Michael Saylor, executive chairman of Strategy, defended the company’s recent Bitcoin sale, saying the ability to sell the asset is necessary to continue issuing “digital credit.”
Strategy disclosed its first reported Bitcoin sale since 2022 in a June 1 filing with the US Securities and Exchange Commission, offloading 32 BTC in a move that appeared at odds with Saylor’s long-running “never sell your Bitcoin” mantra.
In an interview at the BTC Prague conference, Saylor said that Bitcoin treasury companies must retain the ability to sell holdings when necessary to support dividend-paying securities and other Bitcoin-backed credit products
. “If the company’s policy is that we won’t sell the Bitcoin, then the credit won’t have value and the equity won’t have value,” he said.
Saylor described products like Strategy’s STRC preferred stock as “digital credit” instruments that use the company’s Bitcoin balance sheet to support credit obligations. For Strategy, such securities have become a primary vehicle for raising capital to acquire more Bitcoin.
Digital Credit. Digital Money. Digital Equity. Digital Treasury.
My conversation with @ColeMacro at @BTCPrague on the future of capital markets, followed by Q&A on the nuances of Bitcoin-backed securities and corporate finance. pic.twitter.com/tm1yhkVH5N
— Michael Saylor (@saylor) June 12, 2026
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