Sell 1 and buy back 20! Michael Saylor: Bitcoin is capital, the strategy is not to be a "net seller"

ORIGINAL賣 1 枚就買回 20 枚！Michael Saylor：比特幣是資本，Strategy 不當「淨賣家」

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Regarding concerns about whether Strategy would sell Bitcoin to pay dividends on its STRC preferred stock, Executive Chairman Michael Saylor responded that even if Strategy were to sell Bitcoin in the future, the amount the company buys would far exceed the scale of any sales. In a podcast interview, Michael Saylor stated that it is indeed possible for Strategy to sell a small amount of Bitcoin at certain points, but he emphasized that any sale would be immediately offset by much larger purchases. He said: "During that period, even if we sell 1 Bitcoin, we will subsequently buy back 10 to 20. You should be a net accumulator of Bitcoin. When I said 'never sell your Bitcoin,' what I meant was, if you must use it, make sure to replenish it more aggressively at the same time you spend it." "You don't want to be a net seller of Bitcoin because Bitcoin itself is capital. At the end of every year, the amount of Bitcoin you hold should be greater than it was at the beginning of the year." Strategy revealed in its earnings call last week that the company has the flexibility to pause the issuance of common stock (MSTR) and instead raise funds to pay dividends by selling a portion of its Bitcoin, but the overarching premise remains: the total Bitcoin holdings must continue to rise. As for when the appropriate time to sell Bitcoin would be, Strategy CEO Phong Le stated in an interview with CNBC last week that the company will use whether "Bitcoin-per-share" can continue to increase as the core metric. If selling Bitcoin to pay dividends is more beneficial to shareholders than issuing new stock, the company will adopt that approach: "I believe in math more than ideology. If the benefit of selling Bitcoin to pay dividends is far better at increasing 'Bitcoin-per-share' than issuing new shares, and better protects the interests of common shareholders, then we will absolutely execute it decisively." Strategy currently holds 818,334 Bitcoin, valued at approximately $66.2 billion. JPMorgan analysts estimate that if the current pace of accumulation is maintained, the scale of Bitcoin purchased by Strategy this year could reach $30 billion.

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