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Strategy's Michael Saylor Defends Bitcoin Sale: 'We Must Sell' for Digital Credit
Michael Saylor, executive chairman of Strategy Inc. (formerly MicroStrategy), has publicly defended the company's recent sale of 32 Bitcoin (BTC), arguing that selling Bitcoin is a necessary component of a broader digital credit strategy. Speaking at the BTC Prague conference in June 2026, Saylor clarified that the sale — the first since 2022 — does not signal a departure from the company's long-term Bitcoin conviction but rather enables the creation of innovative Bitcoin-backed financial products.
On June 1, 2026, Strategy filed a document with the U.S. Securities and Exchange Commission (SEC) confirming the sale of 32 BTC, worth approximately $2.5 million at current market prices. The move drew immediate criticism from Bitcoin maximalists who viewed it as a break from Saylor's long-standing 'never sell' mantra. However, Saylor used his keynote at BTC Prague to reframe the narrative, positioning the sale as part of a sophisticated capital management model.
Digital Credit: The New Frontier for Bitcoin Treasury
Saylor explained that for a Bitcoin treasury company like Strategy, the ability to sell Bitcoin is essential to support dividend-paying securities and other Bitcoin-backed credit products. 'If the company's policy is that we never sell Bitcoin, then the credit has no value and the equity has no value,' Saylor stated during a fireside chat at the conference. 'The company is in the business of selling digital credit. That credit is backed by capital. Bitcoin is capital.'
Digital credit products are financial instruments where credit is issued, traded, or supported via digital assets such as Bitcoin, tokens, or blockchain infrastructure. In Strategy's case, this refers primarily to securities backed by the Bitcoin on the company's balance sheet. The flagship product is STRC, Strategy's perpetual preferred stock listed on Nasdaq that pays an 11.50% annual dividend. As of June 2026, STRC has grown to over $10 billion in notional value, making it the world's largest preferred stock instrument.
This approach mirrors what Saylor calls the 'Bitcoin treasury model,' where corporate Bitcoin holdings serve as collateral for a range of yield-generating products. The digital credit market is projected to reach trillions of dollars, according to Saylor's estimates.
Bitcoin as Capital, Not Just Digital Gold
Saylor's vision extends far beyond simple Bitcoin accumulation. At BTC Prague, he outlined a comprehensive framework for what he calls 'Bitcoin Capitalism,' where Bitcoin serves as the base layer for a new financial ecosystem. He identified four pillars: digital credit (Bitcoin-backed lending), digital money (stablecoins anchored to Bitcoin), digital yield (interest-bearing products), and digital equity (tokenized ownership).
'I see Bitcoin as the digital transformation of capital. I see STRC as the digital transformation of credit,' Saylor said. According to him, digital credit products can offer yields of up to 8%, significantly higher than traditional savings accounts. These products, he argued, could change how investors view credit markets while channeling additional capital into the Bitcoin ecosystem.
Strategy currently holds over 700,000 Bitcoin, purchased at an average cost of approximately $75,000 per coin. The company's total Bitcoin holdings are valued at over $60 billion, making it the largest corporate holder of the cryptocurrency worldwide. The corporate Bitcoin adoption trend has accelerated since Strategy first began purchasing Bitcoin in 2020.
Market Reaction and Broader Implications
The sale of 32 BTC represents a minuscule fraction of Strategy's total holdings — less than 0.005% — but the symbolic weight was significant given Saylor's previous rhetoric. Critics on social media accused the company of abandoning its principles, but Saylor pushed back forcefully.
'I never said the company wouldn't sell its Bitcoin,' Saylor clarified. 'The policy has always been about intelligent capital management. Selling a small amount to support a $10 billion preferred stock market is not the same as a fire sale. It's financial engineering at its finest.'
Market analysts have noted that the sale could set a precedent for other corporate Bitcoin holders. If large treasury companies begin regularly selling small amounts of Bitcoin to support derivative products, it could introduce new liquidity dynamics into the market. However, the scale of Strategy's holdings means even significant sales would have limited impact on the overall Bitcoin price.
Strategy's stock (MSTR) has historically traded as a Bitcoin proxy, with its price closely correlated to BTC movements. The company's innovative use of preferred stocks and convertible notes has allowed it to accumulate Bitcoin without diluting common shareholders excessively. The Bitcoin-backed securities market is still in its infancy, but Saylor is betting big on its growth.
FAQ: Michael Saylor and Strategy's Bitcoin Strategy
Did Michael Saylor say Strategy would never sell Bitcoin?
While Saylor has personally advocated for a long-term hold strategy, he has now clarified that the company retains the flexibility to sell Bitcoin when needed to support credit products. The recent sale of 32 BTC was the first since 2022.
What is STRC and why does it matter?
STRC is Strategy's perpetual preferred stock, listed on Nasdaq, paying an 11.50% annual dividend. It is a digital credit product backed by the company's Bitcoin holdings. As of June 2026, it has a notional value exceeding $10 billion.
How much Bitcoin does Strategy own?
As of mid-2026, Strategy holds over 700,000 Bitcoin, valued at approximately $60 billion. It is the largest corporate holder of Bitcoin globally.
Will Strategy sell more Bitcoin in the future?
Saylor indicated that the company may sell small amounts of Bitcoin periodically to support its digital credit products, but the core strategy remains long-term accumulation. The sale of 32 BTC was described as a tactical move, not a strategic shift.
What is digital credit according to Saylor?
Digital credit refers to financial products where credit is issued, traded, or supported via digital assets like Bitcoin. In Strategy's case, this includes preferred stocks like STRC that are backed by the company's Bitcoin balance sheet.
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