Summary
- Michael Saylor, chairman of Strategy, said Bitcoin sales are simply an option for treasury management and do not change the company's long-term accumulation strategy.
- Strategy said it can sell Bitcoin if needed through its Bitcoin monetization program, but the company has never had a policy of never selling Bitcoin.
- Strategy said it sold 3,588 Bitcoin for about $216 million shortly after introducing the program and held 843,775 Bitcoin as of July 5.
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Michael Saylor, chairman of Strategy, pushed back on claims that the company had reversed its stance on Bitcoin sales. Selling Bitcoin is simply an option for managing funds and does not change its long-term accumulation strategy, he said.
In a post on X on August 1, Saylor wrote that Strategy announced its Bitcoin monetization program on June 29, 31 days before releasing its second-quarter earnings. The company did not roll out the program after reporting a loss, he added.
Strategy has never had a policy of never selling Bitcoin, according to Saylor. He also said the program does not require the company to sell Bitcoin. Over the long term, Strategy expects to maintain its position as a net buyer of Bitcoin, he added.
Filings with the US Securities and Exchange Commission show the program allows Strategy to sell Bitcoin if needed. The proceeds can be used to build dollar reserves, pay preferred-stock dividends, cover interest on debt, and repurchase its own securities and common stock. Sales intended to build dollar reserves are capped at $1.25 billion.
Strategy carried out a sale shortly after adopting the program. The company sold 3,588 Bitcoin for about $216 million between June 29 and July 5. The proceeds were used to pay preferred-stock dividends and replenish dollar reserves. As of July 5, Strategy held 843,775 Bitcoin.
