Key facts
- Strategy's co-founder Michael Saylor clarified that the company's authorization to sell up to $5 billion in Bitcoin was part of a previously announced BTC monetization program.
- Saylor stated the program was announced on June 29, prior to the company posting an $8.22 billion loss in the second quarter.
- He emphasized that Strategy has never had a "never sell" policy and the program does not mandate any Bitcoin sales.
- Strategy has paused its regular weekly Bitcoin purchases for five consecutive weeks, focusing on USD reserves and stock buybacks.
- Current market sentiment, reflected on Polymarket, suggests a low probability of Strategy announcing further Bitcoin purchases soon or reaching 1 million BTC by year-end.
Michael Saylor, co-founder of Strategy, has clarified that the company's authorization to sell up to $5 billion in Bitcoin was part of a previously announced BTC monetization program, not a reaction to its recent $8.22 billion quarterly loss. Saylor stated on X that the program was announced on June 29, before the Q2 results were posted, and that Strategy has never adhered to a "never sell" policy.
He further explained that the monetization program does not mandate any Bitcoin sales and that the company anticipates remaining a net buyer of Bitcoin over time. This clarification comes amid reports of Strategy missing earnings estimates, with revenue of $122 million against expectations of $124.48 million, and an EPS of -$24.45 compared to an estimate of $3.07.
Meanwhile, Strategy has paused its conventional weekly Bitcoin purchases for five consecutive weeks, focusing instead on building its USD reserve and repurchasing its own stock (STRC). Crypto traders, according to data from Polymarket, are betting against Strategy announcing another BTC purchase soon, with only a 21% chance of such an announcement by Monday. Furthermore, traders are also betting against the company reaching its previously favored target of holding 1 million BTC by the end of the year, with only a 10% probability currently assigned.
Strategy currently holds 843,775 BTC, acquired at an average price of $75,476 per BTC for a total of $63.69 billion.