Bitcoin has dropped nearly 15 percent since Strategy revealed on June 1 that it sold 32 BTC between May 26 and May 31 for about 2.5 million dollars. Over the same period, Strategy’s stock has also fallen around 24 percent.
In response to growing criticism, Strategy chairman Michael Saylor defended the decision and pushed back against the backlash during an appearance at the BTC Prague conference.
Saylor clarifies Strategy’s position
Saylor said that his long standing message to investors has been that individuals should not sell their Bitcoin, but he never promised that the company itself would never sell. He emphasized that Strategy has consistently disclosed in its filings and earnings calls over the past five years that selling Bitcoin remains an option if needed.
He stated that critics should already be aware of this based on the company’s public communications, adding that the policy has always been transparent.
Strategy’s recent sale marks its first Bitcoin disposal in years. The company sold the 32 BTC at an average price of 77,135 dollars each, slightly above its average acquisition cost of 75,699 dollars per coin. Saylor had previously suggested in early May that a sale was possible, but the move still surprised parts of the market.
The last time Strategy sold Bitcoin was in December 2022, during a severe crypto downturn driven by aggressive interest rate hikes, the collapse of FTX, and wider stress across digital asset lenders and hedge funds.
The sale also drew criticism from some commentators, including Jim Cramer, who wrote on social media that Saylor had “murdered Bitcoin.”
Market reaction and competing narratives
While Saylor attributed recent market weakness partly to enthusiasm around artificial intelligence stocks, crypto investment firm Arca disputed that explanation. In a weekly note, Chief Investment Officer Jeff Dorman argued that the decline was primarily triggered by Strategy’s Bitcoin sale.
Dorman said the selling pressure was clearly linked to the Saylor and Strategy news, rejecting what he described as attempts to downplay its impact.
Despite the controversy, Strategy has continued accumulating Bitcoin. The company recently purchased an additional 1,550 BTC for just over 100 million dollars, bringing its total holdings to 845,256 BTC acquired at an average price of 75,680 dollars per coin.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
