Saylor clarifies Bitcoin sales apply to company strategy, not personal holdings

Strategy sold 1,638 Bitcoin between July 27 and August 2 for approximately $104.73 million at an average price of $63,957 per coin, according to an August 3 filing. The company allocated $52.4 million of proceeds to preferred-stock dividend payments and $52.3 million to share repurchases under its Digital Credit Securities Repurchase Program.

The sale reduced Strategy's Bitcoin holdings by roughly 0.19%, leaving the company with 842,138 BTC acquired for approximately $63.51 billion at an average purchase price of $75,419. The filing does not disclose the specific cost basis of the Bitcoin sold, so the transaction cannot be definitively characterised as a realised loss.

Saylor responded to criticism on X by stating his "never sell your Bitcoin" message has always referred to his personal holdings, not the company's balance sheet. He noted that Strategy, as a public company, has long disclosed the possibility of buying or selling Bitcoin as part of its capital management strategy. A 2021 SEC filing authorised such transactions, while the BTC Monetization Program approved in June explicitly permits Bitcoin sales to fund reserves, dividend payments, interest obligations, and securities repurchases.

Strategy also sold 3.01 million MSTR shares for $290.6 million, increasing its US dollar reserve to approximately $4 billion. The latest transaction reflects how the company's role has evolved as its capital structure has become more complex, with Bitcoin remaining its primary treasury reserve while serving as a liquidity source for preferred securities and broader corporate financing.