Key conclusions
- Saylor said at BTC Prague on June 11 that Strategy can sell BTC if needed, softening the “never sell” image.
- The remarks followed Strategy’s June 1 sale of 32 BTC for $2.5 million to fund a preferred stock dividend.
- The strategy contains about 845,256 BTC; the debate now centers on dilution and its $6.7 billion in convertible debt.
“Never sell” – advice for individuals
Founder and Chairman of Strategy Inc. (Nasdaq: MSTR) Michael Saylor told attendees at BTC of the Prague conference on June 11, that his long “never sell your bitcoin“The mantra was a recommendation for individual investors, not a corporate oath. He said he never said the company couldn’t sell bitcoinand that anyone who has followed five years of earnings calls and disclosures should know that Strategy will sell when necessary.
The clarification was intended to settle the debate that erupted after the company did something it had never done before, ie. parted with some of her own bitcoin.
last month, Bitcoin.com News reports that Saylor has signaled that Strategy can sell bitcoins to fund dividendsabandoning its “never sell” stance, the firm disclosed in a June 1 filing that it had sold 32 BTC for about $2.5 million. The sale represented just 0.004% of the holdings, but it fell hard because the Strategy has become a market symbol of relentless accumulation.
Saylor later broke the silence to reassure investors that the move was routine Treasury management and not a change of heart. The proceeds were intended to fund the distribution of Strategy’s preferred stock, showing how the firm BTC the road map of accumulation is tangled with the liabilities of its expanding capital structure.
Dilution and debts in focus
The episode reignited a deeper row about how Strategy is evaluated and funded. In a public conversation with Strike founder Jack Mahlers, Saylor claimed as much mNAV is only one valuation framework by referring to market net asset value (mNAV) and said investors could instead weigh gross assets and net assets per share. He argued that issuing equity capital for cash strengthens rather than dilutes shareholders because they “receive a tangible asset in return, whether it be cash or bitcoin.”
The stakes are specific because Strategy carries about $6.7 billion in convertible debt, which is out of the money at a share price of $115, and the company recently increased its U.S. dollar reserves to about $1 billion. His bitcoin the pile stands at about 845,256 BTC at an average price of around $75,540 per coin, making it a signal to watch closely even for small sales.
Analysts largely agreed with the 32- BTC the sale itself was intangible but to share that it signals future behavior. The next flashpoint is whether Strategy is again using its stack to meet dividend and debt obligations, or instead relying on fresh equity and a rights issue.
Saylor, for his part, remains public cattlerecently issued bitcointhe future is around four competing ideologies and reiterated his long-term call for much higher prices. For owners who take their never-to-sell pledge literally, BTC Prague was a stark reminder that the mantra was always for them, not for balance.
