Author: HIBIKI, CryptoCity
The MicroStrategy “Never Sell” Myth: Michael Saylor Addresses Bitcoin Sale
Has the revered MicroStrategy “never sell Bitcoin” philosophy been a widespread misunderstanding all along? Michael Saylor, founder of the Bitcoin treasury company MicroStrategy (NASDAQ: MSTR), recently found himself on the defensive at BTC Prague, explaining the company’s decision to sell 32 Bitcoins.
Saylor clarified that while he has consistently advised individual investors to never part with their Bitcoin, he has never made such a promise on behalf of the company itself. He emphasized that MicroStrategy has been transparent for the past five years about its intent to sell Bitcoin if necessary to fulfill financial obligations.
⚡️ NEW: Michael Saylor explains his 32 $BTC sale, “I said to you never sell your Bitcoin, I never said that the company wouldn’t sell its Bitcoin.” pic.twitter.com/sQ6fPLTGyk
— Cointelegraph (@Cointelegraph) June 12, 2026
MicroStrategy CEO Phong Le had previously stated that the modest sale was primarily a test of internal operational procedures, with the proceeds earmarked for cash dividends on preferred stock due June 30th.
However, keen-eyed netizens were quick to unearth past statements from Saylor himself, seemingly contradicting this narrative. An interview with CoinDesk, for instance, shows Saylor articulating a different stance:
Bro is straight out lying! 🤣
“Our general strategy is just keep acquiring Bitcoin, never sell the Bitcoin.”
– Michael “lying” Saylor pic.twitter.com/WMdgq0ZA88
— Nomad (@JourneyMacro) June 12, 2026
Saylor’s Digital Credit Vision Encounters Market Turbulence
Saylor has previously articulated MicroStrategy’s strategic necessity to retain the flexibility to sell Bitcoin assets. This capability, he explained, is crucial for supporting dividends on its special preferred stock and other Bitcoin-backed credit products.
He envisions MicroStrategy’s STRC preferred stock as a pioneering digital credit instrument, positioning the company at the forefront of digital credit sales, all underpinned by Bitcoin as foundational capital.
Saylor has often championed the multi-trillion dollar potential of the digital credit market. Yet, this burgeoning sector, particularly its related financial derivatives, recently underwent a significant market stress test.
On June 4th, the apxUSD, a synthetic stablecoin backed by STRC dividends and issued by the Apyx Finance protocol, experienced a notable decoupling. Its value plummeted to a low of $0.90, primarily due to a decline in the STRC stock price (the underlying collateral), compounded by Bitcoin’s inherent price volatility and diminished liquidity in the broader market.
Bitcoin’s Recent Dip: Is MicroStrategy to Blame?
Following MicroStrategy’s significant Bitcoin purchase earlier in the month, the cryptocurrency swiftly dipped below $70,000, even briefly breaching the $60,000 threshold. Despite the company’s subsequent acquisition of another 1,550 Bitcoins, the price has yet to reclaim its $70,000 standing.
Saylor recently attributed Bitcoin’s downturn to the “AI craze” siphoning capital from the crypto market. However, this explanation has been met with skepticism. Jeff Dorman, Chief Investment Officer at digital asset investment firm ARCA, recently published a rebuttal, dismissing not only Saylor’s theory but also other proposed macroeconomic impacts and capital displacement effects from events like the SpaceX IPO, as suggested by NYDIG.
- Related Report: Bitcoin Drops 22% This Month! MicroStrategy Reassures Investors: Just AI Capital Rotation, Assets Not Devalued
Dorman posits that the primary driver behind Bitcoin’s sharp decline is growing investor apprehension that MicroStrategy may be compelled to sell substantial amounts of Bitcoin in the future to cover preferred stock dividends. He estimates MicroStrategy currently holds only about five months of cash flow, suggesting that to fulfill dividend obligations through September 2028, the company might need to liquidate assets valued between $2 billion and $4 billion.
This scenario has sparked considerable market anxiety: the world’s largest corporate Bitcoin holder could transition from an aggressive buyer to a forced seller, potentially triggering sustained selling pressure across the market.
Adding to the chorus of criticism, CNBC personality Jim Cramer, often humorously dubbed a “contrarian indicator” by the crypto community, accused Saylor of “murdering Bitcoin.”
Saylor murdered Bitcoin https://t.co/VsSqHZTqQN
— Jim Cramer (@jimcramer) June 5, 2026
MicroStrategy Remains a Buyer Amidst Persistent Unrealized Losses
Despite the brief sale of 32 Bitcoins followed by a more substantial purchase of 1,550 Bitcoins within a few days, MicroStrategy continues to uphold its self-proclaimed role as a “net buyer.”
According to data from BitcoinTreasuries, MicroStrategy’s total Bitcoin holdings now stand at an impressive 845,256 BTC, acquired at an average cost of $75,681 per coin. However, with Bitcoin’s recent market price hovering around $65,700, MicroStrategy is currently grappling with approximately $8.4 billion in unrealized losses, representing a substantial 13.19% deficit.
(The content above is an authorized excerpt and reprint from our partner “CryptoCity,” original link.)
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