Strategy's Bitcoin Sale Underlines Michael Saylor’s Digital Credit Push

Strategy disclosed on June 1 that it sold 32 BTC – the first Bitcoin sale since 2022 – generating roughly $2.5 million. Executive chairman Michael Saylor defended the move, saying the ability to liquidate Bitcoin is essential for the company’s “digital credit” business, which backs dividend‑linked preferred stock (STR C) and other Bitcoin‑backed credit products. He reiterated that his long‑standing "never sell your Bitcoin" advice applies to individual investors, not to Strategy, which must retain flexibility to meet cash‑flow obligations.

Saylor explained that Bitcoin serves as capital for these digital‑credit instruments; without the option to sell, the credit and equity would lose value. He described the emerging market as a "trillion‑dollar opportunity" that can offer yields up to 8 %. The sale was followed a week later by a purchase of 1,550 BTC for about $101 million, further expanding Strategy’s holdings.

The transaction sparked criticism in the crypto community and coincided with a brief de‑pegging of Apyx Finance’s apxUSD stablecoin, which fell to $0.90 as Bitcoin prices slipped and STR C shares fell below their $100 par value. Analysts noted the sale’s limited size relative to Strategy’s 845,000‑BTC treasury, but highlighted its symbolic impact on market sentiment.