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Michael Saylor Defends Strategy's 32-BTC Sale as Company Adds 1,550 BTC
Michael Saylor's long-standing "never sell" Bitcoin refrain drew renewed attention after Strategy disclosed a small but headline-grabbing BTC sale—a move Saylor addressed publicly at BTC Prague.
A brief, first sale since 2022
Strategy reported that it sold 32 BTC between May 26 and May 31 for about $2.5 million, or roughly $77,135 per coin on average. It was the company's first disclosed Bitcoin sale since December 2022. The sale represented about 0.0038% of Strategy's Bitcoin holdings at the time—minor in size, but notable for a firm known for continuous accumulation.
Saylor's explanation at BTC Prague
Speaking onstage at BTC Prague on June 11, Saylor reaffirmed his personal message to retail investors: "I said to YOU never sell your bitcoin." He separated that guidance from corporate treasury management, describing the 32-BTC sale as a company-level financing action rather than a shift in long-term conviction.
Why Strategy sold
In its June 1 filing, Strategy said proceeds from the sale were intended to help fund preferred-stock distributions. The board declared cash dividends across several preferred share series (STRF, STRC, STRE, STRK, STRD), with STRC carrying an 11.50% annual dividend rate for June. The dividends, in effect, created a short-term liquidity need.
Days later: a far larger buy
Strategy quickly followed with a substantially bigger purchase. From June 1 through June 7, the company bought 1,550 BTC for about $101.3 million at an average price of $65,332 per coin—nearly 50 times the size of the earlier sale. Strategy said it funded the purchase through its at-the-market share program, while also rebuilding liquidity and lifting its U.S. dollar reserve to $1 billion.
Holdings and market read-through
Strategy's dashboard now shows 845,256 BTC held at an average acquisition price of $75,680, maintaining its position as the largest public corporate Bitcoin holder. The company remains a net buyer, but the small sale has reshaped perceptions. Investors are weighing whether "never sell" was primarily a slogan aimed at individuals, while Strategy's treasury policy stays pragmatic—including occasional sales to meet dividend or financing obligations.
What investors are watching
Attention now turns to the June 30 dividend payments and how Strategy plans to fund ongoing preferred-stock commitments: through cash reserves, additional capital markets activity, or intermittent small BTC sales. Saylor's remarks suggest accumulation remains the priority, with liquidity management treated as a separate corporate function—an approach that may reassure some investors while leaving others less convinced about the rigidity of the "never sell" message.