Michael Saylor, chairman of Strategy, suggested the company could begin selling portions of its Bitcoin holdings before the end of this year or in the coming years. After years of maintaining a strict “never sell” position, Saylor now considers a more flexible approach to managing the company’s digital assets.
He explained the decision would align with a deliberate, data-driven strategy aiming to optimize Bitcoin ownership per share over a long horizon, extending to 2033. The company plans to balance Bitcoin sales with equity and credit management alongside its cash reserves. This approach relies on running detailed multivariate models to guide financial moves.
At present, Bitcoin trades just below the average price Strategy paid since it started buying in 2020. Strategy holds over 800,000 Bitcoins acquired at roughly $75,700 each, while current Bitcoin prices hover near $75,958. Recent declines in Strategy’s stock price reflect the market’s volatility during this period.
The company’s historical practice of announcing Bitcoin purchases has often been perceived as a bullish indicator within the crypto community. However, since Strategy has never publicly revealed any Bitcoin sales, reactions to this new possibility remain uncertain. Saylor framed the potential sales as a way to safeguard the long-term value of the asset rather than signaling a shift away from Bitcoin’s core role in Strategy’s portfolio.
In a recent earnings call, Saylor raised the idea of selling Bitcoin to maintain the asset’s interpretation by credit rating agencies as legitimate holdings rather than speculative or illiquid assets. Highlighting the sizable $65 billion worth of Bitcoin the company owns, he noted that absolute confidence in never selling could ironically undermine the perceived value of those assets.