MicroStrategy May Sell Some Bitcoin Before Year-End

In a podcast interview with Natalie Brunell published Friday, MicroStrategy Chairman Michael Saylor told listeners the company may sell some Bitcoin between now and the end of the year as part of a capital management program focused on long-term outcomes. “I think it’s not unlikely that we’ll sell some Bitcoin between now and the end of the year,” he said.

Saylor indicated the company expects to use a mix of equity and credit transactions and to actively manage its U.S. dollar and cash holdings. He said MicroStrategy is running multivariate models to test scenarios and is considering outcomes as far out as 2033. “We do it in a very thoughtful programmatic fashion where we’re running our multivariate models, and we’re literally running them,” he added.

He described the program’s objective as maximizing Bitcoin per share over a seven-year horizon. “Ultimately, the way to think of it is seven years out, we would like to have maximized our Bitcoin per share,” Saylor said.

MicroStrategy began acquiring Bitcoin in 2020. The company reports holding 843,768 BTC bought at an average price of about $75,700 per coin. At the time of publication, Bitcoin traded around $75,958. MicroStrategy’s shares closed Friday at $159.89, a decline of about 10.9% over the past 30 days.

Saylor has previously raised the possibility of sales to address how credit rating agencies might treat the holdings. On a recent podcast appearance he said, “We own about $65 billion worth of Bitcoin. If the market thought we would never sell it, the credit rating agencies would say, Well then, I guess it’s not an asset.”

The company has not previously announced any sales of its Bitcoin holdings. Saylor characterized any potential transactions as planned and managed under the program rather than reactions to short-term price movements.