Michael Saylor recently said he would start selling Bitcoin — he's now looking to explain what that means | Source: CCN
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Strategy’s software business posted its strongest quarter in a decade.
Michael Saylor says Strategy may sell Bitcoin — but only while buying more.
The Strategy chairman previously faced criticism online after claiming Bitcoin could reach $10 million.
Strategy Inc.’s software business posted its strongest quarter in a decade, according to CEO Phong Le, as Michael Saylor signaled the company could sell small amounts of Bitcoin while remaining an aggressive net buyer.
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Phong Le Says Software and Bitcoin Are “Powerful Synergies”
“I’m incredibly proud of our software business,” Le wrote in an X post on Sunday.
Adding: “The combination of a Bitcoin Treasury Company and an enterprise software company is uniquely synergistic for both, and foundational to our success.”
Le said the software arm now serves more than 3,000 customers and over 500,000 active users, including nearly half of the Fortune 500.
He also highlighted the company’s investments in artificial intelligence, including a new AI data platform branded “Mosaic” that integrates large language models and data warehouses into a single enterprise platform.
I’m sometimes asked why a Bitcoin Treasury Company should also operate a software business. The two create powerful and unique synergies. I plan to provide more regular updates on Strategy Software, and will start here with a foundational overview.
The executive argued that Strategy’s decades-old software business provides operational depth and institutional credibility uncommon in the digital asset sector, citing the company’s compliance certifications.
At the same time, he said Bitcoin has helped reinvigorate the software division by improving employee morale, attracting talent and increasing customer engagement with the company’s digital asset strategy.
Le added that Strategy’s software business now benefits from partnerships with major technology firms, including Amazon, Google, Microsoft, Snowflake and HCL.
“No company in the digital asset ecosystem has this depth of institutional experience,” he added.
Saylor Says Strategy Will Buy More Bitcoin Than It Sells
The remarks came after Saylor sought to clarify recent comments that suggested Strategy could begin selling portions of its Bitcoin holdings to help fund obligations tied to its preferred stock offerings.
Speaking on “The Wolf of All Streets” podcast at Consensus Miami, Saylor said any Bitcoin sales would likely represent a very small fraction of the company’s holdings and would be offset by significantly larger purchases.
“We might sell 20 basis points of Bitcoin — like 0.2% of Bitcoin — in a month,” Saylor said.
Adding: “We’d probably buy 5x or 10x that much in the same month.”
He said that the company could sell “$100 million of Bitcoin” while buying “$1 billion or $2 billion” worth during the same period, leaving Strategy as a net buyer.
Saylor said the flexibility to periodically monetize Bitcoin gives the company alternatives to issuing additional equity while also allowing it to capture tax benefits.
“With STRC we’re selling so much STRC that will buy back 10 Bitcoin for every one Bitcoin we sell,” he said.
In a separate interview, Saylor said Strategy’s preferred stock offerings had already become a major engine for Bitcoin accumulation.
“So the number one Bitcoin accretion engine is STRC,” Saylor said. “We sold $3.2 billion of STRC in April, so we bought $3.2 billion of Bitcoin.”
Saylor’s “Never Sell Bitcoin” Mantra Evolves
Saylor’s latest comments represent a notable refinement of his long-standing “never sell” mantra.
“But if I was being more precise, I’d say never be a net seller of Bitcoin,” Saylor said.
“It just wouldn’t have been so viral or so catchy to say ‘never be a net seller of Bitcoin.’”
He said that even if Strategy were to sell small portions of its holdings, the company would continue increasing its overall Bitcoin position.
“I think that in these periods, even if we were to sell one Bitcoin, we’d be buying 10-20 more Bitcoin,” Saylor said.
“You buy 10 Bitcoins, sell one Bitcoin, buy nine net Bitcoin, and continue to accrete Bitcoin.”
The comments mark a shift in tone from earlier this year.
As recently as February, Saylor told CNBC that Strategy would keep buying Bitcoin “every quarter forever,” even during major market downturns.
Strategy Losses
The shift followed a difficult first quarter in which Bitcoin fell nearly 24%, contributing to an unrealized accounting loss of $14.46 billion on Strategy’s holdings.
Shares of MSTR also fell more than 4% in after-hours trading following the company’s earnings report, while Bitcoin briefly traded below $81,000.
During the company’s earnings call, Saylor said Strategy could “probably sell some Bitcoin to pay a dividend” to demonstrate to the market that its balance sheet was being actively managed.
He compared the approach to real estate investing, describing Bitcoin as an asset that can be strategically accumulated.
Strategy is aiming to cover roughly $1.5 billion in annual dividend obligations linked to its STRC preferred stock while continuing to expand its Bitcoin position.
Saylor: Bitcoin To $10 Million?
Saylor also recently sparked backlash online after suggesting Bitcoin could surge to $10 million almost immediately if more people shared his views.
Speaking in a February interview, Saylor described Bitcoin’s volatility as beneficial for long-term holders.
“Volatility was a gift to the faithful,” Saylor said, adding that large price swings drive away “tourists” unwilling to spend time understanding Bitcoin.
He went on to argue that Bitcoin’s current valuation reflects a lack of global consensus around the asset.
“If people in the rest of the world knew what I know, and they understood and they agreed with me, Bitcoin would go to $10 million tomorrow,” Saylor said.
Saylor argued that an immediate move to such levels would actually hurt long-term investors by eliminating the opportunity to continue accumulating Bitcoin at lower prices.
“The difference between $10 million and $100,000 — that’s what you give up if the volatility goes away and people start to agree with you,” he said.
The comments received a wave of backlash on social media at the time.
One post compared Bitcoin to speculative bubbles, writing: “Very sad for those that follow him. At least tulips are beautiful.”
Another said Saylor ignored “non-competitive energy costs versus AI, halving destroying miner economics, and increasing centralization.”
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
