Michael Saylor defends Strategy’s $104.7M Bitcoin sale after ‘never sell’ backlash

Michael Saylor has defended Strategy’s decision to sell Bitcoin after the company’s latest disposal sparked criticism over his long-standing “never sell your Bitcoin” message.

Saylor argued that the slogan applies to his personal holdings rather than Strategy’s corporate treasury. The clarification came after the company sold 1,638 BTC to help fund preferred-stock dividends and share repurchases.

Strategy says the sale funded capital management

According to Strategy’s August 3 filing, the company sold 1,638 BTC between July 27 and August 2 for approximately $104.73 million, receiving an average price of $63,957 per Bitcoin.

The proceeds were used for two purposes.

Strategy allocated $52.4 million to preferred-stock dividend payments and another $52.3 million to repurchase STRC shares under its Digital Credit Securities Repurchase Program.

The transaction reduced Strategy’s Bitcoin holdings by roughly 0.19%, leaving the company with 842,138 BTC, acquired for approximately $63.51 billion at an average purchase price of $75,419.

Although the average sale price was below Strategy’s aggregate acquisition price, the filing does not disclose the cost basis of the specific Bitcoin sold. As a result, the transaction cannot be described definitively as a realised loss.

Separately, Strategy sold 3.01 million MSTR shares for $290.6 million, increasing its US dollar reserve to approximately $4 billion.

Saylor distinguishes personal Bitcoin from Strategy’s treasury

The transaction prompted criticism from some Bitcoin supporters, who pointed to Saylor’s long-standing “never sell your Bitcoin” message.

Responding on X, Saylor said the advice had always referred to his personal holdings, not Strategy’s balance sheet.

I have never sold mine. Not one satoshi. Strategy is a public company, not my wallet.

He also noted that Strategy has long disclosed the possibility of buying or selling Bitcoin as part of its capital management strategy.

A 2021 SEC filing stated that the company could increase or decrease its Bitcoin holdings, while the BTC Monetization Program, approved in June, explicitly authorises Bitcoin sales to fund reserves, dividend payments, interest obligations, and securities repurchases.

What does the sale mean?

The latest transaction does not suggest Strategy is abandoning its Bitcoin strategy.

Instead, it highlights how the company’s role has evolved as its capital structure has become more complex.

Bitcoin remains Strategy’s primary treasury reserve, but it is also becoming a source of liquidity to support preferred securities, dividend obligations, and broader corporate financing.

That distinction helps explain Saylor’s response.

His personal investment philosophy remains unchanged, while Strategy’s corporate treasury is now being managed alongside a growing range of financing instruments.

Final Summary

• Strategy sold 1,638 BTC for approximately $104.7 million to fund preferred-stock dividends and STRC share repurchases under its capital management programme.
• Michael Saylor said his “never sell” message applies to his personal Bitcoin holdings, arguing that Strategy’s corporate treasury serves a different purpose.