Strategy Sells 32 BTC, Saylor Defends Credit Products

Michael Saylor, executive chairman of Strategy, has defended the company's June 1 sale of 32 Bitcoin (BTC) as a structural necessity of its digital credit business, not a departure from his long-held 'hodl' mantra. Speaking at the BTC Prague conference, Saylor told Cointelegraph that any Bitcoin treasury company running credit products must retain the ability to sell. The disclosure, filed with the SEC, marked Strategy's first reported Bitcoin sale since 2022 and sparked debate among investors.

'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,' Saylor said. He added: 'The company is in the business of selling digital credit. The credit is backed by capital. Bitcoin is capital.'

What Is Digital Credit?

Saylor described preferred stock instruments such as STRC as digital credit products backed by Strategy's Bitcoin balance sheet. Issuing these securities has become Strategy's primary method for raising capital to buy more BTC. He said these products can offer yields of up to 8%, compared to roughly two to three times less in traditional savings accounts.

'I see Bitcoin as the digital transformation of capital. I see STRC as the digital transformation of credit,' Saylor said. He called digital credit markets an emerging trillion-dollar opportunity in finance, one he said could bring new capital into the Bitcoin ecosystem through yield-bearing products. He cited Saturn and Apyx as two projects building on that infrastructure.

The sale of 32 BTC is relatively small compared to Strategy's total holdings of over 846,000 BTC. However, the symbolic weight of a sale by a company known for its 'never sell' policy cannot be understated. Saylor's clarification aims to reassure markets that the sale was not a bearish signal but a technical requirement for the credit business.

Meanwhile, Strategy continues to accumulate. On June 15, Saylor tweeted that the company had acquired 1,587 BTC for $100 million at an average price of $63,024, increasing its total BTC reserve to 846,842. The purchase was funded through its ATM program, which sold 1.73 million shares of MSTR between June 8 and 14, generating $209 million. Half went to BTC, the other half padded a USD reserve now at $1.1 billion, earmarked for preferred stock dividends and debt servicing.

With $25.7 billion still available under the MSTR ATM and another $25.2 billion across preferred offerings, Strategy's buying capacity remains substantial. The macro backdrop is also turning supportive: a U.S.–Iran interim peace deal sent the S&P 500 surging and Nasdaq up over 2%, boosting risk assets including crypto.

The broader crypto market saw Bitcoin gain 4.46% to $66,815 on the day, while XRP jumped 10% to $1.24 on heavy volume from South Korea. However, potential headwinds loom, including a widely expected Bank of Japan rate hike to 1% that has historically triggered Bitcoin selloffs of 18-33%.

Saylor's defense of the sale underscores a strategic shift: Strategy is evolving from a pure Bitcoin treasury into a digital credit issuer, where occasional sales are part of the business model. The question remains whether investors will embrace this new narrative or view it as a dilution of the original thesis.

1. Strategy sold 32 BTC on June 1, its first sale since 2022, to support its digital credit business.
2. Michael Saylor emphasized that the ability to sell is essential for credit products backed by Bitcoin.
3. Strategy continues to buy BTC, acquiring 1,587 BTC on June 15 for $100 million.
4. The company's USD reserve stands at $1.1 billion, earmarked for dividends and debt.
5. Macro factors such as a U.S.-Iran peace deal and potential BOJ rate hike influence market sentiment.

Sources: CoinMarketCap Academy - Saylor Defends BTC Sale | CoinMarketCap Academy - World Liberty UFC | CryptoNews - XRP Price Prediction | CNBC - Dollar Hits 10-Day Low | CryptoNews - Strategy Bitcoin Purchase | CryptoNews - Bitcoin Price Prediction BOJ