PiCK
Saylor Says ‘Never Sell Bitcoin’ Advice Was for Individuals; Strategy Can Sell if Needed
Summary
- Michael Saylor said his advice to individual investors was simply never sell Bitcoin, while the company can still sell if necessary.
- Strategy said it sold 32 Bitcoin — equal to 0.004%% of its holdings — to meet financial obligations, triggering a wave of investor selling.
- Strategy later said it spent $101 million to buy an additional 1,550 Bitcoin, raising its total holdings to 845,256.
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Michael Saylor, executive chairman of Strategy, pushed back against criticism over the company’s recent Bitcoin sale.
At the BTC Prague conference on June 11, Saylor said his oft-repeated line to "never sell your Bitcoin" was directed at individual investors. At the corporate level, he said, Strategy can sell its holdings whenever necessary to protect its financial health.
"When I said never sell your Bitcoin, I was talking to individual investors," Saylor said. "We have never said our company would never sell Bitcoin."
The controversy erupted after Strategy disclosed late last month that it had sold 32 Bitcoin to meet financial obligations. While that amounted to just 0.004% of its total holdings, the move rattled the market because the company had long been viewed as a symbol of buying and holding Bitcoin for the long term. Investors then rushed to sell.
Saylor also made clear his frustration with the ridicule and criticism that spread across social media, including X. "We can’t mismanage a company because trolls on Twitter mock us and say, ‘Haha, you said you’d never sell Bitcoin,’" he said. "Are we supposed to bankrupt a $100 billion company just because we said we wouldn’t sell Bitcoin?"
He added that Strategy has been clear about its financial principles and disclosures. Anyone who had listened to the company’s earnings calls over the past five years or read its filings should already know that Strategy has repeatedly said it could sell Bitcoin if needed, he said.
Strategy later moved to calm market concerns by buying an additional 1,550 Bitcoin for $101 million on June 8. The purchase lifted its total Bitcoin holdings to 845,256.
