Michael Saylor Says He’s Never Sold Bitcoin, Not One Satoshi

Saylor Responds After Strategy’s Latest Bitcoin Sale

Strategy Inc. (Nasdaq: MSTR) Executive Chairman Michael Saylor declared Aug. 3 that he has never sold any personally held bitcoin, including a single satoshi. His statement separated his personal investment philosophy from the public company’s treasury policy, which permits bitcoin sales for defined corporate purposes.

The statement arrived after Strategy announced its third bitcoin sale of 2026, leaving the company with 842,138 BTC after using part of its treasury to support corporate obligations under its capital management strategy.

Personal Conviction and Corporate Policy Follow Separate Paths

Saylor framed his “Never Sell Your Bitcoin” message as guidance shared between savers rather than a binding rule governing Strategy’s balance sheet. He emphasized that Strategy has disclosed since 2020 that it may purchase or sell bitcoin while managing capital, liquidity, securities, and financial obligations.

The Strategy executive chairman had also clarified on Aug. 1 that Strategy expects to remain a net bitcoin buyer over time while using the BTC Monetization Program to provide financial flexibility. He added that the program was announced June 29, before the company released its second-quarter results, and operates within a board-approved capital framework.

Corporate bitcoin treasuries place digital assets on company balance sheets, where executives must balance long-term exposure with operating obligations and shareholder interests. Strategy’s structure illustrates how corporate holdings differ from personal wallets, particularly when boards authorize liquidity measures, dividend payments, debt servicing, or securities repurchases.

Strategy Builds a Formal Bitcoin Monetization Framework

Strategy announced its Digital Credit Capital Framework on June 29, establishing a $2.55 billion reserve and authorizing up to $1.25 billion in additional reserve-building bitcoin sales. The framework also introduced repurchase programs covering as much as $1 billion each for preferred securities and MSTR common stock.

The company’s U.S. Securities and Exchange Commission (SEC) filing identifies three authorized uses for bitcoin monetization: funding the dollar reserve, supporting preferred dividends and debt interest, and financing securities repurchases. Transactions beyond those purposes or established limits require additional board authorization, while the program carries no fixed expiration date.

The framework gave Strategy a combined $3.8 billion in liquidity coverage through its existing reserve and authorized bitcoin monetization capacity. That amount represented approximately 25.9 months of expected preferred dividend and interest expenses, while the company established a minimum reserve threshold equal to 12 months of those obligations.

Strategy Uses Bitcoin Sales to Support Corporate Obligations

Strategy’s first reported 2026 sale involved selling 32 bitcoin for approximately $2.5 million, with the proceeds supporting preferred stock dividend obligations. The transaction marked the company’s first disposal since 2022 and demonstrated how its treasury assets could support financial commitments under an active capital-management approach.

A larger transaction followed when Strategy sold 3,588 bitcoin for approximately $216 million, averaging about $60,137 per coin. The company directed the proceeds toward Digital Credit dividend payments and retained 843,775 bitcoin after the sale, alongside its $2.55 billion dollar reserve.

Earlier disclosures had already opened the possibility of bitcoin sales when Strategy’s securities traded at levels that made repurchases attractive. Saylor described the approach as active capital management, allowing the company to issue securities under favorable conditions and repurchase them when management judged those transactions more beneficial for shareholders.