Michael Saylor, executive chairman of Strategy, recently indicated that the company might consider selling portions of its Bitcoin holdings to safeguard the asset’s long-term value. During a podcast interview, he emphasized that refusing to ever sell could harm the asset’s perception and liquidity, which is critical to the company’s financial foundation.
Saylor explained that Strategy holds around $65 billion worth of Bitcoin and that denying the possibility of sales might lead credit rating agencies to question its classification as an asset. He highlighted the importance of maintaining flexibility to tap into liquidity in Bitcoin markets, valued between $20 billion and $100 billion, which remains uncorrelated to Strategy’s equity or credit. By conveying the ability to sell, Strategy aims to preserve the asset’s integrity and reassure stakeholders.
This statement marks a shift from Strategy’s longstanding position of never selling Bitcoin. Speculation surged in the cryptocurrency community after Saylor mentioned during the company’s earnings call that selling Bitcoin might serve to “inoculate” the market against sudden panic or to reinforce confidence in Strategy.
Since it began purchasing Bitcoin as a treasury asset in 2020, Strategy has steadily increased its holdings. The company now controls 818,869 BTC at an average cost of approximately $75,540 per Bitcoin. Notably, recent transactions between early and mid-May involved additional Bitcoin purchases totaling 535 coins at an average of $80,340 each, signaling ongoing accumulation despite speculation about potential sales.
Notable voices in the Bitcoin community have reacted to Saylor’s comments. For instance, Simon Dixon, CEO of BnkToTheFuture, suggested Strategy might need to sell some Bitcoin in response to financial market manipulations involving complex derivatives tied to Bitcoin collateral. Meanwhile, Saylor himself reiterated a balanced approach on social media, urging investors to “buy more bitcoin than you sell.”