Michael Saylor, co-founder of Strategy, has signaled another potential Bitcoin transaction after his company recently sold a substantial amount of BTC to cover preferred stock dividends. This follows weeks of both buying and selling activity, reflecting a cautious approach amid Bitcoin’s price movement below key levels.
In a recent post on the social platform X, Saylor shared the company’s Bitcoin portfolio tracker, highlighting only the purchases with orange dots. He pointed out that these dots tell only part of the story, implying that recent sales also play a significant role. This subtle message comes shortly after Strategy sold 3,588 BTC to fund dividend payments for its preferred securities, marking the company’s first major Bitcoin sales since it began accumulating BTC in 2020.
Previously, Strategy bought 520 BTC for $35 million in the week ending June 20, demonstrating continued interest in expanding its Bitcoin holdings. Despite such purchases, the firm now holds a total of 843,775 BTC acquired for nearly $64 billion. Meanwhile, the company appears to temper Bitcoin accumulation, partially due to market conditions and the use of sales to fund financial obligations.
Both Strategy’s common stock (MSTR) and preferred stock (STRC) trade below their psychological benchmarks. MSTR has fallen more than 5% in recent days, hovering slightly under $100, while STRC trades about 22% below its $100 par value, lingering near $87. The preferred stock experienced a recent low close to $76 before a modest recovery, underscoring market challenges despite Strategy’s management efforts.
Bitcoin skeptic and economist Peter Schiff criticized the move, arguing that shareholders face losses from Bitcoin purchases combined with the financial burden of repaying debt and paying dividends. His comments reflect ongoing debates about the risks and rewards of Strategy’s Bitcoin-focused strategy.