Key highlights:
While the move raised eyebrows among investors and critics poked holes in Strategy’s long-term commitment to accumulating BTC, Saylor noted that selling Bitcoin will ensure the survival of his “$100 billion company.”
He emphasized that his previous “never sell your Bitcoin” statements applied to retail and not corporate entities.“By the way, I said to you never sell your Bitcoin,” Saylor noted. “I never said that the company wouldn’t sell its Bitcoin.”
Meanwhile, Saylor explained that the 32 BTC sale allowed Strategy to fund preferred stock distributions. For context, the sale raked in $2.5 million and accounted for only 0.0038% of the company’s total Bitcoin holdings.
Doubling down on Bitcoin with a mega purchase
As tongues wagged over fears of Strategy’s commitment to holding Bitcoin following the sale, Saylor flashed a buy signal. The next day, Strategy announced the purchase of 1,550 BTC, splurging over $101 million on the acquisition, affirming its accumulation stance.
The purchase brought its Bitcoin holdings to 845,256 BTC, with the company confirming an increase of its USD reserve to $1 billion. Now that Strategy is armed with additional cash, pundits are predicting a long Bitcoin-buying streak for the company in the coming weeks.
Meanwhile, Strategy CEO Phong Le confirmed that the company is back to buying again. Le disclosed that the 32 BTC sale allowed the company to test its internal processes and fulfill its obligations to shareholders.
He added that it helped “inoculate the market” to protect it from the effects of a larger BTC sale in the future.
“We are the largest holder of Bitcoin in the world,” said Strategy CEO Phong Le. “We’re the largest purchaser of Bitcoin in the world, and we’ll continue to be.”
Michael Saylor also disclosed that he has not sold any BTC in a personal capacity, quelling the worries of investors that the Bitcoin bull may be changing stances.
Source:: Michael Saylor Hints at Strategy Offloading More Bitcoin After 32 BTC Sale