Saylor clarifies ‘never sell’ — Strategy may sell bitcoin

At the BTC Prague conference on June 11, Michael Saylor clarified that his long-standing advice to ‘never sell your bitcoin’ was directed at individual investors, not the company he founded. He said he never stated that the company could not sell bitcoin and pointed to earnings calls and public disclosures over five years showing the firm would act when required.

Saylor defended Strategy Inc.’s June 1 transaction in which the company sold 32 BTC for about $2.5 million. He stated the proceeds were used to help pay distributions on the company’s preferred stock. The sale amounted to roughly 0.004% of Strategy’s reported holdings.

Strategy’s reported holdings stand at about 845,256 BTC with an average cost near $75,540 per coin. The company had built U.S. dollar reserves to about $1 billion. One week after the June 1 sale, Strategy bought 1,550 BTC for approximately $101 million, returning its total to the reported level.

The company carries about $6.7 billion in convertible debt that is out-of-the-money at a $115 share price. At a public exchange at the conference, Saylor discussed valuation approaches, noting market net asset value is one measure and suggesting investors can also consider gross assets and net assets per share. He added that issuing equity for cash gives shareholders a tangible asset in return, whether cash or bitcoin.

Analysts described the 32-BTC sale as immaterial in size but offered differing views on whether the firm will sell again to meet dividend or debt obligations or instead raise capital through equity or preferred-stock issuance. Investors are monitoring how the company’s accumulation plan and its expanding capital structure will interact.

Saylor reaffirmed a long-term bullish view on bitcoin and reiterated that his public ‘never sell’ guidance was personal advice rather than a binding corporate policy.