Michael Saylor says Strategy’s recent Bitcoin sale was necessary to support its digital credit products, arguing that treasury-backed securities require the ability to sell BTC when needed.
Michael Saylor, executive chairman of Strategy, says the company's June 1 sale of Bitcoin (BTC) was a structural requirement of its digital credit business, not a departure from his long-held position on holding the asset. Speaking at the BTC Prague conference, Saylor told Cointelegraph that any Bitcoin treasury company running credit products must keep the ability to sell.
Strategy disclosed the transaction offloading 32 BTC in a filing with the US Securities and Exchange Commission. It was the company's first reported Bitcoin sale since 2022. The disclosure drew attention because of Saylor's widely cited stance against selling the asset.
"If the company's policy is that we won't sell the Bitcoin, then the credit won't have value and the equity won't have value," Saylor said. He added: "The company is in the business of selling digital credit. The credit is backed by capital. Bitcoin is capital."
What Is Digital Credit?
Saylor described preferred stock instruments such as STRC as digital credit products backed by Strategy's Bitcoin (BTC) balance sheet. Issuing these securities has become Strategy's primary method for raising capital to buy more BTC. He said these products can offer yields of up to 8%, compared to roughly two to three times less in traditional savings accounts.
"I see Bitcoin as the digital transformation of capital. I see STRC as the digital transformation of credit," Saylor said. He called digital credit markets an emerging trillion-dollar opportunity in finance, one he said could bring new capital into the Bitcoin ecosystem through yield-bearing products. He cited Saturn and Apyx as two projects building on that infrastructure.
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One of those products came under pressure on June 4. Apyx Finance's dividend-backed synthetic stablecoin (apxUSD) fell to $0.90 as BTC dropped below $63,000 and STRC shares slipped under their $100 par value. Apyx said the decline in STRC, which serves as the stablecoin's primary collateral, reduced the protocol's reserve value.
Apyx also cited falling Bitcoin prices, thinning liquidity, and derivative-driven market activity as contributing factors. At press time, apxUSD was trading at $0.96, still below its $1 target.
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