Michael Saylor, executive chairman of Strategy (MSTR), broke his silence after the firm sold bitcoin for the first time since 2022. “Our goal is to make STRC the best credit instrument in the world,” he wrote on X on Monday.
Last week, Strategy offloaded 32 bitcoin for approximately $2.5 million, according to an 8-K filing. The proceeds are expected to fund distributions on its perpetual preferred stock, STRC. Saylor’s post did not address the sale directly, instead highlighting the company’s growing focus on its preferred equity.
Timing the Market? A History of Selling Low
The crypto community has long joked that Strategy always buys bitcoin at weekly highs. The company’s only prior bitcoin sale was in December 2022, when the largest cryptocurrency traded around $18,000, just weeks after FTX’s collapse drove prices to a cycle low of $15,000. That move was widely mocked as “buy high, sell low.”
This time, the average sale price was $77,135. Bitcoin now trades near $70,000, after falling as low as $60,000 in February. The question looms: has Strategy once again sold near a bottom?
Saylor’s Core Thesis: Bitcoin Per Share Over Total Holdings
Saylor has consistently argued that the company evaluates financing and capital allocation through the lens of bitcoin per share and shareholder value, not simply maximizing the total bitcoin treasury. By tying the sale explicitly to STRC dividends and then publicly championing the preferred stock, Saylor aims to reinforce investor perception that Strategy is building a dual-engine model: expanding its preferred stock while growing per-share bitcoin exposure.
The filing and Saylor’s subsequent comments have sparked debate on Crypto Twitter. Some see the sale as a tactical move to support the preferred stock ecosystem; others view it as a worrying signal that the company may need to sell bitcoin to meet obligations. Saylor’s emphasis on STRC suggests he is betting that the preferred stock will become a cornerstone of the firm’s capital structure.
At press time, bitcoin traded at $64,168, down slightly on the day. Strategy has not announced further sales or STRC issuance plans.