Michael Saylor: Personal Bitcoin Holdings Never Sold
In brief
- Saylor reaffirmed personal Bitcoin holdings have never been sold, not even one satoshi
- MicroStrategy sold 1,638 BTC for $104.73 million, reducing holdings to 842,138 BTC
- Company raised $290.6 million through common stock sales
- Peter Schiff criticized Saylor for unclear messaging without immediate clarification
- MicroStrategy disclosed 2020 policy permitting BTC buys or sales for capital management
Saylor's Personal Stance vs. Corporate Action
Saylor stated that his personal Bitcoin holdings have never been sold, not even one satoshi. His "never sell your Bitcoin" messaging, however, applies to his role as an individual saver — not to Strategy's board-authorized capital allocation decisions.
Strategy authorized a BTC Monetization Program under which the company may sell BTC from time to time. This framework, disclosed since 2020, gives the firm flexibility to manage its balance sheet. Last week's sale funded both debt reduction and operational needs.
The $104.73 million proceeds from the Bitcoin sale were paired with an additional $290.6 million raised through common stock sales. Together, these moves increased Strategy's USD reserve by $250 million, bringing the total USD reserve to $4 billion.
Schiff's Pushback
Peter Schiff, a longtime Bitcoin skeptic, responded skeptically on X. Schiff argued that Saylor's public messaging—particularly his "never sell" rhetoric—created an ambiguous impression without timely clarification. Schiff stated that Saylor knew the impression he was creating but never bothered to clarify it.
Saylor's distinction between personal conviction and corporate governance is not new. Strategy has disclosed since 2020 that it may buy or sell BTC to manage capital, yet the repeated sales—and Saylor's continued "never sell" messaging—have drawn scrutiny from observers who see the framing as misleading.
The core tension remains: Saylor's personal Bitcoin thesis and Strategy's quarterly capital decisions operate on different timescales and mandates. One is ideological conviction; the other is fiduciary obligation.
