Michael Saylor’s long-running “never sell” Bitcoin message faced fresh scrutiny this month after Strategy filed a small but highly visible sale — a split Saylor publicly defended at BTC Prague.
What happened
- Between May 26 and May 31, Strategy sold 32 BTC for roughly $2.5 million, at an average price of about $77,135 per coin. It was the company’s first disclosed Bitcoin sale since December 2022.
- The sale amounted to roughly 0.0038% of Strategy’s Bitcoin holdings at the time — tiny in size, but notable because the firm has long built its brand around perpetual accumulation.
Saylor’s defense
Onstage at BTC Prague on June 11 Saylor reiterated his personal stance — “I said to YOU never sell your bitcoin” — while drawing a distinction between personal investor guidance and corporate treasury decisions. He framed the 32 BTC sale as a financing step taken at the company level, not a retreat from long-term conviction in Bitcoin.
Why the company sold
Strategy’s June 1 filing explained the proceeds were earmarked to support preferred-stock distributions; the board had declared cash dividends across preferred share series (STRF, STRC, STRE, STRK, STRD) with the STRC dividend carrying an annual rate of 11.50% for June. In short: recurring dividend obligations created a short-term liquidity need.
Immediate follow-up: a much larger purchase
Only days later Strategy went on a large buy: between June 1 and June 7 it purchased 1,550 BTC for about $101.3 million at an average of $65,332 per coin — nearly 50x the size of the 32 BTC sale. The company said it funded that purchase using proceeds from its at-the-market share program while also rebuilding cash reserves, raising its U.S. dollar reserve to $1 billion.
Current position and market implications
Strategy’s dashboard now lists 845,256 BTC at an average acquisition price of $75,680, keeping it the largest public corporate Bitcoin holder. The recent activity leaves Strategy a net accumulator for now, but the tiny sale has altered perceptions. Traders and investors are debating whether the firm’s “never sell” mantra was merely aspirational for individual holders while Strategy’s treasury management remains pragmatic — allowing occasional small sales to meet dividend or financing needs.
What to watch next
Investors will be watching the June 30 dividend payments for clues on how Strategy intends to fund ongoing preferred-stock obligations: with cash reserves, new capital-market activity, or occasional small Bitcoin sales. Saylor’s Prague remarks suggest the company will continue to prioritize Bitcoin accumulation while treating corporate liquidity as a separate concern — a position that may calm some but leave others skeptical about the rigidity of the “never sell” message.
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