Saylor Defends Strategy's $104.7M Bitcoin Sale as 'Never Sell' Message Draws Fire

Michael Saylor has defended Strategy's decision to sell Bitcoin after the company's latest disposal sparked criticism over his long-standing 'never sell' message.

The transaction saw Strategy sell 1,638 BTC for approximately $104.73 million between July 27 and August 2. The proceeds were used to fund preferred-stock dividend payments and share repurchases under its capital management programme.

Saylor argued that the 'never sell' slogan applies only to his personal holdings, not Strategy's corporate treasury. He noted that the company has disclosed the possibility of buying or selling Bitcoin as part of its capital management strategy in a 2021 SEC filing.

Strategy allocated $52.4 million to preferred-stock dividend payments and another $52.3 million to repurchase STRC shares under its Digital Credit Securities Repurchase Program. The transaction reduced Strategy's Bitcoin holdings by roughly 0.19%, leaving the company with 842,138 BTC, acquired for approximately $63.51 billion at an average purchase price of $75,419.