Saylor Taps the Brakes on $5B Bitcoin Sale Uproar: "We Never Said 'Never Sell

Strategy co-founder Michael Saylor has clarified that the company's authorization to sell up to $5 billion in Bitcoin was issued under a previously announced BTC Monetization Program, not introduced in response to its second-quarter earnings report. Saylor stated that the program was announced on June 29, 31 days before Strategy's Q2 results were released, and emphasized that the company "never had a 'never sell' policy."

The clarification followed reports that Strategy, the largest corporate holder of Bitcoin, had authorized the potential sale after posting a quarterly loss of $8.22 billion in Q2. Saylor pushed back on that framing, writing on X that the program "does not require" the company to liquidate any of its $BTC holdings and that Strategy will continue to be a "net buyer" of the asset.

Under the BTC Monetization Program, Strategy retains discretion over whether, when, and how much Bitcoin to sell. The program allows the firm to issue and sell shares of its common stock up to a total value of $5 billion, with net proceeds available for general corporate purposes, including acquiring additional $BTC. The structure mirrors prior at-the-market equity programs the company has used to fund its Bitcoin purchases.

Saylor's comments appeared to address market confusion that briefly flared after the $5 billion figure was linked to the Q2 loss. He reiterated that the monetization program was disclosed in late June, separate from the earnings release, and that Strategy's broader treasury strategy remains oriented toward accumulation rather than disposal of its Bitcoin holdings.

The company has not disclosed any immediate plans to execute sales under the program. As of the latest update, Strategy continues to hold one of the largest corporate Bitcoin treasuries on record, and Saylor has stated that future issuance under the program will be managed to ensure the firm remains a net acquirer of $BTC over time.