Michael Saylor Says He’s Never Sold Bitcoin, Not One Satoshi

Saylor Responds After Strategy’s Latest Bitcoin Sale

Strategy Inc. (Nasdaq: MSTR) Executive Chairman Michael Saylor declared Aug. 3 that he has ne'er sold immoderate personally held bitcoin, including a azygous satoshi. His connection separated his idiosyncratic concern doctrine from the nationalist company’s treasury policy, which permits bitcoin income for defined firm purposes.

The connection arrived aft Strategy announced its 3rd bitcoin sale of 2026, leaving the institution with 842,138 BTC aft utilizing portion of its treasury to enactment firm obligations nether its superior absorption strategy.

Personal Conviction and Corporate Policy Follow Separate Paths

Saylor framed his “Never Sell Your Bitcoin” connection arsenic guidance shared betwixt savers alternatively than a binding regularisation governing Strategy’s equilibrium sheet. He emphasized that Strategy has disclosed since 2020 that it whitethorn acquisition oregon merchantability bitcoin portion managing capital, liquidity, securities, and fiscal obligations.

The Strategy enforcement president had besides clarified connected Aug. 1 that Strategy expects to stay a nett bitcoin purchaser implicit time portion utilizing the BTC Monetization Program to supply fiscal flexibility. He added that the programme was announced June 29, earlier the institution released its second-quarter results, and operates wrong a board-approved superior framework.

Corporate bitcoin treasuries spot integer assets connected institution equilibrium sheets, wherever executives indispensable equilibrium semipermanent vulnerability with operating obligations and shareholder interests. Strategy’s operation illustrates however firm holdings disagree from idiosyncratic wallets, peculiarly erstwhile boards authorize liquidity measures, dividend payments, indebtedness servicing, oregon securities repurchases.

Strategy Builds a Formal Bitcoin Monetization Framework

Strategy announced its Digital Credit Capital Framework connected June 29, establishing a $2.55 cardinal reserve and authorizing up to $1.25 cardinal successful further reserve-building bitcoin sales. The model besides introduced repurchase programs covering arsenic overmuch arsenic $1 cardinal each for preferred securities and MSTR communal stock.

The company’s U.S. Securities and Exchange Commission (SEC) filing identifies 3 authorized uses for bitcoin monetization: backing the dollar reserve, supporting preferred dividends and indebtedness interest, and financing securities repurchases. Transactions beyond those purposes oregon established limits necessitate further committee authorization, portion the programme carries nary fixed expiration date.

The model gave Strategy a combined $3.8 cardinal successful liquidity coverage done its existing reserve and authorized bitcoin monetization capacity. That magnitude represented astir 25.9 months of expected preferred dividend and involvement expenses, portion the institution established a minimum reserve threshold adjacent to 12 months of those obligations.

Strategy Uses Bitcoin Sales to Support Corporate Obligations

Strategy’s archetypal reported 2026 sale progressive selling 32 bitcoin for astir $2.5 million, with the proceeds supporting preferred banal dividend obligations. The transaction marked the company’s archetypal disposal since 2022 and demonstrated however its treasury assets could enactment fiscal commitments nether an progressive capital-management approach.

A larger transaction followed erstwhile Strategy sold 3,588 bitcoin for astir $216 million, averaging astir $60,137 per coin. The institution directed the proceeds toward Digital Credit dividend payments and retained 843,775 bitcoin aft the sale, alongside its $2.55 cardinal dollar reserve.

Earlier disclosures had already opened the anticipation of bitcoin income erstwhile Strategy’s securities traded astatine levels that made repurchases attractive. Saylor described the attack arsenic progressive superior management, allowing the institution to contented securities nether favorable conditions and repurchase them erstwhile absorption judged those transactions much beneficial for shareholders.