Michael Saylor published an essay arguing that bitcoin is superior to gold and fiat, while his company sold thousands of bitcoins at a loss.

Saylor's case for bitcoin

In his essay, Saylor contrasts bitcoin with gold and government-issued money, citing differences in custody, transferability and issuance controls.

He emphasizes that bitcoin has a capped supply protocol of 21 million coins, which he presents as a supply constraint set by code rather than by policy decisions.

"Bitcoin is more than software. It is an adaptive network made up of miners, nodes, investors, engineers, exchanges, energy producers, companies and users."

Sales reported by the company

Over a six-week period, Saylor's company disclosed selling 6916 BTC for a total of $429 million, and it did not report any purchases during that span.

The announced average sale price was $64,262, while the average purchase price for the holdings is stated as $75,385, indicating a realized loss on those disposals.

Allocation of proceeds and market impact

Proceeds from the sales were used to repurchase the company’s preferred shares, listed under the STRC ticker, according to the disclosures cited in the filing.

Meanwhile, ordinary shares trading under the MSTR ticker have traded lower, and the company noted that MSTR has fallen by almost half since May.

Earlier public commitments

Saylor previously stated he would not sell bitcoin until its price fell to $8000, and after the first May sale pledged to repurchase roughly ten to twenty coins per coin sold.

The recent transactions and the earlier pledge create a contrast between public statements about holding and the reported asset sales and buyback activity.