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Michael Saylor, the CEO of Strategy, has hit back against recent criticisms regarding his company’s decision to sell $200M worth of BTC. Saylor, known for his Bitcoin maximalist philosophy, was accused of hypocrisy because he has long advocated against selling Bitcoin.
Saylor responded on X:
Saylor has made the point that his whole “never sell your bitcoin” narrative was from one individual to another, not a company policy. He has reiterated that he himself hasn’t sold any BTC, not even one satoshi. Justifying Strategy’s recent sale of the premier crypto, Saylor argued that Strategy is a public company and would likely balance its holdings according to its own favorable reading of the situation.
Saylor’s tweet came hours after the company filed an 8-K with the Securities and Exchange Commission disclosing the sale of 1,638 Bitcoin at the end of last month. Strategy sold the crypto at around $63,957 and used the proceeds to buy back its much-criticized STRC preferred shares.
Saylor Adjusts Strategy BTC Policy
The move, while controversial, was expected from Strategy as its aggressive BTC buying policy had raised alarm bells across the crypto economy. Top on-chain analysts, crypto entrepreneurs, and even developers have raised concerns about Saylor’s unabashed use of high-yield instruments to fund the company’s crypto purchases. These “loans” were being acquired through STRC rollouts. Saylor initially doubled down on his celebrity BTC buys.
 
Now, it appears like he eventually listened to critiques from within the sector and restructured the purchases more effectively while reducing exposure to the high-yield STRC. He has since increased the company’s dollar reserve and has sold a small, symbolic amount of BTC. Strategy still holds 842,138 BTC, acquired at an aggregate cost of roughly $63.5 billion, making it one of the largest BTC reserves in the world.
Saylor Under Fire
After the recent BTC sale, critics from all walks of life have heavily criticized Saylor for starting to sell the company stash.
His long-term critic Peter Schiff tweeted regarding the development:
One user tweeted:
Another had a more nuanced take:
While Saylor has rightly pointed out that the advice he has given over the years is only at a personal level, some criticism is warranted because he has made a habit of buying crypto at high prices without taking the macro situation into account. A large number of his purchases were made above the $100k valuation and the $80k resistance level, bringing his average buying cost to around $75k, well above the current price of $63k. In many of these instances, funds raised through STRC were involved, exposing Strategy to undue risk; now he is out to rectify this mistake.