Michael Saylor used his appearance at the BTC Prague conference to respond to criticism over the sale of 32 Bitcoin that Strategy carried out at the end of May and to offer his own theory on Bitcoin’s underperformance in 2025.
The founder of Strategy explained that his well-known warning against selling Bitcoin was aimed at individual investors, not at the operational dynamics of a treasury company. According to Saylor, demonstrating a willingness to sell when necessary allows Strategy to keep paying its preferred dividends and maintain credibility with credit investors.
“If we don’t have that flexibility, the business model is broken,” he stated. On the per-share dilution generated by recent capital raises, Saylor indicated that the company balances growth and risk dynamically, accepting short-term dilution in exchange for a stronger balance sheet and greater capacity to issue credit.
Regarding Bitcoin’s lag behind other assets, Saylor pointed to the massive capital-raising cycle in artificial intelligence, with companies such as OpenAI, Anthropic and Meta absorbing between 1% and 2% of flows that would otherwise go into the crypto market. He estimated that cycle will last between 12 and 24 weeks and that, once lockups expire and early AI investors take profits, capital will rotate back toward Bitcoin.
Source: https://www.youtube.com/watch?v=81Zz1_OKCSI
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