Michael Saylor defends Bitcoin sale, says AI not to blame

Strategy shares fell 5.85% after the firm disclosed a sale of 32 BTC for $2.5 million between May 26‑31, the second Bitcoin sale in its history [1]. The transaction pushed Bitcoin down 2% to its lowest level since April 13, and the price slid nearly 14% to $60,000 in the following week [2].

MSTR’s CEO Phong Le said the company is now “net aggregators of Bitcoin,” aiming to boost Bitcoin‑per‑share metrics by using its new yield‑paying security, STRC, to fund further purchases [1]. The shift follows a broader pivot from Michael Saylor’s long‑standing “never sell” stance to an active balance‑sheet strategy that may include sales to improve metrics, pay dividends, or strengthen finances [1].

Saylor blamed the broader market dip on “AI infrastructure spending absorbing capital at a historic scale,” arguing that the AI build‑out creates temporary pressure but ultimately strengthens Bitcoin’s case as scarce, liquid digital capital [2]. Arca’s CIO Jeff Dorman rejected that narrative, calling it “gaslighting” and pointing to the 32‑BTC sale as a signal that MSTR could need to sell more to meet its preferred‑share dividend obligations [2]. Dorman noted the firm has about five months of cash flow left and suggested the market is reacting to the prospect of forced selling rather than the modest $2.5 million sale itself [2].

The disagreement highlights a key tension: if MSTR can raise $2‑$4 billion by selling stock and Bitcoin, it could cover dividends through September 2028 and remove the forced‑seller overhang, potentially rallying the market [2]. Dorman doubts such a raise will happen, predicting continued drip‑selling that keeps pressure on Bitcoin.

The episode also shows a maturing crypto market. Bitcoin’s dominance fell below 58% for the first time since September, indicating other digital assets held steadier while Bitcoin reacted to its own news [2]. Yet the broader sell‑off eventually caught up, suggesting that while investors are assessing assets individually, a forced‑seller of the world’s largest Bitcoin holder can still sway the entire market.

The real question now is whether MSTR will secure enough capital to stop the forced‑seller cycle, or if continued modest Bitcoin sales will keep the price under pressure.