Michael Saylor, executive chairman of Strategy Inc., on August 1 pushed back against reports that the company had newly approved the sale of up to $5 billion in bitcoin. He described the circulating claims as recycled information drawn from an existing capital-management arrangement rather than a fresh board decision.

The authorization sits inside Strategy’s Digital Credit Capital Framework, also referred to as the BTC Monetization Program, which the company disclosed on June 29. Saylor stressed that the framework permits bitcoin sales solely for defined corporate purposes and imposes no obligation to sell any holdings.

Timing and Q2 Results

Saylor specifically corrected the impression that the program followed Strategy’s second-quarter results. The company reported a quarterly loss of $8.22 billion and revenue of $122 million, missing consensus estimates. He noted the framework was announced 31 days before those results were released, not afterward.

In a further clarification, Saylor stated that Strategy has never maintained a formal “never sell” policy on its bitcoin holdings. Management retains flexibility under the program while anticipating that the firm will remain a net purchaser of the asset across longer time horizons.

Recent Sales and Liquidity Steps

Under the same framework, Strategy sold 3,588 bitcoin for approximately $216 million between June 29 and July 5. Those proceeds helped cover preferred-stock dividend obligations. Earlier, the company had disposed of 32 bitcoin, its first sale since 2022, also directed toward preferred dividend payments.

In addition, Strategy issued $263.5 million of common stock without acquiring further bitcoin, choosing instead to expand cash reserves and overall liquidity. Management currently holds roughly $1.25 billion of unused reserve-building capacity within the program. Proceeds from any sales may be applied to dividends, interest, share repurchases, taxes, fees, and related transaction costs.

The framework carries no fixed expiration date. Leadership may modify, suspend, or end it according to market conditions, liquidity needs, and corporate priorities. Transactions falling outside its approved purposes or limits would require separate board authorization.

Current Holdings and Purchase Activity

Strategy holds 843,775 bitcoin acquired at a total cost of $63.69 billion, for an average price of $75,476 per coin. The company has paused its customary weekly bitcoin purchases for five consecutive weeks, directing attention instead toward building U.S. dollar reserves and repurchasing its STRC preferred shares.

Market participants remain divided on the longer-term implications of the capital framework. Some view the structure as a prudent means of meeting obligations without forced disposals under pressure, while others express concern that supporting certain preferred securities could increase costs for common shareholders through elevated dividends or additional asset sales.

Saylor’s statements reaffirm that the existing authorization has not changed and that Strategy continues to position itself as a long-term net accumulator of bitcoin.