Michael Saylor, founder and chairman of Strategy (formerly MicroStrategy), explained that the company's recent sale of 1,638 Bitcoin for approximately $105 million was a deliberate market test to demonstrate the depth of demand and the ability of the spot market to absorb large sell orders without significant price dislocation.
The disclosure came as Saylor posted a new chart from StrategyTracker.com on X with the caption "Doing Business," an identical teaser to one posted on August 3 that preceded the sale. The fresh post has reignited speculation that Strategy may soon deploy its substantial cash reserves to resume buying Bitcoin.
Following the sale, Strategy holds 842,138 BTC worth roughly $54.66 billion, with an average entry price of $75,653 per coin. The portfolio is currently sitting on an unrealized loss of 14.21% — about $9.05 billion — but the company has a cash cushion of $4 billion after using proceeds from the Bitcoin disposal for STRC buybacks and dividend payments.
Saylor framed the earlier sale as a proof-of-liquid demand rather than a shift in conviction. "The market could absorb the sales," he said, underscoring that the transaction was meant to highlight Bitcoin's trading resilience. The explanation draws a sharp line between corporate treasury management and his personal stance — Saylor has repeatedly stated he has never sold his own Bitcoin.
With Strategy's cash pile at its highest level and Bitcoin trading below the company's average cost, traders are now closely watching whether the "Doing Business" signal will translate into a new accumulation phase. The company has not added to its Bitcoin stash since June, and its historical pattern of dollar-cost averaging after settling obligations adds weight to the possibility of imminent buys.
