# Michael Saylor says he never sold Bitcoin, Strategy paused purchases

**Published:** 2026-08-06T16:17:00.518Z  
**Topic:** Microstrategy Bitcoin  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/f6d8589a-c166-4eda-bfd2-dbce4512ed1c

Michael Saylor insists he never sold Bitcoin while Strategy stopped buying for five weeks, building a $3.75 bn cash reserve and facing a $5 bn BTC monetization

Michael Saylor told investors on Tuesday that he personally never sold Bitcoin, yet Strategy (formerly MicroStrategy) has not added to its 843,775‑BTC treasury for five straight weeks, opting instead to grow a $3.75 billion cash reserve to fund preferred‑share dividends and a potential $5 billion BTC sale program [1][2].

| At a glance | |
|---|---|
| BTC holdings | 843,775 BTC |
| Cash reserve | $3.75 bn |
| Weekly BTC purchases | 0 (5‑week pause) |
| Catalyst | BIP‑110 signaling window (Aug 2026) & $5 bn monetization program |

## Pause in Bitcoin buying and cash build‑up  
Strategy’s latest Form 8‑K shows a $525 million addition to its cash pile, bringing total reserves to $3.75 billion—enough to cover roughly 2.1 years of dividend obligations on its $1.76 billion annual preferred‑share debt [1]. The cash was raised by selling $1.26 billion of MSTR stock over three weeks, at a price near $96.66, down about 76 % from its 52‑week high of $414.36 [1]. Because equity was cheaper to raise than holding Bitcoin at an average cost of $75,494 per coin, the company chose to pause weekly BTC purchases, marking the longest buying hiatus since its accumulation era began [1][2].

## Bitcoin protocol risk and the $5 bn monetization program  
Saylor warned that the upcoming BIP‑110 soft‑fork, set to enter its mandatory signaling window in August 2026, could “censor valid fee‑paying transactions” and weaken the fee market that funds network security [1]. He frames the proposal as a constitutional threat to Bitcoin’s scarcity and settlement properties. Meanwhile, Strategy announced a BTC Monetization Program on June 29, authorizing up to $5 billion of Bitcoin sales if needed, though Saylor stressed the firm has “never had a ‘never sell’ policy” and expects to remain a net buyer over time [2]. The program does not obligate any immediate sales, but it gives the board flexibility to tap BTC holdings to meet cash needs.

## Valuation pressure and the path to 1 million BTC  
Strategy aims for a 1 million‑BTC target by the end of 2026 but currently trails by 156,225 BTC, requiring roughly 7,000 BTC per week—or about $447 million at current prices—to close the gap, a pace it is not meeting [1]. The stock now trades below the market value of its Bitcoin treasury, with a market cap near $31 billion versus roughly $51 billion of BTC assets, erasing the historic premium that once reached 3.4 × [3]. This valuation mismatch intensifies pressure on the company’s preferred‑share dividend of $1.7 billion annually, prompting the cash‑reserve strategy and the optional BTC sale program.

## What to watch
- **BTC price at $63,800** – the current level sits 1.5 % lower on the day and 49 % below the October 2025 peak; a sustained rise toward $75,500 would bring the treasury back to break‑even on its average cost [1].
- **BIP‑110 mandatory signaling window** – expected to open in August 2026; miner signaling or lack thereof could trigger a lock‑in and affect network fees [1].
- **Potential BTC monetization** – up to $5 billion of sales authorized; any announcement of a sale would signal liquidity pressure and could move the stock price [2].

Saylor’s claim of never having sold Bitcoin contrasts with Strategy’s strategic shift from accumulation to cash generation, highlighting a tension between defending Bitcoin’s protocol integrity and meeting corporate financing needs. The upcoming BIP‑110 vote and the optional $5 billion sale window will test whether the firm can sustain its long‑term Bitcoin‑centric thesis while navigating dividend obligations.

## Sources
1. BeInCrypto — [Michael Saylor Says Bitcoin Has Won, So Why Did MicroStrategy Stop Buying BTC?](https://beincrypto.com/saylor-bitcoin-won-strategy-btc-pause/)
2. Coingape — [Michael Saylor Clarifies $5B Bitcoin Sale Claims, Says Strategy Will Remain ‘Net Buyer’ of BTC](https://coingape.com/michael-saylor-clarifies-5b-bitcoin-sale-claims-says-strategy-will-remain-net-buyer-of-btc/)
3. AOL — [Strategy Is Now Worth Less Than Its Own Bitcoin: Is Saylor about to be forced to sell?](https://www.aol.com/finance/strategy-now-worth-less-own-133300680.html)

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Cite as: TrendWatcher, "Michael Saylor says he never sold Bitcoin, Strategy paused purchases", https://www.trendwatcher.in/article/f6d8589a-c166-4eda-bfd2-dbce4512ed1c