What’s going on with Strategy?

Just a month ago, I wrote that Michael Saylor’s company had started selling Bitcoin for the first time. At the time, it was easy to write it off as a one-off.

But the selling has continued. Over the summer, Strategy has sold nearly 7,000 BTC worth roughly $430 million, and the company has officially given itself the option to sell Bitcoin whenever it needs dollars.

And Saylor found a pretty clever way to spin it. His famous “never sell your Bitcoin” apparently was advice for individual investors, not companies.

As he put it, he personally isn’t selling any of his BTC. But his company, Strategy, has every right to sell its holdings. So, in short: keep holding Bitcoin.

The market wasn’t convinced, though. Every new sale has been met with a pullback and even a bit of panic. Although, so far, those moves have eventually been bought back up.

Still, honestly, it’s way too early to worry about this. In reality, Strategy has sold less than 1% of its Bitcoin holdings and still holds more than 840,000 BTC.

The key here is to look at the bigger picture, not individual headlines. If Strategy’s total Bitcoin holdings continue to grow, then nothing fundamental has changed. But if, by the end of the year, selling consistently starts to outweigh buying, that’s when we can start talking about a real change in strategy.