Michael Saylor’s Technique (previously MicroStrategy) has offered 3,588 $BTC for $216 million. His common sale value was roughly $60,200 per $BTC internet of charges, far beneath the corporate’s value foundation of almost $75,700 for its stack of cash previous to this sale.
After years of vowing, “We’re not sellers. We’re solely buying and holding $BTC,” he offered after a 52% drawdown from $BTC’s excessive in October 2025 and a 20% drawdown from Technique’s personal value foundation.
Technique has offered 3,588 $BTC for $216 million to fund dividends on our Digital Credit score securities. As of seven/5/2026, we hodl ₿843,775 in our $BTC Reserves and $2.55 billion in our USD Reserves. https://t.co/Cssgz29Psj
— Michael Saylor (@saylor) July 6, 2026
The character arc is acquainted to numerous crypto merchants who’ve taken on an excessive amount of leverage shopping for excessive, ultimately forcing them to unwind their margined positions as costs crash.
Certainly, Technique has purchased $BTC at progressively increased costs since 2020, ready almost six years for its first main sale.
The sale arrived after the value of $BTC halved but the corporate had money deadlines for dividends on all collection of its most popular shares.
Saylor spent years insisting this second would by no means come.
He posted, “By no means promote your $BTC.” He additionally advised followers, “Promote a kidney in case you should, however preserve the $BTC.”
His social media profile is an countless stream of never-sell declarations. Protos has beforehand catalogued these.
Final week, he began unwinding his company place in measurement.
Each time Michael Saylor mentioned he’d by no means promote bitcoin
All of it got here toppling down
The sale contradicts considered one of Saylor’s most repeated, inaccurate predictions. He’s lengthy assumed $BTC would compound at a median 30% annual price. For over 5 years, nevertheless, it hasn’t.
His inaccurate $BTC value projection was the idea of Technique’s pivot from working a software program enterprise to amassing monetary leverage.
It was additionally akin to a load-bearing wall that solely holds in truthful climate.
If $BTC have been to have averaged a 30% rally per 12 months, it actually would have made sense to pay annualized prices at or beneath 12% to accumulate extra $BTC, even after paying for salaries and different skilled charges.
Certainly, all of Technique’s debt coupons and dividends annualize at 12% or much less.
Nevertheless, $BTC hasn’t even rallied above Technique’s value foundation, not to mention 30% per 12 months.
Technique framed the sale as a approach to fund dividends on its so-called “Digital Credit score,” which isn’t really a credit score instrument however an assortment of shares.
Versus an actual credit score devices with necessary curiosity funds, Saylor calls shares with voluntary and largely variable dividends declared on the sole discretion of his board of administrators “Digital Credit score.”
The phrase clothes up Technique’s elaborate fiat payout obligations, which don’t pause when $BTC declines in value.
‘We’re solely buying and holding $BTC.’
On June 29, Technique licensed a program to promote as much as $1.25 billion price of $BTC. After an preliminary sale of 32 $BTC, the latest sale of three,588 $BTC was the primary significant installment of that program.
This isn’t the primary crack in Saylor’s permabullish doctrine.
Technique offered 704 $BTC in December 2022, then inside days, purchased again these cash, calling it a tax-loss harvesting technique on the time.
Years later, in Might 2026, Technique offered 32 cash, not bothering to decorate that up as a tax maneuver.
The most recent sale of three,588 $BTC dwarfs each of these prior gross sales and is the toughest to elucidate, particularly because of the firm already holding billions of {dollars} in its USD reserve previous to that sale.
The value of $BTC instantly declined on the information this morning, shedding roughly $20 billion in market cap from roughly $62,900 to $61,900 per $BTC inside 10 minutes of Saylor’s disclosure.
Technique’s widespread inventory, MSTR, opened roughly flat from Friday’s shut of buying and selling, remaining 78% beneath its 52-week excessive.
