Bitcoin and Michael Sellor fud, Michael Sellor is the new Do Kwon?

[Franctoshi]

Strategy has ended its nearly four-year streak of continuous Bitcoin accumulation by selling 32 BTC for $2.5 million during the last week of May.
 According to the Form 8-K filed with the U.S. SEC on May 30, the company sold Bitcoin at an average price of $77,135 per coin, reducing its holdings from 843,738 BTC to 843,706 BTC.
 Although the amount sold represents only a tiny fraction of the company’s total Bitcoin holdings, this marks Strategy’s first reported Bitcoin sale since its tax-related transaction back in December 2022.

Of course, the main issue here is not the size of the sale itself, but the possible shift in priorities. If investors start believing that Strategy is moving away from its strict “accumulate and never sell” approach, it could have a much bigger psychological impact on the market than the actual 32 BTC sale.

MicroStrategy selling 32 BTC out of its total holdings of about 843,738 Bitcoin is just like scooping one cup of water out of the ocean, and I don't see much reason why investors should panic or see it the other way around. Inasmuch as much as much as the company is holding way more Bitcoin than what they've sold off, there's always going to be a time when an inevitable situation could force someone or an institution to sell off or liquidate some part of its Bitcoin holdings. It shouldn't come as a total surprise regardless of his long-term view about Bitcoin.

[Vaskiy]

Strategy has ended its nearly four-year streak of continuous Bitcoin accumulation by selling 32 BTC for $2.5 million during the last week of May.
 According to the Form 8-K filed with the U.S. SEC on May 30, the company sold Bitcoin at an average price of $77,135 per coin, reducing its holdings from 843,738 BTC to 843,706 BTC.
 Although the amount sold represents only a tiny fraction of the company’s total Bitcoin holdings, this marks Strategy’s first reported Bitcoin sale since its tax-related transaction back in December 2022.

Of course, the main issue here is not the size of the sale itself, but the possible shift in priorities. If investors start believing that Strategy is moving away from its strict “accumulate and never sell” approach, it could have a much bigger psychological impact on the market than the actual 32 BTC sale.

MicroStrategy selling 32 BTC out of its total holdings of about 843,738 Bitcoin is just like scooping one cup of water out of the ocean, and I don't see much reason why investors should panic or see it the other way around. Inasmuch as much as much as the company is holding way more Bitcoin than what they've sold off, there's always going to be a time when an inevitable situation could force someone or an institution to sell off or liquidate some part of its Bitcoin holdings. It shouldn't come as a total surprise regardless of his long-term view about Bitcoin.

Agreed, what has been sold is nothing considering the total bitcoin holding of Strategy. The company is much into growing the share and the fund out of selling 32 BTC were used on it. Till this day he had accumulated and what he had sold doesn't make any difference in the market, but people talking this similar to a big sell off could surely have impact over the market. Even now he stands on holding bitcoin and never said anything against the bitcoin. He wants to make STRC the best credit instrument in the world.

[bbc.reporter]

Strategy has ended its nearly four-year streak of continuous Bitcoin accumulation by selling 32 BTC for $2.5 million during the last week of May.
 According to the Form 8-K filed with the U.S. SEC on May 30, the company sold Bitcoin at an average price of $77,135 per coin, reducing its holdings from 843,738 BTC to 843,706 BTC.
 Although the amount sold represents only a tiny fraction of the company’s total Bitcoin holdings, this marks Strategy’s first reported Bitcoin sale since its tax-related transaction back in December 2022.

Of course, the main issue here is not the size of the sale itself, but the possible shift in priorities. If investors start believing that Strategy is moving away from its strict “accumulate and never sell” approach, it could have a much bigger psychological impact on the market than the actual 32 BTC sale.

Hehehehe it is very headshaking that Michael Saylor, before he has become Michael Sellor, cannot pump bitcoin to more than $125k with billions of his buying. However, a small 32 bitcoin sell has caused the market to become very much more bearish than normal.

@Free Market Capitalist. Michael Sellor has arrived!

[Dogedegen]

Strategy has ended its nearly four-year streak of continuous Bitcoin accumulation by selling 32 BTC for $2.5 million during the last week of May.
 According to the Form 8-K filed with the U.S. SEC on May 30, the company sold Bitcoin at an average price of $77,135 per coin, reducing its holdings from 843,738 BTC to 843,706 BTC.
 Although the amount sold represents only a tiny fraction of the company’s total Bitcoin holdings, this marks Strategy’s first reported Bitcoin sale since its tax-related transaction back in December 2022.

Of course, the main issue here is not the size of the sale itself, but the possible shift in priorities. If investors start believing that Strategy is moving away from its strict “accumulate and never sell” approach, it could have a much bigger psychological impact on the market than the actual 32 BTC sale.

They have been talking about this for a long time as much as they reasonably can in the public, so they have moved away from the never sell approach already for some time. If someone is only realizing this now it can only primarily be because they have not been paying attention and now they are overreacting to something that was expected to happen. This sale was not necessary but it was conducted as a test to see what would happen. For a company the size of Strategy it would be like if I sold Bitcoin to buy myself an ice cream. 

Hehehehe it is very headshaking that Michael Saylor, before he has become Michael Sellor, cannot pump bitcoin to more than $125k with billions of his buying. However, a small 32 bitcoin sell has caused the market to become very much more bearish than normal.

The reasons for which Bitcoin is not able to reach huge heights despite the massive inflows that we have seen with ETF and Strategy can be discussed, I think there are other issues going on there such as paper Bitcoin and the active suppression of the price that was enabled by derivatives. Still if the demand continues to keep up eventually even those measures will start losing their effect and we should see a push upwards.

@Free Market Capitalist. Michael Sellor has arrived!

He's just waiting to say how Michael Sellor contradicted himself again by doing exactly what he said he would do. Don't dare to ever change your mind about anything or you will become a contradictory person! 

[bbc.reporter]

If Michael Sellor's STRC will fail, it appears that we will owe @Free Market Capitalist an apology heheheh.



If Strategy sells MSTR to pay the dividend, it's a ponzi.

If Strategy sells Bitcoin to pay the dividend, it's a death spiral.

If Strategy sells STRC to buy Bitcoin, the common stockholders are being "diluted".

If Strategy uses the USD reserve to pay off the debt, it's a "fatal error".

At some point you have to realize the bear thesis has become a Choose Your Own Adventure book for people who hate the ending.

Source https://x.com/adambliv/status/2062212732477137296?s=61

[Luke3bird]

If Michael Sellor's STRC will fail, it appears that we will owe @Free Market Capitalist an apology heheheh.

If Strategy sells MSTR to pay the dividend, it's a ponzi.

If Strategy sells Bitcoin to pay the dividend, it's a death spiral.

If Strategy sells STRC to buy Bitcoin, the common stockholders are being "diluted".

If Strategy uses the USD reserve to pay off the debt, it's a "fatal error".

At some point you have to realize the bear thesis has become a Choose Your Own Adventure book for people who hate the ending.

It is what it is and we will soon know what it actually is in the future.

I am positive about Bitcoin future that won't be damaged, distorted by any future of Strategy. The company can have its death spiral and sell all its bitcoins or get forced liquidations on all of its bitcoins but Bitcoin will be just well.

The market will react if there is a death spiral of Strategy but the market will recover after that. Bitcoin is here to stay, while Strategy might have death spiral and bankruptcy in the future. If Strategy's bitcoins will be sold all on Bitcoin market, these coins won't disappear and unlike burn, these coins will only change hands to other Bitcoin owners.

[Zlantann]

Agreed, what has been sold is nothing considering the total bitcoin holding of Strategy. The company is much into growing the share and the fund out of selling 32 BTC were used on it. Till this day he had accumulated and what he had sold doesn't make any difference in the market, but people talking this similar to a big sell off could surely have impact over the market. Even now he stands on holding bitcoin and never said anything against the bitcoin. He wants to make STRC the best credit instrument in the world.

The impact we are seeing is because of Michael Saylor's bragging and pride that Strategy will not sell its Bitcoin and will keep accumulating. Dumping some of the coin now seems like the company is deviating from its norms, and some people are also thinking that all is not well. Nobody knows if the company will keep selling but that's not a problem for long-term holders. The market might react negatively if they keep dumping, but as usual, the market will recover over time. Bitcoin's sustainability is not tied to any individual or company, so there is no need to panic.

[ekstremista]

I think he sold just to see how the market would react and to get people's goat. Next, I'm guessing he'll buy the same amount or more to see how much the market might go in the other direction, presumably.

[Zlantann]

I think he sold just to see how the market would react and to get people's goat. Next, I'm guessing he'll buy the same amount or more to see how much the market might go in the other direction, presumably.

I don't think so. This news has affected the confidence of investors in the company, which led to 4% drop in the value of the company's shares. My take is that the company is changing its philosophy. Saylor recently likened Strategy to real estate development companies.

"We're like a bitcoin development company," he said, according to transcripts provided by AlphaSense. "We buy it cheap. We sell it dear."

So we shouldn't be surprised if the company decides to dump more coins.

[bbc.reporter]

It appears that Michael Sellor's STRC and his other financial experiments or being declared something similar to Luna and Do Kwon. Is everyone beginning to agree with this or is this still considered fud?

In any case, if everyone can remember, the failure of FTX has caused the market to reach the bottom of the bear market before. If Michael Sellor's financial experiments will become a failure, this might also cause another bear market bottom.

This is the rappist Michael Sellor heheheheh.

[dzungmobile]

It appears that Michael Sellor's STRC and his other financial experiments or being declared something similar to Luna and Do Kwon. Is everyone beginning to agree with this or is this still considered fud?

In any case, if everyone can remember, the failure of FTX has caused the market to reach the bottom of the bear market before. If Michael Sellor's financial experiments will become a failure, this might also cause another bear market bottom.

This is the rappist Michael Sellor heheheheh.

I am not surprised to see such news and information about Michael Saylor, Strategy and his degen strategy appeared recent days. The Bitcoin market needs shocked news to dump the market, as it's favorite job of market makers and when they see right times for doing that, they will not hesitate to escalate the latest actions from Strategy to make the market participant as most panic as possible.

There are many analyses and warnings about high risk of Strategy's degen strategies many months ago, and people must prepare for such sellings from Strategy company. It's not like something too shocked and unpredictable at all, while people easily and carelessly ignore many free valuable warnings.

[Alpen]

If Strategy sells MSTR to pay the dividend, it's a ponzi.

If Strategy sells Bitcoin to pay the dividend, it's a death spiral.

If Strategy sells STRC to buy Bitcoin, the common stockholders are being "diluted".

If Strategy uses the USD reserve to pay off the debt, it's a "fatal error".

At some point you have to realize the bear thesis has become a Choose Your Own Adventure book for people who hate the ending.

The math behind this scheme is simple. Saylor raises capital by promising a high 11.5% yield on STRC preferred shares.

If you do the math, even when Bitcoin peaked above $120K, Saylor’s paper profit after five years of accumulation stood at roughly 50%. That translates to an annual return of less than 10%. He essentially wrote a check he cannot cash.

Analysts at Cryptomus point out that Strategy's core operational business doesn’t even cover 30% of the liabilities created by issuing stock and bonds to buy Bitcoin. Saylor built his entire model on the assumption of perpetual Bitcoin growth. But this is a market, and future trends come with zero guarantees.

Furthermore, STRC shares are not backed by actual Bitcoin. As investors have started realizing this, the price of these preferred shares has fallen below its $100 par value. If the company doesn't buy back these shares to stabilize the price, they can completely forget about any future capital raises.

[Dogedegen]

If Michael Sellor's STRC will fail, it appears that we will owe @Free Market Capitalist an apology heheheh.

If Strategy sells MSTR to pay the dividend, it's a ponzi.

If Strategy sells Bitcoin to pay the dividend, it's a death spiral.

If Strategy sells STRC to buy Bitcoin, the common stockholders are being "diluted".

If Strategy uses the USD reserve to pay off the debt, it's a "fatal error".

At some point you have to realize the bear thesis has become a Choose Your Own Adventure book for people who hate the ending.

Source https://x.com/adambliv/status/2062212732477137296?s=61

It is curious to observe how people on the internet behave like cults when they are against something. There are cases like this where they basically establish that any action that is done by Strategy is wrong, and with that they do not even leave an option that which they would consider to be the right choice! Besides pretending to be experts of capital financing in the area of billions, they go this cult route not even allowing any possibility of right action at all or they may suggest something that is completely impossible. When you see criticism that sounds constructive but it is not, you will notice that it often does not come with advice or good advice what to actually do instead.

The math behind this scheme is simple. Saylor raises capital by promising a high 11.5% yield on STRC preferred shares.

If you do the math, even when Bitcoin peaked above $120K, Saylor’s paper profit after five years of accumulation stood at roughly 50%. That translates to an annual return of less than 10%. He essentially wrote a check he cannot cash.

Analysts at Cryptomus point out that Strategy's core operational business doesn’t even cover 30% of the liabilities created by issuing stock and bonds to buy Bitcoin. Saylor built his entire model on the assumption of perpetual Bitcoin growth. But this is a market, and future trends come with zero guarantees.

Furthermore, STRC shares are not backed by actual Bitcoin. As investors have started realizing this, the price of these preferred shares has fallen below its $100 par value. If the company doesn't buy back these shares to stabilize the price, they can completely forget about any future capital raises.

That is not a good math as it implies that the value of the preferred shares is matched with the total value of the BTC assets, so that its yield is creating obligations that are higher per year than the return that was on Bitcoin. This is not the case because those shares represent a much smaller total amount of value, so their yield obligations are still lower than the return on Bitcoin. But even if we ignore that, what is the problem if they can not raise future capital aggressively? The company has enough Bitcoin, more than enough and instead they should focus on paying back their debt and getting rid of obligations. Raising capital how they raised it often recently to do that would not really help with that.

[bbc.reporter]

@Dogedegen. According to your analysis, what would be the best decision for Michael Sellor? I reckon that I am being convinced that Michael Sellor was something similar to a bitcoin jesus who is becoming a bitcoin judas if this STRC experiment will become a failure.

I very much wish he will not cause a Luna 2.0 occurrence!

[Alpen]

That is not a good math as it implies that the value of the preferred shares is matched with the total value of the BTC assets, so that its yield is creating obligations that are higher per year than the return that was on Bitcoin. This is not the case because those shares represent a much smaller total amount of value, so their yield obligations are still lower than the return on Bitcoin. But even if we ignore that, what is the problem if they can not raise future capital aggressively? The company has enough Bitcoin, more than enough and instead they should focus on paying back their debt and getting rid of obligations. Raising capital how they raised it often recently to do that would not really help with that.

Yes, I agree with you that the preferred shares don't represent the entire outstanding securities of the company. But if we examine this issue meticulously, what exactly was the yield source Michael Saylor planned to use to pay those guaranteed dividends? After all, he is simply accumulating Bitcoin and doing nothing else. Where is the actual revenue coming from to line the shareholders' pockets?

[Alex077]

Despite all the persistent rumors that Michael Saylor had sold even more Bitcoin last week, he ended up buying again instead. He is doing classic Saylor things again - another two-step move. He sold 32 BTC, created a lot of noise and negativity in the market, and then a week later bought back 1,550 BTC at an even lower price.
https://x.com/strategy/status/2063954632414487001?s=46&t=V07IM8b232m93jXsNncAog
More specifically, Strategy announced the purchase of 1,550 BTC for $101 million, increasing its total Bitcoin holdings to 845,256 BTC, while also keeping around $1 billion in cash reserves - most likely to cover STRC dividend payments.
So, in a way, Saylor is simply following the strategy he mentioned before: “sell one Bitcoin today in order to buy ten more later.”
Let’s see how long he can keep this model working, especially considering the current Bitcoin bear market conditions.

[Dogedegen]

@Dogedegen. According to your analysis, what would be the best decision for Michael Sellor? I reckon that I am being convinced that Michael Sellor was something similar to a bitcoin jesus who is becoming a bitcoin judas if this STRC experiment will become a failure.

I very much wish he will not cause a Luna 2.0 occurrence!

The most easiest path would come from a big boost in the price of Bitcoin. Let's take for this scenario that Bitcoin reaches $200k in the coming years. At that point they could sell some of the BTC or dilute their stock if it pumps again to either pay back obligations and reduce risk or increase their position in Bitcoin more. The best would be to pay back all the debt and get rid of any kind of obligations in the most legal way possible. If they do that, then they would reduce their BTC stash a little bit but they would be basically a risk free venture and they could survive any kind of long bear markets or other issues that may come across. I say that this is the easiest path because it involves methods that would be used under other conditions but in the case of a big price of Bitcoin these would happen in favorable terms. There are limited ways in which capital can be acquired in existence, and they have used mostly everything that they can use at least once or several times. The obligations that they have are quite large, so I don't think that it is realistic that they can grow their software business large enough to make it a significant impact. So either it will be through selling Bitcoin at good or bad prices, diluting the shares or by using cash flow which seems unlikely.

But if they use the next opportunity to increase the risk again instead of paying back obligations then I am going to become negative on Strategy and Saylor because that would tell me that something is not right here. Who would not want to turn their business into a risk free venture if they had the opportunity?

That is not a good math as it implies that the value of the preferred shares is matched with the total value of the BTC assets, so that its yield is creating obligations that are higher per year than the return that was on Bitcoin. This is not the case because those shares represent a much smaller total amount of value, so their yield obligations are still lower than the return on Bitcoin. But even if we ignore that, what is the problem if they can not raise future capital aggressively? The company has enough Bitcoin, more than enough and instead they should focus on paying back their debt and getting rid of obligations. Raising capital how they raised it often recently to do that would not really help with that.

Yes, I agree with you that the preferred shares don't represent the entire outstanding securities of the company. But if we examine this issue meticulously, what exactly was the yield source Michael Saylor planned to use to pay those guaranteed dividends? After all, he is simply accumulating Bitcoin and doing nothing else. Where is the actual revenue coming from to line the shareholders' pockets?

I am not disagreeing with you that the yield source is planned to come from Bitcoin growth, but I disagree with the accuracy of the math. Because you oversimplified it to a point at which it became wrong that is just what I wanted to mention.

[bbc.reporter]

That is not a good math as it implies that the value of the preferred shares is matched with the total value of the BTC assets, so that its yield is creating obligations that are higher per year than the return that was on Bitcoin. This is not the case because those shares represent a much smaller total amount of value, so their yield obligations are still lower than the return on Bitcoin. But even if we ignore that, what is the problem if they can not raise future capital aggressively? The company has enough Bitcoin, more than enough and instead they should focus on paying back their debt and getting rid of obligations. Raising capital how they raised it often recently to do that would not really help with that.

Yes, I agree with you that the preferred shares don't represent the entire outstanding securities of the company. But if we examine this issue meticulously, what exactly was the yield source Michael Saylor planned to use to pay those guaranteed dividends? After all, he is simply accumulating Bitcoin and doing nothing else. Where is the actual revenue coming from to line the shareholders' pockets?

It appears that we have received the answer heheheh.

Also, there are people beginning to declare that if Microstrategy will issue and sell stocks to pay for the dividend, this appears to be created similar to a ponzi scheme. I predict that the shareholders of the company might begin to complain soon.



Strategy (MSTR) acquired 1,550 bitcoin for approximately $101 million, increasing its total holdings to 845,256 BTC, according to a Monday announcement from Executive Chairman Michael Saylor.

The company disclosed that it increased its U.S. dollar reserves by $100 million, bringing total cash reserves to $1 billion. To fund both initiatives, Strategy issued $181 million of common stock during the period.

Read in full https://www.coindesk.com/markets/2026/06/08/strategy-buys-1-550-bitcoin-boosts-cash-reserves-to-usd1-billion

[OgNasty]

I don't know if I would say that Saylor has reached Do Kwon levels of idiocy, but he has created one hell of a death spiral for Bitcoin.  The question remaining now is if he will be able to survive the bear market and stack his way out of it... 

I hate to be doom and gloom when it comes to the future of Bitcoin, but I am not sure what would be worse...  Saylor having to dump his BTC on the market causing a massive price crash, or him succeeding and pumping BTC to massive levels in 2029 only to see the mother of all crashes afterwards.

[Dogedegen]

It appears that we have received the answer heheheh.

Also, there are people beginning to declare that if Microstrategy will issue and sell stocks to pay for the dividend, this appears to be created similar to a ponzi scheme. I predict that the shareholders of the company might begin to complain soon.


Strategy (MSTR) acquired 1,550 bitcoin for approximately $101 million, increasing its total holdings to 845,256 BTC, according to a Monday announcement from Executive Chairman Michael Saylor.

The company disclosed that it increased its U.S. dollar reserves by $100 million, bringing total cash reserves to $1 billion. To fund both initiatives, Strategy issued $181 million of common stock during the period.

Read in full https://www.coindesk.com/markets/2026/06/08/strategy-buys-1-550-bitcoin-boosts-cash-reserves-to-usd1-billion

Stock dilution can not be a ponzi, that is again internet people being ridiculous and mixing up concepts that have nothing to do with each other. Capitalism has free markets or as free as we have ever had, nobody is forcing any investor to buy Strategy or to keep holding it if they already have it. They are doing it by their own choice, and since they know that this was done in the past and it may be done in the future again they are willingly agreeing to it by remaining shareholders. They have found good loopholes to generate capital, and this is one of them. Whoever does not like it should not make up bad things like calling it a ponzi scheme, instead they should exercise their choice by not buying it and that is all.

I don't know if I would say that Saylor has reached Do Kwon levels of idiocy, but he has created one hell of a death spiral for Bitcoin.  The question remaining now is if he will be able to survive the bear market and stack his way out of it... 

I hate to be doom and gloom when it comes to the future of Bitcoin, but I am not sure what would be worse...  Saylor having to dump his BTC on the market causing a massive price crash, or him succeeding and pumping BTC to massive levels in 2029 only to see the mother of all crashes afterwards.

There is no need to spread negative information because you have sold a good portion of your stash, that is dishonest and don't seek validation this way. People online often complain too much about everyone else and anything they do when they have not done anything better than the person they are complaining about or when they can't provide an alternative what would be better instead of what we already have. What Strategy has accomplished is just insane and praiseworthy, it is only that in the recent years it became a bit more risky but before that it was basically a perfect instrument. A crash in 2029 has nothing to do with what Saylor is doing today, so that last part is just an invention that is not related.