Strategy founder Michael Saylor responded on June 12 to public doubts about the company selling Bitcoin, clearly stating that what he previously said—“never sell”—was advice for individual investors, and he had never said the company cannot sell; he said that anyone who has followed the company’s earnings call meetings or disclosures for the past five years knows that the company would, of course, sell Bitcoin when necessary.
Saylor clarification and confirmation regarding the “never sell” claim
In his response, Saylor explicitly distinguished between advice for individual investors and the company’s operational policy: he said that the “never sell” remark was directed at individual investors not selling their own Bitcoin, not at the company’s financial decision-making. He emphasized that anyone who has followed Strategy’s earnings call meetings or disclosure documents for the past five years knows the company would sell Bitcoin when necessary.
Strategy’s current financial data
Based on public documents, financial reports, and related coverage:
Unrealized loss: approximately $14 billion (Bitcoin price fell from about $82,000 to about $62,000)
Recent sales: the company sold 32 Bitcoins, raising market concerns about liquidity and the stability of the long-term accumulation strategy
Debt structure: Strategy bonds have no collateral requirements and no structural limits; the lenders cannot trigger margin call notifications. Analysts said that under the current terms, unless there is a default, lenders cannot force liquidation
On the criticism side, economist Henrik Zeberg predicted that Saylor’s leveraged Bitcoin strategy would face severe pressure; Peter Schiff and Frank Giustra also publicly criticized Strategy’s debt-driven approach to buying Bitcoin. Saylor responded to the above criticisms through public channels.
Saylor’s confirmation and explanation of Bitcoin weakness: capital rotation from tech IPOs
Saylor said the pressure on Bitcoin comes from a global capital rotation: investors sell assets to participate in the IPOs of major technology companies. He cited that companies including OpenAI, Google, and SpaceX collectively raised about $400 billion, and in the past few cycles, this caused investors to sell assets including Bitcoin.
Saylor’s stated position on altcoins: declining currency premium
In an interview reported by ChainCatcher, Saylor said the future value of altcoins will depend increasingly on utility rather than on value-preservation characteristics. He specifically pointed to the ongoing competitive landscape among the three major smart-contract platforms—Ethereum, Solana, and BNB—arguing that with no single one holding absolute advantages in scalability, security, and decentralization, this fragmented landscape weakens the currency premium that any single altcoin can maintain.
In the market, the narrative around Sui has clearly cooled amid an overall market headwind, with market attention shifting to Hyperliquid (a decentralized exchange and Layer-1 blockchain).
FAQ
What exactly does Saylor mean by the “necessary circumstances” for “selling when necessary”?
Saylor did not list specific trigger conditions in his response, but emphasized that anyone who has followed Strategy’s earnings calls or disclosure documents knows the company retains this option. Based on disclosed documents, Strategy’s debt structure does not include collateral requirements, and lenders cannot trigger forced liquidation due to a decline in Bitcoin’s price. Analysts pointed out that under the current terms, lenders can take action only in the event of a default.
Did the recent sale of 32 Bitcoins by Strategy raise forced liquidation risk?
Based on analysts’ assessments and public documents, Strategy’s bonds do not have any additional margin provisions, and lenders cannot trigger forced liquidation due to a drop in Bitcoin’s price. The company said it has multiple capital tools and can manage liquidity according to market stress conditions.
How did Saylor respond to leverage-risk warnings from Zeberg and others?
Saylor continued to discuss Strategy’s Bitcoin accumulation strategy via public channels, attributing Bitcoin weakness to capital rotation from tech IPOs rather than strategic flaws. He emphasized that Strategy’s debt structure does not include collateral requirements adjusted by market value, addressing concerns about the risk of liquidation from a structural standpoint.
