During a notable appearance at BTC Prague, Michael Saylor addressed two significant matters: the backlash over Strategy’s recent Bitcoin sale and his perspective on the cryptocurrency’s lagging performance this year. Engaging in a discussion with Natalie Brunell, Saylor, who is the co-founder and executive chairman of Strategy (Nasdaq: MSTR), tackled criticisms regarding the company’s decision to sell 32 Bitcoin in late May.
Saylor acknowledged the contradiction that some critics had pointed out, given his longstanding advice against selling Bitcoin for individual investors. He emphasized that his guidance was intended for retail holders, not for entities like Strategy that operate within the Bitcoin treasury landscape. “We have become the biggest holder of Bitcoin in the world and we’re the biggest buyer of Bitcoin in the world,” he stated, asserting that his company’s approach is built on rational decision-making in order to sustain their position.
He elaborated that selling Bitcoin, when deemed necessary, allows Strategy to meet its obligations for preferred dividends and maintain its credibility among credit investors. Without the ability to act flexibly, he argued, “the business model is broken.” Furthermore, concerns regarding capital raises leading to dilution of Bitcoin per share were addressed by Saylor, who explained that the company is strategically balancing growth against risk. He acknowledged that while short-term dilution might occur, it is a trade-off aimed at strengthening the balance sheet for future credit issuance and Bitcoin acquisitions.
In addition, Saylor provided insights into Bitcoin’s overall underperformance this year. He identified a significant trend of capital moving toward massive AI fundraising rounds involving major companies such as OpenAI, Anthropic, SpaceX, Alphabet, and Meta. He estimated that between 1% and 2% of Bitcoin’s capital outflow is being diverted into these AI endeavors, which he characterized as a temporary cycle lasting approximately 12 to 24 weeks. Saylor anticipates that once lockups for early AI investors end and they start realizing their gains, funds will likely return to Bitcoin.
Looking ahead, Saylor expressed optimism for the future, predicting a reversal trend by the end of the year. He highlighted the growing landscape of Bitcoin-backed credit and yield products, dubbed 2026 as “the most exciting year in the history of Bitcoin.”
