Michael Saylor · Bitcoin · Strategy · Cointelegraph
Bitcoin sales are necessary for Strategy's digital credit business, Saylor confirms
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Strategy's recent Bitcoin sale appeared to clash with Saylor's "never sell" mantra, but he says the move reflects how the company's digital credit business works.
Key facts
- On June 4, Apyx Finance's dividend-backed synthetic stablecoin (apxUSD) depegged to as low as $0.90 as Bitcoin traded below $63,000 and STRC shares fell below their $100 par value
- Strategy disclosed its first reported Bitcoin sale since 2022 in a June 1 filing with the US Securities and Exchange Commission, offloading 32 BTC in a move that appeared at odds with Saylor's
- At press time, apxUSD traded at $0.96, below its $1 peg
- Cointelegraph’s Ciaran Lyons (left) and Strategy founder Michael Saylor (right) at BTC Prague
Summary
Michael Saylor, executive chairman of Strategy, defended the company's recent Bitcoin sale, saying the ability to sell the asset is necessary to continue issuing "digital credit. Strategy disclosed its first reported Bitcoin sale since 2022 in a June 1 filing with the US Securities and Exchange Commission, offloading 32 BTC in a move that appeared at odds with Saylor's long-running "never sell your Bitcoin" mantra. At the BTC Prague conference, Saylor said that Bitcoin treasury companies must retain the ability to sell holdings when necessary to support dividend-paying securities and other Bitcoin-backed credit products. “If the company's policy is that we won't sell the Bitcoin, then the credit won't have value and the equity won't have value," he said, adding:.