Strategy Sold 32 BTC as Test, Saylor Clarifies No 'Never Sell' Promise

• Michael Saylor said Strategy has always reserved the right to sell Bitcoin when necessary.
• Strategy sold 32 BTC as a test of its operational and treasury management processes.
• JPMorgan said future Bitcoin sales could reignite concerns over Strategy’s treasury plan.

Strategy founder Michael Saylor has addressed the controversy surrounding the company’s recent Bitcoin sale, stating that Strategy has never promised it would never sell BTC.

Speaking at BTC Prague, Saylor said the company has always disclosed in earnings calls and regulatory filings that Bitcoin could be sold when necessary. He added that his long-standing message was directed at individual investors, encouraging them not to sell their own Bitcoin without careful thought.

The comments came after Strategy sold 32 BTC between May 26 and May 31, its first disclosed Bitcoin sale since 2022.

On the other hand, Strategy CEO Phong Le said the transaction was intentionally small and designed to test the company’s ability to sell Bitcoin if needed.

The company sold 32 BTC for roughly $2.5 million at an average price of $77,135 per coin. The amount represented about 0.004% of Strategy’s total Bitcoin holdings.

According to Le, the sale had three purposes. The first was to demonstrate that Strategy can liquidate Bitcoin when required. The second was to verify that internal systems and procedures work properly.

Meanwhile, the third purpose was to create potential tax-loss opportunities across Bitcoin acquired at different prices, ranging from about $10,000 to $125,000 per coin.

Le added that the company was not under financial pressure and did not need to sell Bitcoin to fund operations or meet dividend obligations. Proceeds from the sale were used for distributions related to Strategy’s STRC perpetual preferred stock.

Saylor also made a similar statement at BTC Prague, saying Strategy remains both the largest holder and one of the largest buyers of Bitcoin globally. The company also resumed Bitcoin purchases in early June after the brief sale.

Interestingly, JPMorgan described the transaction as minor in size but noted that investors are now asking whether the sale could create a precedent for future disposals.

JPMorgan believes one of the key issues for investors is how Strategy plans to fund roughly $1.7 billion in annual dividend obligations going forward.

The bank said future concerns could ease if Strategy relies on cash reserves or new capital raises rather than Bitcoin sales. However, additional disposals could revive debate around the company’s treasury strategy.

Saylor has already hinted at this possibility before. During the company’s first-quarter earnings call, he said Strategy would likely sell a small amount of Bitcoin to pay a dividend and demonstrate that its Bitcoin holdings can be used when needed.

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