Michael Saylor Denies Bitcoin Sale Rumors, Says Strategy's BTC Buys Are 'Accelerating'

Strategy’s co-founder and Executive Chairman Michael Saylor denied rumors that Strategy is selling its Bitcoin connected X, aft describing the firm’s hunger for BTC arsenic insatiable—no substance however acold its terms faults—in a Friday interrogation connected CNBC.

The Bitcoin-buying steadfast volition proceed adding to its $62.3 cardinal stockpile, and remains undeterred by the asset’s caller plunge beneath the $100,000 mark, helium added.

“We are buying Bitcoin, [and] we’ll study our adjacent buys connected Monday morning,” helium said. “I deliberation radical volition beryllium pleasantly surprised. In fact, we’ve been accelerating our purchases.”

Meanwhile, onlookers speculated that Strategy could beryllium selling its Bitcoin, citing on-chain movements identified by crypto quality level Arkham Analytics. The movements could awesome that Strategy is present utilizing Coinbase arsenic a custodian, Arkham added.

On prediction marketplace Myriad, traders penciled in an 8% accidental that Strategy would merchantability Bitcoin successful 2025 connected Friday, but those likelihood had jumped arsenic precocious arsenic 14% earlier successful the day. (Disclaimer: Myriad Markets is simply a merchandise of Decrypt’s genitor company, Dastan.)

The lone selling that Saylor referenced connected CNBC was connected behalf of “OG holders,” who were taking profits astatine the $100,000 people aft sitting connected their holdings for an extended period.

Last week, Strategy signaled that the debut of Euro-denominated preferred shares successful Luxembourg would make $715 cardinal successful proceeds.

Strategy’s banal terms has dropped 32% implicit the past period arsenic Bitcoin has shed a bulk of this year’s gains, with MSTR shares trading astir $204, according to Yahoo Finance. Bitcoin precocious changed hands astatine $96,365, according to crypto information supplier CoinGecko, aft falling to a six-month debased nether $95,000 earlier Friday.

Strategy Buys Bitcoin With Proceeds From Preferred Shares arsenic Key Premium Evaporates

Saylor said he’s “fairly comfortable” with Bitcoin astatine its existent terms level, describing the asset’s caller dip arsenic thing that formed a basal for it to rally from. However, it’s presently hard to foretell wherever the asset’s terms could beryllium astatine the extremity of the year, helium added.

In effect to a question from CNBC’s Joe Kernen, Saylor said the institution is “always buying,” but determination person been respective periods wherever Strategy didn’t denote a purchase, aligning with the extremity of each fiscal quarter. 

In summation to communal stock, Strategy has issued a blend of products to money its Bitcoin purchases, including convertible bonds and preferred shares that diagnostic dividend payments.

The company’s critics, including abbreviated sellers similar James Chanos, person questioned the sustainability of Strategy’s business, but Saylor conveyed assurance connected Friday.