Michael Saylor has a straightforward explanation for why Strategy sold 32 Bitcoin while simultaneously buying 175,000, and he’s making the case that critics focused on the sale are misreading both the transaction and the company’s model entirely.
Two basis points
Saylor put the sale in numerical context during a recent interview. Strategy bought 175,000 Bitcoin this year alone, he said, roughly 20 percent of the company’s entire accumulated holdings, acquired month by month through a bear market.
Against that backdrop, the 32 coins sold represent two basis points of the total position. “Two one-hundredths of one percent,” he said. “It’s so de-minimis as to be inconsequential.”
The explanation goes deeper than optics. Strategy’s business model, as Saylor described it, functions as a treasury company that sells credit, specifically STRC preferred securities, and uses the proceeds to buy Bitcoin.
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Why the sale was necessary
That means the company has two separate groups of investors to satisfy: credit holders who expect dividend payments, and equity investors who expect the company to defend its stock price.
If Strategy’s stock trades at a steep discount to its Bitcoin net asset value, Saylor said equity investors expect the company to act, buying back shares or swapping Bitcoin for equity. If a credit dividend goes unpaid, those investors stop buying the paper.
“A woman’s not going to marry you if you’re not going to defend her when attacked,” he said, using a blunt analogy to describe the fiduciary obligation. Selling a small amount of Bitcoin to service those obligations isn’t a retreat from the strategy, it’s what keeps the capital flowing to buy more.
The machine behind the numbers
Saylor’s broader argument is that the sell-and-buy cycle is what makes the accumulation possible in the first place. “If we lose the confidence of the capital markets, we’re buying zero Bitcoin,” he said.
The 32 coins sold kept credit and equity investors confident enough to provide the capital that funded 175,000 new coins bought.
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He also pushed back on X’s role in amplifying the story. Inflammatory posts travel further than measured ones, he noted, which means the noise around a two-basis-point sale drowns out the context of a company that went from a $600 million enterprise value to $85 billion by running exactly this model.
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This story was originally published by TheStreet on Jul 2, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
