Strategy Chairman Michael Saylor has publicly mentioned the possibility of selling bitcoin, refocusing market attention. He stressed that a certain level of liquidity is needed for the company’s bitcoin holdings to be recognised and used as a long-term asset.

On May 17, blockchain media outlet Cointelegraph reported that Saylor appeared on Scott Melker’s YouTube podcast and said viewing Strategy’s bitcoin only as an asset that will “never be sold” could instead have a negative impact on how it is valued.

“If the market thinks we will never sell bitcoin, credit rating agencies may find it difficult to see it as a true asset,” Saylor said.

Strategy’s bitcoin holdings are currently worth about $65 billion. Saylor said there is $20 billion to $100 billion of independent liquidity in the bitcoin market that is not directly tied to Strategy’s stock or credit.

“If you declare you will not use that liquidity at all and you will not use the asset, you are effectively damaging the asset itself that supports 98 percent of the company’s value,” he said. “You need to be able to use liquidity to maintain its function as an asset,” he added.

The remarks have reignited a debate that continued in markets after Strategy’s first-quarter earnings release. At the time, Saylor said the company could sell some bitcoin if the goal was to ease market anxiety or strengthen trust in the company. The comment drew industry attention as it was seen as somewhat different from Saylor’s long-emphasised “Never Sell Your Bitcoin” stance.

Debate is continuing on social media and in the industry over Strategy’s future response. Simon Dixon (사이먼 딕슨), chief executive of crypto investment platform BnkToTheFuture, said on May 7 that Strategy may need to sell some bitcoin if the financial sector’s influence grows as it maintains bitcoin-backed debt and a perpetual dividend structure.

Still, Strategy’s actual moves remain closer to an aggressive buying stance. Strategy has continued purchases since adding bitcoin as a core treasury asset in August 2020. It now holds 818,869 BTC, with an average purchase price of about $75,540 per coin. The company recently bought an additional 535 bitcoin for about $43 million from May 4 to 10. The average purchase price was $80,340 per coin.

Saylor has also repeatedly stressed on X, formerly Twitter, that people should “never sell bitcoin”. On May 6, however, he drew market attention by posting a somewhat softened message than his earlier phrasing: “Buy More Than You Sell.”

The market is assessing that the remarks show Strategy sees bitcoin not only as a long-term holding, but as a strategic treasury asset that can be used for collateral and liquidity management when needed.

Investor attention is expected to focus less on whether an actual sale happens and more on how Strategy will use bitcoin in its financial strategy going forward.