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Michael Saylor defended Strategy’s 32 BTC sale at BTC Prague on June 11. He said his long-running “never sell your bitcoin” advice was meant for individual investors, not as a corporate pledge.
The remarks followed criticism after Strategy disclosed in a June 1 SEC filing that it had sold 32 BTC, the company’s first reported bitcoin sale since 2022.
Sale Was Tied to Preferred Stock Dividend Obligations
Strategy sold 32 BTC between May 26 and May 31 for about $2.5 million, at an average price of $77,135 per coin. The filing said proceeds were directed toward dividend distributions on STRC, the company’s perpetual preferred stock known as Stretch, which carries a variable annualized dividend rate of around 11.5%.
The sale represented roughly 0.0038% of the 843,706 BTC Strategy held at the time. By early June, the company had increased its position to approximately 845,256 BTC through additional purchases, more than replacing what it sold.
Saylor Separates Personal Advice From Corporate Strategy
Saylor addressed the sale directly on stage at BTC Prague, distinguishing between advice he gave to individual holders and the operational requirements of a public company with dividend-paying securities.
I never said the company wouldn’t sell Bitcoin.
He argued that Strategy has been transparent for more than five years about its willingness to sell bitcoin for operational liquidity and that a strict no-sale policy would undermine the value of its credit and equity instruments.
He described STRC, Strategy’s perpetual preferred stock, as a “digital credit” product built on the company’s bitcoin balance sheet, arguing that such instruments require the ability to convert collateral into cash when needed.
Strategy’s Small BTC Sale Triggered a Big “Never Sell” Reaction
The stock reaction appeared to reflect how symbolic the sale was for investors. The disclosure triggered a sharp decline in Strategy’s stock price and a short-lived dip in bitcoin.
Analysts broadly characterized the sale as financially immaterial relative to Strategy’s total holdings, framing the stock reaction as a response to symbolism rather than fundamentals. Saylor said occasional sales are intended to support functioning markets for Strategy’s preferred securities rather than signal any change to the company’s long-term accumulation strategy.
