Michael Saylor Never Sold Personal Bitcoin as Strategy Trims BTC

Key Takeaways

• Strategy sold 1,638 BTC for about $104.7 million between July 27 and August 2.

• Michael Saylor said he has personally never sold any Bitcoin.

• The sale funded STRC distributions and a $81 million buyback of preferred shares.

• Strategy still holds 842,138 BTC, one of the largest corporate reserves in the world.

• The firm's USD reserve grew by $250 million to $4 billion.

Michael Saylor addressed growing investor questions this week after Strategy earnings data revealed the company had trimmed its Bitcoin stack. The bitcoin treasury firm sold 1,638 BTC for roughly $104.7 million, according to an 8-K filing with the Securities and Exchange Commission.

The sale took place between July 27 and August 2 at an average price of $63,957 per bitcoin. It marks a larger reduction than the 32 BTC sold in May, which was Strategy's first net decrease outside a tax-loss harvesting move.

Why did Strategy sell Bitcoin?

Proceeds from the sale went toward funding distributions on preferred shares and repurchasing $81 million worth of STRC, Strategy's perpetual preferred stock. The company also increased its USD reserve by $250 million, bringing total cash holdings to $4 billion.

This combination pushed USD duration up by 57 days to 2.3 years. It also tightened STRC's Bitcoin credit spread by 5 basis points, based on a model using 10% BTC annual return assumptions, 40% volatility, and a $62,900 bitcoin price input.

What did Michael Saylor say about the sale?

Saylor separated his personal Bitcoin stance from company decisions. "When I say 'Never Sell Your Bitcoin,' I speak as one saver to another. I have never sold mine," he wrote on social media.

He added that Strategy is "a public company, not my wallet," noting the firm has disclosed since 2020 that it may buy or sell BTC to manage capital. Saylor said the shared conviction in Bitcoin among holders remains unchanged.

Is Strategy changing its Bitcoin policy?

Strategy has paused new Bitcoin purchases for five straight weeks through July 26. Analysts at TD Cowen called the recent moves consistent with management's goal of returning STRC toward its par value.

"We view the move as consistent with management's stated priority of restoring STRC to near-par trading levels," TD Cowen wrote in a note to clients.

The sale represents less than 0.2% of Strategy's remaining Bitcoin holdings, which stood at 842,138 BTC as of August 4. That scale suggests the transaction reflects short-term liquidity management rather than a broader retreat from its treasury strategy.

Strategy's Bitcoin and Cash Position

Why does STRC matter here?

STRC is a perpetual preferred security that gives Strategy another route to raise capital while paying regular distributions. Because preferred shareholders are paid before common shareholders, keeping those distributions funded supports the credibility of the firm's financing structure.

Strategy has relied on common shares, convertible debt, and multiple preferred stock offerings to fund its Bitcoin purchases over the past several years. Those instruments now create ongoing obligations that must be met, even during periods when the company's equity value declines.

The latest Strategy earnings update shows Bitcoin liquidity and preferred stock health are now closely linked. How the company balances both going forward may shape investor sentiment in coming quarters.