"“We will probably sell some Bitcoin to fund a dividend just to inoculate the market.” His seeming about-face surprised devotees and analysts. In an interview with Fortune, the laser-eyed icon of Bitcoin bulls defended his rhetorical shift as a strategic brushback aimed at short sellers and Strategy detractors."
"“The haters... the skeptics and the short-sellers don't recognize that we're just selling a Bitcoin derivative, and we have the option to sell the Bitcoin,” he said. Saylor added that a widespread belief that Strategy would never offload its crypto hoard has come to fuel a narrative among short-sellers and “ Twitter trolls” that the company, if faced with a loan repayment, would invariably sell stock rather than Bitcoin."
"“If you want to defeat that, you have to basically show that you'll trade the Bitcoin back for the stock, or trade the Bitcoin to meet the liabilities,” Saylor said. Saylor's concession that Strategy could sell some of its holdings comes amid a broader crypto market downturn that has strained the digital asset treasury model that Saylor pioneered."
Strategy has accumulated about $65 billion in Bitcoin since 2020 and previously emphasized not selling Bitcoin. On an earnings call, Michael Saylor indicated Strategy would likely sell some Bitcoin to fund dividends and reduce market disruption. He framed the shift as a strategic response to short sellers and critics who assume Strategy would never offload its holdings. Saylor said the company can sell Bitcoin derivatives and also has the option to sell Bitcoin. He added that showing the ability to trade Bitcoin back for stock or use Bitcoin to meet liabilities can counter narratives that would otherwise pressure the stock price. Broader crypto market declines have also strained the digital asset treasury model.
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