Michael Saylor clarifies the "Strategy selling Bitcoin" controversy: It was to tell the shorts that we are still in control.

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Strategy Executive Chairman Michael Saylor was interviewed by hosts David Lin and Bonnie Chang at Consensus Miami 2026. He set the tone from the very first sentence: "I am known for 'never selling BTC,' so when we said we might, the whole internet exploded." He personally explained the logic behind his change in tone, dismantled the "Ponzi" attack narrative, and revealed the math behind Strategy’s perpetual net-buying strategy with a 2.3% break-even rate. At the end of the interview, he used a sci-fi story to explain why he chose MIT, and why his answer to going to Mars is "it depends on the vehicle." (Context: Better to sell a kidney than sell Bitcoin, is Michael Saylor a genius or a total fraud?) (Background: Michael Saylor: Traditional bonds are "poison," companies should follow Strategy’s lead and buy Bitcoin) Saylor’s interview at Consensus Miami 2026 began without any preamble. He spoke in a calm tone, as if stating a chain reaction he had long anticipated. "I am known for 'never selling Bitcoin.' So when we said we might, the whole internet exploded." Host Bonnie Chang went straight to the point: "What happened 19 hours ago that shocked the entire internet?" Saylor did not evade the question, confirming it was the statement from the 5/5 earnings call—that Strategy is prepared to sell Bitcoin to support STRC dividends, "if need be." Saylor explained to the host that the core of the matter was not a shift in asset allocation, but a deliberate revelation of an option that had always existed. He said in the interview: "Every time we say we will absolutely never do something, we end up regretting it, no matter what it is." He gave a symmetrical example: if Strategy announced it would never buy back its own stock and only sell it, short sellers would drive the price down to $1, and Strategy would have no countermeasure. "Locking yourself into an option is handing a weapon to your opponent." He detailed this logic in the video: MSTR stock is a derivative of Bitcoin and usually trades at a premium. Strategy has always used the sale of MSTR stock (the Bitcoin derivative) to pay STRC dividends. However, there is an aggressive narrative in the market: "They are forced to sell stock, and they would never dare sell Bitcoin, so that $65 billion worth of Bitcoin is actually worth zero." "If you have $65 billion in assets, but someone wants to price it at zero, that’s not good," Saylor said. "We don't want credit rating agencies to think the company's assets are zero." He added a key rhetorical clarification: "If I were more precise, I would say never be a net seller of Bitcoin. It’s just that saying it that way isn't as catchy." In the interview, Saylor explained the scale of Strategy’s buying to host David Lin: "We have bought $200 million of Bitcoin an hour or 300 million an hour and stopped. Price goes up." "We have bought more than anyone I know. We have bought about $62 billion worth of Bitcoin." During the interview, Saylor provided a specific break-even figure: 2.3%. As long as the STRC issued by Strategy does not exceed 2.3% of its Bitcoin holdings, even if it has to sell Bitcoin to pay dividends, the company remains a net buyer of Bitcoin. He calculated it for the audience in the video: "In the first four months of this year, we sold about $5 billion worth of STRC. 2.3% is the break-even point. So you buy 20 units, sell 2 units, and net 18 units. As long as the company continues to grow, it will always buy more than it sells." He added: "I expect that every month, every quarter, we will always be a net buyer of Bitcoin." In April, Strategy sold $3.2 billion worth of STRC and used the proceeds to buy Bitcoin. The dividend was about $80 million to $90 million. Saylor calculated: "In the month we raised $3 billion, you are essentially buying 30 units of Bitcoin and selling 1 unit." The host read a tweet from Peter Schiff that morning. Schiff wrote: "Saylor admitted yesterday that MSTR will sell Bitcoin if necessary to pay STRC dividends—I think this commitment just keeps this so-called Ponzi going a little longer." Saylor’s response was direct: "Peter thinks Bitcoin’s a Ponzi scheme. Peter is not really a lover of anything in this space." He then dismantled the core premise of the attack: "If you don't admit that

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