in Strategy’s long-term commitment to accumulating BTC, Saylor noted that selling Bitcoin will ensure the survival of his “$100 billion company.” 

He emphasized that his previous “never sell your Bitcoin” statements applied to retail and not corporate entities.“By the way, I said to you never sell your Bitcoin,” Saylor noted. “I never said that the company wouldn’t sell its Bitcoin.”

Meanwhile, Saylor explained that the 32 BTC sale allowed Strategy to fund preferred stock distributions. For context, the sale raked in $2.5 million and accounted for only 0.0038% of the company’s total Bitcoin holdings.

Doubling down on Bitcoin with a mega purchase

As tongues wagged over fears of Strategy’s commitment to holding Bitcoin following the sale, Saylor flashed a buy signal. The next day, Strategy announced the purchase of 1,550 BTC, splurging over $101 million on the acquisition, affirming its accumulation stance.

The purchase brought its Bitcoin holdings to 845,256 BTC, with the company confirming an increase of its USD reserve to $1 billion. Now that Strategy is armed with additional cash, pundits are predicting a long Bitcoin-buying streak for the company in the coming weeks.

Meanwhile, Strategy CEO Phong Le confirmed that the company is back to buying again. Le disclosed that the 32 BTC sale allowed the company to test its internal processes and fulfill its obligations to shareholders. 

He added that it helped “inoculate the market” to protect it from the effects of a larger BTC sale in the future. 

“We are the largest holder of Bitcoin in the world,” said Strategy CEO Phong Le. “We’re the largest purchaser of Bitcoin in the world, and we’ll continue to be.”

Michael Saylor also disclosed that he has not sold any BTC in a personal capacity, quelling the worries of investors that the Bitcoin bull may be changing stances.