Michael Saylor again stressed that he has never sold any bitcoin he holds personally. He said Strategy, which he leads, is a separate corporate entity that can buy and sell bitcoin based on its capital management strategy, fuelling controversy.

On Aug. 4, blockchain outlet U.Today reported that Saylor's explanation was aimed at a growing controversy after Strategy's bitcoin cash-out program and an actual sale.

In a post on X, formerly Twitter, Saylor distinguished the role of an individual investor from that of a listed company. "When I said never sell bitcoin, that was as an individual investor," he said. "I have never sold even 1 satoshi of my bitcoin," he added.

The explanation follows a recent decision by Strategy. The company introduced a BTC cash-out program after board approval in June. Under the program, it can sell BTC as needed to build dollar reserves and secure funds for preferred stock dividends and interest expenses.

Last week, Strategy sold 1,638 bitcoin to raise $104.73 million. It also secured an additional $290.60 million through sales of common stock. In the process, Strategy's bitcoin holdings fell to 842,138 BTC, and its dollar reserves rose by $250 million to a total of $4.0 billion.

Saylor stressed that the possibility of company-level sales does not conflict with his personal investing principles. "Strategy is a listed company, not my personal wallet," he said. "The company has disclosed since 2020 that it may buy or sell BTC for capital management. Our conviction in bitcoin has not changed," he added.

Markets have focused on the gap between Saylor's long-standing message to "never sell bitcoin" and the company's actual sales. As selling pressure in the cryptocurrency market has continued recently, doubts have also grown over whether that message can be maintained in reality.

Peter Schiff, known as a bitcoin sceptic, pushed back against Saylor's explanation. Replying to Saylor's post, he acknowledged parts of the explanation but said it differed from the impression formed in the market. "Yes," he said, agreeing with part of Saylor's claim, before criticising him by saying, "You knew the impression you were creating, and you never tried to correct it."

At the centre of the dispute is whether Saylor's personal investing principles and Strategy's financial management policy were taken to be the same. Strategy is increasing dollar reserves and meeting funding needs by liquefying BTC at the company level. Saylor said he is maintaining his existing stance on his personal holdings. This has raised the likelihood that the gap between whether Strategy sells more BTC and Saylor's public messaging will remain a point of debate in the market.

Yes, but you knew the impression you were creating, and you never bothered to clarify it. So either that was a deliberate attempt to deceive, or you actually meant that Strategy would never sell and are now lying to cover your ass. Either way, it’s not good.