Strategy's $104M Bitcoin Sale Tests Saylor's 'Never Sell' Principle

Strategy, led by Michael Saylor, recently sold 1,638 BTC for $104.73 million between July 27 and August 2.

The sale reduced Strategy's holdings to 842,138 BTC at an average price of $75,419 per coin, which is higher than the disposal price of $63,957 per coin.

Saylor had previously promoted 'never sell your Bitcoin' as a personal advice and corporate identity principle, but this transaction has raised questions about whether he misled investors by blurring the line between individual saving advice and corporate balance-sheet management.

The company's treasury policy now seems to prioritize meeting its obligations over maintaining maximalist branding. Strategy allocated $104.73 million in proceeds to preferred-stock dividends, STRC repurchases, and MSTR share sales, reflecting the growing financial demands created by STRC's 12% annualized dividend rate.