Bitcoin Sell-Off: Michael Saylor Defends Strategy’s BTC Sale After 15% Drop
Bitcoin fell nearly 15% after Strategy disclosed on June 1 that it sold 32 BTC (May 26–May 31) for about $2.5 million. Michael Saylor, Strategy’s chairman, defended the move at BTC Prague and pushed back on criticism.
Saylor said he only advised individuals not to sell their Bitcoin. He argued he never claimed the company would not sell, noting Strategy has disclosed for five years that it could sell BTC “if we have to.” The average sale price was $77,135 per Bitcoin, slightly above Strategy’s average acquisition cost of $75,699.
The sale sparked broader backlash across crypto media and investors. Some blamed macro and sector themes, but crypto firm Arca rejected those narratives. In a weekly note, Arca CIO Jeff Dorman said the weakness was “clearly due to the Saylor/MSTR news,” adding that the market sell pressure followed the Strategy BTC sale.
Despite the controversy, Strategy continued buying. It recently added 1,550 BTC for just over $100 million and now holds 845,256 BTC at an average cost near $75,680.
For traders, this is a reminder that Bitcoin treasury management—whether buying or selling to fund operations—can quickly shift short-term price action and sentiment, even when the long-term thesis remains intact.
Neutral
Short-term, this is potentially bearish because any Strategy BTC sale can trigger immediate liquidity/sentiment shocks. The article ties a ~15% Bitcoin drop directly to the announced BTC disposal window, and Arca’s note reinforces that traders interpreted the move as the main catalyst.
However, the net impact is neutral rather than outright bearish. Saylor’s argument suggests this is not a sudden thesis break: Strategy had repeatedly disclosed the ability to sell BTC, and the sold price was near/above cost. More importantly, the company continued aggressive accumulation (adding 1,550 BTC) after the sale, which can dampen fears of a prolonged de-risking cycle.
Comparable pattern: prior treasury-driven selling news during bear-market stress has often caused sharp, short-lived drawdowns, followed by stabilization when buying resumes. Here, the presence of ongoing BTC accumulation suggests the longer-term balance of flows may remain supportive, though traders may still face event-driven volatility around future disclosures.