Strategy Inc. (NASDAQ:MSTR) Executive Chairman Michael Saylor pushed back against critics of the company’s recent Bitcoin (CRYPTO: BTC) sale, arguing that the move was a rational part of its capital markets business and not a retreat from its long-term Bitcoin thesis.

"Will Continue As Long As We Act Rationally"

Speaking with Natalie Brunell at BTC Prague on June 16, Saylor addressed criticism that Strategy sold 32 Bitcoin despite his long-standing public message urging investors not to sell their Bitcoin.

"I got very famous for saying you do not sell your Bitcoin to the plebs," Saylor said, adding that the comment was directed at individual investors, not at how to operate a Bitcoin finance company.

Saylor said Strategy exists to create Bitcoin-backed credit, not simply to function as a passive Bitcoin holding vehicle.

"We have become the biggest holder of Bitcoin in the world and we’re the biggest buyer of Bitcoin in the world," he said. "And that will continue as long as we act rationally."

Saylor said the company must demonstrate to credit investors that it can monetize Bitcoin when necessary to pay preferred dividends or defend shareholder value.

"If people believe that we were unwilling to sell the Bitcoin, then what follows is if you’re not willing to sell the Bitcoin, you can’t pay the dividend," he said.

"And if you can’t pay the dividend, I can’t buy the credit. And the and the business model is broken."

Saylor said the company will sell equity when shares trade at favorable levels and sell Bitcoin when that is more beneficial to shareholders.

Addressing Dilution Concerns

Saylor pushed back against claims that recent capital markets activity hurts shareholders by reducing Bitcoin per share.

He said Strategy balances near-term Bitcoin yield against credit risk and long-term balance sheet strength.

Sometimes, he said, raising cash may be slightly dilutive to Bitcoin per share in the short term but improves the company’s ability to issue more credit and buy more Bitcoin over time.

"We are dynamically balancing growth versus risk," Saylor said.

Saylor also addressed Bitcoin purists who oppose credit and financial products built on Bitcoin.

He said self-custody remains central to Bitcoin’s ethos, but argued that rejecting banks, ETFs, credit instruments and corporations would lock Bitcoin out of most global capital.

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