Strategy (MSTR), the publicly listed company with the largest Bitcoin holdings globally, has sold a portion of its Bitcoin holdings for the first time: selling 3,588 Bitcoins, cashing out approximately $216 million. Long-time Bitcoin critic economist Peter Schiff commented on X, stating that once Strategy begins selling Bitcoin, the market will find it hard to believe it is just a one-time adjustment, and he sees this as the start of a larger sell-off.
Strategy Sells 3,588 Bitcoins: Use of $216 Million Proceeds
According to Strategy's corporate disclosure, the proceeds from selling 3,588 Bitcoins, approximately $216 million, are specifically used to fulfill cash dividend obligations to preferred stock investors. Strategy emphasized that the sale is part of its existing capital structure and not a strategic shift; after completion, the company still holds over 680,000 Bitcoins, maintaining its status as the publicly listed company with the largest Bitcoin holdings globally.
This marks the first formal Bitcoin sale by Michael Saylor after years of adhering to a "buy only, never sell" strategy, sparking widespread market discussion about Strategy's financial operating model.
Peter Schiff's Criticism: "Never Sell" Narrative Shaken and Personal Assessment of a Sell-off Wave
Long-time Bitcoin bear economist Peter Schiff commented on X, stating that the market will find it hard to believe Strategy's sale is merely a one-time capital adjustment. He personally believes "this transaction is just the beginning of a larger sell-off" and pointed out that the company may continue selling Bitcoin in the future to repay debts, pay dividends, or meet other funding needs.
Schiff also criticized that the investment narrative built by Strategy through continuous buying has now changed once it starts selling holdings; the market's expectation of "never sell" has shifted. He argued that if the company continues selling coins for cash, it will undermine investor confidence in this financial model. The above are Peter Schiff's personal views and do not represent market consensus or factual statements.
Different Interpretations of Strategy's Financial Model from Supporters and Skeptics
Regarding Strategy's first Bitcoin sale, two distinct interpretations have emerged in the market:
Supporters: The sale of 3,588 Bitcoins accounts for a limited portion of total holdings and has little impact on the long-term strategy; the sale is a normal capital management operation and does not contradict the long-term Bitcoin holding direction.
Skeptics: Once a company begins selling its holdings, market expectations about the timing and scale of future sales may change, further affecting investor confidence; Schiff and others see this as merely the starting point of larger-scale sales.
Frequently Asked Questions
Why did Strategy sell Bitcoin at this time, and does it represent a strategic shift?
According to Strategy's official statement, the sole purpose of selling 3,588 Bitcoins ($216 million) is to fulfill cash dividend obligations to preferred stock investors. This is a capital allocation arrangement and does not change the core strategy of holding Bitcoin long-term. Saylor emphasized that the company still regards Bitcoin as its primary reserve asset and continues to raise funds through diverse methods such as equity and bonds; after the sale, the company still holds over 680,000 Bitcoins.
Why does Peter Schiff believe this is the beginning of a sell-off wave?
According to Peter Schiff's public statement on X, his personal logic is: once Strategy breaks its "never sell" commitment, the market will find it hard to believe it won't sell again due to other funding needs (such as debt repayment, dividends); he believes this transaction has shaken the "never sell" investment narrative Strategy built over the years. The above is Schiff's personal view and does not constitute investment advice.
How many Bitcoins does Strategy currently hold after the sale?
According to Strategy's corporate disclosure, after selling 3,588 Bitcoins, the company still holds over 680,000 Bitcoins, maintaining its position as the publicly listed company with the largest Bitcoin holdings globally. For the exact holding amount, refer to Strategy's latest SEC filing.
