2390: $10M Bitcoin Shock - Saylor Just Sold $216 Million

**Justin Verrengia** (0:00)
Today, fear is about to spread like wildfire, and I love it because this is where the fortunes are made. Michael Saylor just sold 216 million of Bitcoin. The last time he sold just 2 million, Bitcoin crashed 20%.
Today, he sold 108 times more, and almost immediately, Bitcoin crashed. Then it bounced right back. Now the prediction markets are giving Bitcoin a 50% chance of falling below 50 Gs. So, yes, if you only read the headline, this looks bad. The largest Bitcoin buyer in history just sold 3,588 Bitcoin to fund dividends on Strategies Digital Credit Securities. But the headline is missing something because after selling 216 million of Bitcoin, Strategies still owns 843,775 BTC. Let that sink in. Saylor sold 3,588 and kept 99.6% of its Bitcoin position. This wasn't Saylor abandoning Bitcoin. This wasn't Strategy dumping its Treasury. And this definitely wasn't the largest Bitcoin buyer in history changing his mind. Strategy sold a tiny fraction of its position to fund the dividends on the very securities it created to buy more Bitcoin. Saylor built the entire financial machine around accumulating Bitcoin. And now, for the first time, that machine is being forced to prove something. Can it survive when Bitcoin falls? Can it fund its obligations without destroying its Bitcoin treasury? And can Strategy continue operating while sitting billions of dollars underwater? Right now, we're finding out. And Strategy isn't entering that fight empty-handed. It still has 2.5 billion sitting in cash, which is their war chest. And Strategy may need it, because Strategy's Bitcoin position is sitting roughly $11 to $13 billion underwater. His average buy price is roughly $75,000 per Bitcoin, just FYI.
Its stock is still down approximately 82% from the peak. Bitcoin was falling, we're bouncing now. It's a very volatile asset, as you know. But the critics are celebrating. And Strategy still owns more Bitcoin than any company on Earth. That's why I'm looking past the $216 million sale, because while everyone argues over the Bitcoin Saylor sold, almost nobody is looking at what's happening everywhere else. Eric Trump's American Bitcoin just added another 500 Bitcoin. They now own more than 8,000. Russia's largest bank is preparing to launch a Bitcoin and crypto wallet for its customers. And SpaceX, which owns more than 18,000 Bitcoin, is joining the NASDAQ 100
So think about that. On the same day, the market is panicking because one company sold a fraction of its Bitcoin. There's new buyers, new banks and new pools of capital still moving in. That's the story. Bitcoin doesn't need one permanent buyer. It needs more buyers. And that's exactly what's happening. So yes, Saylor sold and Bitcoin fell. But if you think 216 million of selling changes what is happening, you're watching the wrong number. The real number isn't the 3588 Bitcoin Saylor sold. It's the 843,775 Bitcoin they still own. And the real story isn't one seller. It's every new buyer still entering the market. So while everyone else is busy panicking over what Saylor sold, I'm watching who is buying. Now watch what happens when the largest Bitcoin buyer in history becomes a seller. Check this out. Here's the announcement from Saylor this morning. Strategy has sold 3,588 Bitcoin for 216 million to fund dividends on our digital credit securities. As of July 5th, 2026, we hodl 843,775 Bitcoin and our reserves and 2.5 billion in our USD reserves, which is ultimately their fiat war chest. And naturally, as soon as this announcement hit, the market started crashing and there was over 115 million worth of longs which were Insta liquidated. And I'm going to share with you this chart in a second. But first I want to share with you this clip where Saylor says, I told you never sell your Bitcoin. I never said Strategy would never sell its Bitcoin. Quick little video clip.

**Michael Saylor** (4:12)
By the way, I said to you never sell your Bitcoin.
I never said that the company wouldn't sell its Bitcoin. And anybody that's been listening to our earnings calls or reading our disclosures or has half a brain knows for the last five years, we've been very clear that of course we sell the Bitcoin if we have to.

**Justin Verrengia** (4:31)
Yeah, sell the Bitcoin if you have to. The bigger picture, be a net buyer. So who cares if you have to sell one Bitcoin to buy 20 more? But do you find this hypocritical? Because we all know Saylor is the guy. You never sell your Bitcoin. Let me know your honest thoughts in the comments. I'll read them out loud here shortly. So here's what happened shortly after Saylor made the announcement of the sell-off. It dumped. We were like roughly 61 or in the $60,000 range this morning when I woke up. And then we started pumping. So this hasn't impacted the market like a lot of the haters or bears were anticipating. And then 150 million in crypto positions were liquidated. And if we add the longs and the shorts collectively liquidated, it's closer to 300 million. And you can see the chart right here. Strategy sells their 3,500 Bitcoin. We dump 2.5% and then we insta-climb 3.5%.