Michael Saylor Admits Strategy May Sell Bitcoin After Years of 'Never Sell' Pledge

In a dramatic reversal, Michael Saylor and Phong Le, CEO of Strategy (formerly MicroStrategy), have admitted they are considering selling some of the company’s bitcoin (BTC) holdings. This announcement, made during the company’s first-quarter 2025 earnings webinar, contradicts years of explicit assurances that Strategy would never sell its Bitcoin.

The proposed move would involve selling a portion of the company’s BTC to fund preferred dividends while maintaining a “net buyer” strategy. Le outlined scenarios where the company might liquidate some Bitcoin to support dividend payments, framing the decision as a way to “inoculate” the market regarding Strategy’s evolving strategy.

This shift represents a remarkable turnaround in rhetoric. In January 2022, when Bitcoin was down roughly 40%, Saylor told Bloomberg:

“Never. No. We’re not sellers. We’re only acquiring and holding Bitcoin. That’s our strategy.”

In February 2024, Saylor reiterated this stance on Bloomberg TV, stating:

“There’s just no reason to sell the winner. Bitcoin is the exit strategy.”

In March 2024, during an interview with Yahoo Finance, Saylor doubled down, saying:

“We believe that the highest, best use of capital is to buy Bitcoin and hold the Bitcoin.”

When asked if he planned to sell the Bitcoin at any point, Saylor responded:

“Let me say it a different way. People that use fiat currency as a store of value, there’s a name for them. We call them poor.”

By Q3 2024, Saylor had further solidified Bitcoin’s role in Strategy’s strategy, calling it a “permanent treasury reserve asset” to be held indefinitely.

However, in February 2025, Saylor once again emphasized his “never sell” policy, tweeting:

“Never sell your Bitcoin.”

Later that month, he published his 21 Rules of Bitcoin, with Rule 20 stating:

“You do not sell your Bitcoin.”

In the same month, as Bitcoin slid below $80,000, Saylor took his stance even further, tweeting:

“Sell a kidney if you must, but keep the Bitcoin.”

By March 2025, he reaffirmed Strategy’s commitment, stating:

“We will never sell our Bitcoin.”

Just four months later, Saylor acknowledged his pattern of buying at market peaks, joking:

“I’m going to be buying the top forever.”

In February 2026, during an appearance on CNBC’s Squawk Box with Andrew Ross Sorkin, Saylor again insisted:

“We’re not going to be selling; we’re