Strategy executive chairman Michael Saylor has clarified why he raised the possibility of selling Bitcoin during the company’s latest earnings call, and the reasoning is more strategic than it first appeared.
Speaking on The Wolf Of All Streets podcast on May 10, Saylor explained that signalling the ability to sell Bitcoin is critical to maintaining its status as a legitimate financial asset on Strategy’s balance sheet.
“We own about $65 billion worth of Bitcoin. If the market thought we would never sell it, the credit rating agencies would say, well then, I guess it’s not an asset,” Saylor said.
Why the “never sell” stance has limits
Saylor’s comments mark a notable shift in tone from the company’s long-standing “never sell” Bitcoin philosophy. His argument centres on liquidity and perception, not a change of conviction.
“There is $20 to $100 billion of liquidity in the Bitcoin market that is not correlated to our equity or to our credit. If we were to say we’re never going to take advantage of that liquidity and we’re never going to use that asset, then we’re impairing the asset, which 98% of the company is built on,” he explained.
His conclusion: “It’s pretty important to us to send the signal that if we need to, we can.”
The comments follow Strategy’s Q1 2026 earnings call, where Saylor floated the idea of selling Bitcoin to “inoculate” the market against sudden panic or to reinforce investor confidence, a statement that triggered significant discussion across the Bitcoin community.
Community reaction
Prominent Bitcoin advocate and BnkToTheFuture CEO Simon Dixon weighed in on the matter on May 7, suggesting that Strategy “might need to sell some Bitcoin when the financial industrial complex manipulates our Bitcoin collateralized debt obligations and perpetual dividends wrappers.”
The speculation prompted debate over whether Strategy’s scale, and the financial instruments it has built around its BTC holdings, introduces systemic risks that a pure “never sell” commitment cannot adequately address.
Strategy’s Bitcoin position
Despite the conversation around potential sales, Strategy has not paused its accumulation. The company acquired 535 Bitcoin between May 4 and May 10 for approximately $43 million, at an average price of $80,340 per BTC.
Strategy currently holds 818,869 BTC at an average purchase price of $75,540 per coin, making it by far the largest publicly listed corporate holder of Bitcoin in the world.
Saylor’s own public messaging has also subtly shifted. While he has long been known for posting “Never sell your Bitcoin” on X, on May 6 he updated his stance to: “Buy more bitcoin than you sell”, a small but telling change in wording that aligns with his podcast comments.
