Strategy, the corporate Bitcoin treasury giant formerly known as MicroStrategy, sold 1,638 BTC this week for $104.7 million. The sale is earmarked to fund preferred dividends and repurchases of the company's STRC shares. CEO Michael Saylor moved quickly to defend the decision after critics pointed to his long-standing 'never sell' mantra.
Why the sale happened
The company said the proceeds will go toward paying dividends on its Series A perpetual preferred stock and buying back STRC shares. Strategy has been using its Bitcoin holdings as collateral for various financial maneuvers, but this marks a rare outright sale. The $104.7 million haul represents about 1.6% of its total Bitcoin stash.
Saylor's defense
Saylor took to social media to address the backlash. He emphasized that his personal Bitcoin holdings remain untouched — he has never sold a single coin. The corporate sale, he argued, is a treasury management decision, not a change in conviction. 'I still hold my personal Bitcoin,' he said, according to his posts. 'The company has obligations to its shareholders.'
The 'never sell' record
For years, Saylor has been the face of Bitcoin maximalism, repeatedly stating that Strategy would never sell its Bitcoin. This week's sale breaks that streak, at least for a portion of the treasury. The timing isn't great — Bitcoin prices have been under pressure this summer, and selling into a downturn raises questions about the company's cash needs.
Strategy still holds roughly 100,000 BTC, making it the largest corporate holder. The company's next dividend payment is due in September. Whether this sale is a one-off or the start of a new pattern will likely depend on Bitcoin's price and the company's ability to raise capital through other means.
