Strategy's $200M BTC Sale Sparks Criticism, Saylor Defends Move

Michael Saylor, CEO of Strategy, has responded to criticism over his company's decision to sell $200M worth of BTC. The company filed an 8-K with the SEC disclosing the sale of 1,638 Bitcoin at the end of last month.

The sale was made at around $63,957 and the proceeds were used to buy back STRC preferred shares, which had been criticized for exposing the company to high risk. Saylor argued that as a public company, Strategy would balance its holdings according to its own reading of the situation.

Saylor clarified that his 'never sell your bitcoin' narrative was intended for individual investors and not a company policy. He emphasized that he himself hasn't sold any BTC, not even one Satoshi. The sale has been met with criticism from some quarters, including Peter Schiff, who accused Saylor of hypocrisy.