Strategy May Sell Bitcoin, CEO Reveals

The world’s largest Bitcoin treasury company, Strategy has faced its fair share of turmoil due to the crypto market downtrend. The company has now revealed that it is open to selling part of its Bitcoin holdings for an important reason.

The CEO Phong Le confirmed in an interview that the company may sell some of its Bitcoin to pay dividends, which he said is more important than simply holding the asset. He emphasized that regardless of what happens in the market, Strategy may move in this direction to settle investors.

Strategy Contradicting Michael Saylor

Strategy is the first Bitcoin treasury company and also the largest, with 3% of the entire bitcoin supply under its management. However, the company’s co-founder and executive chairman Michael Saylor has boasted that the company will never sell its Bitcoin holdings no matter what happens.

With the crypto market downturn, several critics anticipated that the company would liquidate some of its Bitcoins. Veteran trader Peter Brandt is one of such critics. He has called on the U.S. government to crash Bitcoin’s price to $30,000 and force Strategy to liquidate. Brandt believes that Strategy is built on debt and crashing the price could force it to close down.

Similarly, Bitcoin critic Peter Schiff has called the company a fraud that will close down soon regardless of what happens to Bitcoin in the future. Also responding to Strategy’s recent creation of a $1.44 billion reserve, he said it was an admission of the company’s failure with its Bitcoin holdings.

However, Saylor said Strategy doesn’t need to sell its bitcoin and would survive an 80 to 90% Bitcoin crash as the company was designed to withstand even the worst market crash. With Le’s admission that the company may sell Bitcoin, Saylor’s position has been contradicted and critics like Schiff could leverage it to further criticize the company.

Strategy Proofs Analyst Right About selling Bitcoin

Data recently revealed that Strategy sold stocks to pay off investor dividends, which made the public speculate that the company would soon sell Bitcoin as well. One crypto influencer had said long before Le’s interview that Michael Saylor would ‘dump’ Bitcoin since the company had to sell stocks. 

With the current situation, it seems the analyst was right after all, which puts a dent on the company’s reputation. Things could probably get worse unless the crypto market begins a reversal soon, which is not yet in sight. 

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